The share price of PTT Oil and Retail Business Public Company Limited (SET: OR) gained THB1.25/share or 4.90% to trade at THB26.75/share in the morning session on Thursday, with a trading value of THB1,825 million after reporting 31% growth in 2021 earnings.
OR reported a net profit of THB11,474 million in 2021, an increase of 30.52% from a net profit of THB8,791 million in 2020. This was due to the hike in both sales revenue and EBITDA in the amount of THB82,995 million (+19.4%) and THB 2,716 million (+15.4%), respectively.
Trinity Securities said that OR’s fourth-quarter performance of THB2,300 million (-20% YoY, +24% QoQ) was in line with market expectations. This was primarily due to a recovery in the lifestyle business (non-oil), while the mobility business (oil) remained flat, despite an increase in sales volume to 6.4 billion liters (+3% YoY, +24% QoQ), and a reduction in marketing margin to THB0.98 per liter.
Trinity projected OR’s profitability to continue to improve in 1Q22 compared to the previous quarter, as the government is slated to lift further COVID-19 restrictions and the company’s marketing margins will benefit from the lowering of diesel tax by THB3.00 per liter.