PTG Energy Public Company Limited (SET: PTG) reported a challenging start to 2026, posting a net loss of THB 205 million for the first quarter. This represents a sharp 208.1% year-on-year (YoY) decline from the THB 190 million profit recorded during the same period in 2025.
Total revenue from sales and services remained relatively stable at THB 56,832 million, reflecting a marginal 1.0% decrease YoY. While total oil sales volume grew by 5.2% to 1,753 million liters, the revenue was pressured by lower average retail prices compared to the previous year.
The core Oil Business faced significant headwinds, with its gross profit falling 15.9% YoY to THB 2,267 million. This downturn was primarily driven by escalating geopolitical tensions in the Middle East, which caused significant volatility in global crude prices and increased ex-refinery costs. As domestic oil fund management mechanisms and price caps prevented these costs from being fully passed through, the company’s gross profit per liter plummeted by 20.1% YoY to THB 1.29.
Bottom-line performance was further squeezed by a 19.4% YoY spike in Selling, General and Administrative (SG&A) expenses, which rose to THB 4,363 million. This increase was largely due to higher employee costs and depreciation associated with the aggressive expansion of the company’s Non-Oil segment.
Conversely, the Non-Oil Business emerged as a vital growth engine, with revenue surging 22.1% YoY to THB 6,520 million. PunThai Coffee remained the standout performer, recording a massive 84.1% revenue jump. Consequently, the Non-Oil segment’s contribution to total gross profit climbed to 46.9%, up significantly from 33.0% in 1Q25.
Despite the quarterly loss and a 15.0% YoY dip in EBITDA to THB 1,281 million, PTG is maintaining its full-year 2026 operational targets. The company remains focused on its “Max World” ecosystem to enhance business resilience against ongoing energy market uncertainty.
