PTT Records 23% Profit Growth in 2023 with Dividend Payment of THB1.20

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

Year 2023 2022
Net Profit (Loss)
Million Baht
112,023.88 91,174.86
Earning Per Share
3.9200 3.2000
% Change 22.87

In 2023, PTT reported a net profit of Baht 112,024 million, increased 22.87% from a net profit of Baht 91,174 million in 2022. This was driven mainly from lower loss on derivatives as well as higher gain on foreign exchange rate despite the decrease in EBITDA. In this regard, there was loss recognition of non-recurring items (PTT’s portion after tax) in 2023 approximately Baht 500 million mainly from impairment loss on Mozambique Area 1 Project and assets write-off of AC/RL12 (Oliver) Project offset with a gain from divestment of AC/RL7 (Cash-Maple) Project of PTT Exploration and Production Public Company Limited (PTTEP).

While, in 2022, the loss recognition was approximately Baht 10,300 million mainly from impairment loss on Mozambique Area 1 and assets held-for-sale from project in Brazil, as well as the provision for the class action settlement from Montara incident of PTTEP and PTT’s contribution to oil fund during economic crisis offset with the recognition of the production shortfall penalty of PTT.

For the year 2023, sales revenue of PTT and its subsidiaries was reported at Baht 3,144,551 million, decreased by Baht 222,652 million or 6.6% from 2022 at Baht 3,367,203 million. This was driven mainly by a decrease in sales revenue of International Trading business and Petrochemical and Refining business from lower average selling price in line with global petroleum and petrochemical prices despite higher sales volume.

Gas business’s sales revenue also decreased mainly from Supply and Marketing (S&M) business which had lower average selling price following pool gas price, as well as lower selling price to industrial customers following referenced prices despite higher sales volume. Sales revenue of Transmission pipeline (TM) decreased mainly from the adjustment of the natural gas pipeline tariff rates,as approved by the Energy Regulatory Commission (ERC) in August 2022.

Moreover, sales revenue of Gas Separation Plant (GSP) business also decreased from lower average selling price for all products in line with petrochemical referenced prices and lower sales volume. Other business’s sales revenue decreased from disposal of coal business in the first quarter of 2023 (1Q2023). Moreover, Exploration and Production business’s sales revenue decreased from both lower average selling price and average sales volume.  

In addition, the Board of Directors approved a dividend payment of THB1.20 per share from retained earnings to be paid on 30 April 2024. The ex-dividend date is 29 February 2024.