PTT Records 250% Jumps in 3Q23 Net Profit as Gas and Oil Business Recover Significantly

PTT Public Company Limited (SET: PTT) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
31,297.14 8,874.58
Earning Per Share
1.0900 0.3100
% Change 252.66
9 Months 2023 2022
Net Profit (Loss)
Million Baht
79,258.87 72,509.82
Earning Per Share (Baht) 2.7700 2.5500
% Change 9.31

PTT reported a net profit of Baht 31,297 million increased by Baht 22,422 million or 252% from 3Q22 at Baht 8,875 million, following the higher EBITDA and lower loss on foreign exchange rate.

In 3Q23, sales revenue of PTT and its subsidiaries was reported at Baht 802,683 million decreased from 3Q22 by Baht 81,927 million or 9.3%. This was driven mainly by a decrease in sales revenue of International Trading business and Petrochemical and Refining business which was in line with the fall in global petroleum and petrochemical prices despite an increase in sales volume.

Gas business’s sales revenue declined mainly from S&M business in line with lower average selling price following pool gas price, as well as lower selling price to industrial customers following the drop in referenced price in spite of higher sales volume. In addition, sales revenue of the New Business and Infrastructure group decreased both from IPP and SPP power plants following a decrease in overall electricity and steam sales volume.

Additionally, the Exploration and Production business’s sales revenue decreased mainly from the lower average selling price and sales volume. Other businesses’ sales revenue declined from disposal of coal business in 1Q2023.


EBITDA in 3Q23 was Baht 146,025 million, increased by Baht 53,745 million or 58.2%. This was mainly from Petrochemical and Refining business. Refining business’s performance increased mainly due to an increase in stock gain. PTT Group’ s stock gain in 3Q23 was approximately Baht 20,000 million, while in 3Q22 there was a stock loss approximately Baht 25,000 million. In addition, market GRM increased from US$ 6.8 per bbl in 3Q22 to US$ 11.3 per bbl in 3Q23 due to higher spread of gasoline and fuel oil over crude oil, lower crude premium, as well as an increase in sales volume.

Moreover, petrochemical business’s performance increased mainly from Aromatics business on account of higher product to feed. Gas business’s performance increased mainly from S&M business due to lower gas cost of industrial customers following pool gas price and higher sales volume despite lower average selling price. Additionally, NGV business had better performance owing to lower gas cost following pool gas price, as well as higher selling price.

Oil and Retail business’s performance also increased mainly from an increase in average gross margin per liter and sales volume. Whereas other business’s performance decreased from disposal of coal business in 1Q2023.


The depreciation and amortization expenses of 3Q23 were Baht 48,388 million, increased by Baht 3,247 million or 7.2% mainly from G1/61 Project of PTTEP.