PTG Energy Public Company Limited (SET: PTG) announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share
PTG reported a net profit of 160 million baht in 1Q22, decreased 69.88% from a net profit of 531 million baht in 1Q21. Despite a drop in year-on-year, the company recorded a 304% increase in net profit when compared to the previous quarter.
The company stated that revenue from sales and services was 38,969 million baht in 1Q22, representing an increase by 20.8% YoY and 3.6% QoQ. The increase in revenue was mainly due to the average retail price at 29.35 baht, an increase of 26.6% YoY and 5.6% QoQ. Thus, the revenue from the Oil business increased by 37,167 million baht, increased 19.8% YoY and 3.8% QoQ. Meanwhile, the overall channel sales volume slightly decreased by 5.4% YoY and 1.7% QoQ, caused by a continuous rising in oil price, also the spread of the Covid-19, Omicron, in late 2021. Revenue from the Oil business accounted for 95.4% of total revenue from sales and services.
The revenue from Non-Oil businesses continued to grow as the company recorded 1,802 million baht, a growth of 44.1% YoY and 0.3% QoQ. Currently, there are 1,228 touchpoints for Non-Oil businesses, an increase of 255 touchpoints or 26.2% YoY and 84 touchpoints or 7.3% QoQ. The revenue from the Non-Oil businesses accounted for 4.6% of total revenue, increasing 3.9%YoY, which is close to the previous quarter.
Meanwhile, the cost of sales and services was 36,394 million baht, increased 23.6% YoY and 2.4% QoQ. The leading causes were 1) the average WTI crude oil price in this quarter increased to 94.58 dollars/barrel, increased 63.0% YoY and 22.7% QoQ. 2) The rising in WTI crude oil price affecting the government to ask for cooperation from oil retailers to maintain the diesel price level at 30 baht per liter to help diesel users, who used it as the main fuel in the country’s agricultural and transportation activities. Thus, the company was unable to increase the retail price to reflect the actual rising oil cost. However, since March 2022, the government has revised the policy for a proper retail price structure through the fuel fund. As a result, the cost of oil gradually decreased to a level that was in line with the retail price.