PTT Records THB3.3 Trillion in Revenue, Well Over Pre-Covid Level with THB0.70 Dividend Payout

PTT Public Company Limited (SET: PTT) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
91,174.86 108,363.41
Earning Per Share
3.2000 3.7900
% Change -15.86

PTT reported a net profit of Baht 91,174 million in 2022, decreased 15.86% from a net profit of Baht 108,363 million in 2021. 

Sales revenue of PTT and its subsidiaries was reported at Baht 3,367,203 million increased from 2021 by Baht 1,108,385 million or 49.1% from all businesses. Sales revenue of International Trading business, Petrochemical and Refining business, Oil and retail business and Exploration and Production business increased due to higher average selling price and overall sales volume according to the economic activities recovery as aforementioned. Sales revenue of Gas business increased due to higher average selling price following pool gas price and referenced prices, while sales volume decreased mainly from lower supply of gulf gas during the transition of operator for G1/61 concession as aforementioned. 

EDITDA for the year was Baht 491,288 million, increased by Baht 63,332 million or 14.8% from 2021 at Baht 427,956 million.This was mainly from the increase of Exploration and Production business’s performance from higher average selling price and average sales volume. In addition, performance of the coal business increased due to higher average selling price. 

Although EBITDA was improved, in 2022, there were higher loss on derivatives, finance costs, depreciation and amortization expenses, as well as the loss from non-recurring items (PTT’s portion after tax) amounting to Baht 10,200 million mainly from PTTEP’s impairment loss on Mozambique Area 1 Project approximately by Baht 4,300 million, the provision for the class action settlement from Montara incident approximately by Baht 3,000 million, impairment loss on assets held for sales from PTTEP BL approximately by Baht 2,300 million, as well as PTT’s contribution to oil fund during energy crisis of Baht 3,000 million offset with discounted benefit from production shortfall approximately Baht 3,400 million. Meanwhile, in 2021, there was a loss amounting to Baht 6,900 million mainly from impairment loss on Mozambique Area 1 Project approximately by Baht 3,600 million, and impairment loss on NGV business approximately by Baht 3,500 million.

In addition, PTT offered a dividend payout of THB0.70 to be paid on 28 April 2023. The ex-dividend date is on 2 March 2023.