OR Records THB2.75 Billion of Net Profit in 2Q23 with THB187 Billion in Sales

PTT Oil and Retail Business Public Company Limited (SET: OR) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
2,756.47 6,567.81
Earning Per Share
0.2300 0.5500
% Change -58.03
6 Months 2023 2022
Net Profit (Loss)
Million Baht
5,731.47 10,412.92
Earning Per Share (Baht) 0.4800 0.8700
% Change -44.96

OR recorded total sales and services in the amount of THB 187,708 million, a decrease of THB 9,706 million (-4.9%) from the last quarter, mainly from the lower average selling prices following the lower global oil prices due to concerns over economic recession in countries. As a result, sales and services of the Mobility business decreased by 6.2%, and total sales volume decreased by 1.4%, mainly from the commercial market. While the Lifestyle business’s revenue from sales and services increased by 5.9% from both F&B and other retail businesses. Global business’s sales and services increased by 14.9%, mainly from the increase in overall sales volume in all countries by 29.4%

OR recorded a net profit of THB 2,757 million, a decrease of THB 218 million (-7.3%), leading to earnings per share of THB 0.23.

As of 30 June 2023, OR had installed “EV Station PluZ” in 588 locations with 1,100 DC connectors, including 453 installed inside service stations (with 333 in operations) and 135 installed outside service stations (with 77 in operations). The charging station network covers 77 provinces nationwide, focusing on covering both main roads and secondary roads, large districts, and connecting to tourist attraction routes so as to facilitate, ensure users’ confidence, and support aggressive demand for EV cars. As for Fit Auto, there were a total of 91 outlets, and four more branches from the previous quarter.

Cafe Amazon, under the F&B business in 2Q/23, recorded 93 million cups sold this quarter, an increase of two million cups (+2.2%) compared to 1Q/23 due to seasonal factors and higher demand from promotional activities.

For the 2023 outlook,  the company stated that oil prices have been pressured by economic conditions affected by tightening monetary policy, especially in developed countries, and weakened demand in Europe, contributing to a slowdown in the manufacturing sector. The average crude oil price in 2023 is expected to be $77-80 per barrel.