PTTGC Bounces Back to Book A Billion Baht of Net Profit in 2023 from Well-Managed Commodity Prices

PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
999.13 -8,752.21
Earning Per Share
0.2200 -1.9400

PTTGC reported a net profit of Baht 999 million in 2023, making a turnaround from a net loss of Baht 8,752 million in 2022. The company recorded a lower hedging loss in 2023 at Baht 626 million, compared to a loss of Baht 23,057 million in 2022. Meanwhile, stock loss for the year was Baht 2,584 million, compared to Baht 3,197 million in 2022.

In 2023, the Company had total sales revenue of Baht 616,635 million, decreased by 9% due to price decreases across the petroleum and petrochemical products due to the ongoing economic recession that has not yet recovered. However, after the 2022 scheduled maintenance shutdown, the Refinery business sales volume increased with no shutdowns occurring in 2023. In 2022, the Russia-Ukraine conflict has triggered a global energy crisis, resulting in a sharp increase in energy prices. This resulted in an unusual surge in petroleum product prices in 2022.

The Company had Adjusted EBITDA of Baht 40,007 million, decreased by 19% from the previous year. The petrochemical products spread declined during the year, especially the products in the Intermediates business and Polymers & Chemicals business which was affected by the new capacities during the year and the global economic slowdown.

The Company had a share of loss from investments at Baht 725 million, which declined in comparison to the previous year as the petrochemical business encountered a downturn in overall performance throughout the current year.