PTTGC Records Sales Revenue at THB146 Billion amid Soft Demand from Recession Fears

PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
-5,591.40 1,377.91
Earning Per Share
-1.2400 0.3100
6 Months 2023 2022
Net Profit (Loss)
Million Baht
-5,508.95 3,973.92
Earning Per Share (Baht) -1.2200 0.8800

PTTGC reported a net loss of Baht 5,591 million in 2Q23, a sharp plunge from Baht 1,377 million of profit in the same period of last year.

The company had total sales revenue of Baht 146,731 million, decreased by 25% from Q2/2022. The total revenue has decreased mainly due to upstream business especially in the refinery sector as petrochemical prices decreased along with the drop in crude oil prices.

PTTGC noted that the petrochemical market remained soft, with demand across most value chains heavily capped by recession fears and new petrochemical capacity from China, which impacted the performance of petrochemical associates and joint ventures companies.

Moreover, the company recorded extraordinary items from Stock Loss Net NRV of Baht 2,659 million, Gain from commodity hedging of Baht 327 million, Net loss from Foreign Exchange Loss and financial derivatives Gain of Baht 1,047 million. Moreover, in Q2/2023, the company recorded Net gain from allnex’s sale and lease back transaction of Baht 485 million.