PTT Global Chemical Public Company Limited (SET: PTTGC) posted a dramatic financial turnaround in the third quarter of 2026, delivering a net profit of Baht 9,756 million compared to a net loss of Baht 2,916 million in the prior-year period. Total sales revenue reached Baht 165,092 million, climbing 30% year-over-year.
Top-line expansion was driven primarily by elevated petroleum and petrochemical product prices amid tight global energy supply linked to Middle East geopolitical conflict. Earnings per share (EPS) rebounded sharply to Baht 1.95, up from negative Baht 0.73 per share in 3Q25.
Key Financial Highlights
- Sales Revenue: Baht 165,092 million (+30% YoY, -4% QoQ).
- Net Profit: Baht 9,756 million (up from -Baht 2,916 million in 3Q25).
- Adjusted EBITDA: Baht 15,895 million (>200% YoY, -41% QoQ).
- Leverage: Interest-bearing debt-to-equity ratio improved to 0.51x.
Segment performance reflected broader commodity market shifts. The Upstream business unit anchored core operations, generating Adjusted EBITDA of Baht 8,275 million, supported by a Market Gross Refining Margin (GRM) of $14.3 per barrel. However, sequential earnings contracted across business units due to softening polymer spreads, domestic diesel price control decrees, and a planned maintenance shutdown at the Aromatics 1 plant. Polymers & Chemicals recorded Baht 3,433 million in Adjusted EBITDA, while Performance Chemicals contributed Baht 2,999 million.
Earnings quality was significantly shaped by non-recurring operational items. PTTGC recognized net stock gains and net realizable value (NRV) adjustments of Baht 4,395 million along with foreign exchange gains of Baht 447 million, which offset a Baht 1,161 million commodity hedging loss.
Financial health strengthened as management advanced its debt reduction plan. Interest-bearing debt fell by Baht 17,766 million from year-end 2025, expanding total cash and liquid investments to Baht 51,410 million and pushing the interest coverage ratio to 11.11x.
Looking ahead, PTTGC is pursuing a major strategic restructuring. The Board of Directors approved a proposed merger combining its Thai olefins and polyolefins businesses with SCG Chemicals (SCGC), subject to shareholder approval on December 3, 2026. Additionally, PTTGC is advancing its U.S. ethane import project for a 2029 startup to secure long-term low-cost feedstocks.
