Thailand’s state-backed energy conglomerate PTT Public Company Limited (SET: PTT) reported a strong financial recovery for the third quarter of 2026, driven by expanding refining margins and structural pricing gains in its gas division.
PTT posted a consolidated net profit of THB 40,553 million ($1.21 billion) for 3Q26, representing a Year-over-Year (YoY) surge of more than 100% compared to THB 19,784 million in 3Q25. Sales revenue grew 21.2% YoY to THB 784,015 million, up from THB 646,689 million a year earlier, supported by higher global energy selling prices.
Key Financial Highlights
- Net Profit: THB 40,553 million (+>100.0% YoY; -22.8% QoQ).
- Sales Revenue: THB 784,015 million (+21.2% YoY; -5.6% QoQ).
- Earnings Per Share (EPS): THB 1.43 per share (vs. THB 0.69 in 3Q25).
- Adjusted EBITDA: THB 146,945 million (+70.5% YoY).
The Petrochemical and Refining division led performance gains as EBITDA jumped over 100% YoY to THB 58,613 million. Market Gross Refining Margin (GRM) widened sharply to $16.80 per barrel from $4.10 per barrel in 3Q25, alongside a substantial inventory stock gain of THB 14,500 million.
In Upstream Exploration & Production (PTTEP), sales revenue rose 30.1% YoY to THB 89,394 million, anchored by higher realized selling prices of $51.50 per BOE and average sales volumes of 521,163 BOED.
The Gas Business Group saw EBITDA rise 17.6% YoY to THB 16,526 million. Profitability at Gas Separation Plants (GSP) surged after feed costs reverted to Gulf gas pricing under Thailand’s updated gas pricing structure.
Core operational growth in refining and gas separation was partially offset by a net non-recurring post-tax loss of THB 4,200 million. The primary drag was a THB 4,300 million goodwill impairment on PTTEP’s Malaysia Block K asset, compounded by financial derivative losses of THB 29,625 million.
PTT maintained robust liquidity with THB 382,428 million in cash equivalents and an interest coverage ratio of 20.21x for 9M26. Management projects full-year 2026 Dubai crude to average 90–100 per barrel and Singapore GRM at 14.00–15.00 per barrel. Strategically, PTT is expanding its LNG portfolio target to 3.7 million tonnes in 2026 while advancing a major olefins joint venture between GC and SCG Chemicals.
