PTTGC Records 72% Increase in Sales while Loss from Hedging Pressures Earnings in 1Q22

PTT Global Chemical Public Company Limited (PTTGC) has announced its consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
4,211.67 9,694.87
Earning Per Share
0.9300 2.1600
% Change -56.56

PTTGC reported a net profit of Baht 4,211 million in 1Q22, decreased 56.56% from a net profit of Baht 9,694 million in 1Q21.

The company stated that it had total sales revenue of Baht 175,554 million, increased by 72% from 1Q21. The revenue has grown continuously supported by the rise of petroleum products tracking with crude oil price and the demand recovery from lockdown restriction of COVID-19 ease.

Moreover, the tensions between Russia and Ukraine escalated into a wider energy and economic sanction from many countries. Petrochemical products prices also increased, following soaring feedstock costs as well as maintenance shutdown and the slowdown in production of some producers in the region. 

In addition, the company recorded a Stock Gain Net NRV of Baht 4,884 million and loss from commodity hedging of Baht 8,568 million.