OR Records 25% Profit Growth in 1Q24 from Strong Lifestyle Operations and Margin

PTT Oil and Retail Business Public Company Limited (SET: OR) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
3,723.20 2,975.01
Earning Per Share
0.3100 0.2500
% Change 25.15

OR reported a net profit of THB 3,723 million in 1Q24, increased 25% from a net profit of THB 2,975 million in 1Q23. 

Sales from Mobility Business dropped 11.7% to THB 163,788 million in the first quarter to decline in overall sales volume and downwardly adjusted global oil prices. 

As of 31 March 2024, OR had installed “EV Station PluZ” in 931 locations with 1,748 DC connectors, including 736 installed inside PTT stations (with 651 in operations) and 195 installed outside PTT stations (with 184 in operations). As for Fit Auto, there were a total of 102 outlets, with 5 new outlets opened in this quarter. 

Revenue from sales and services of Lifestyle Business rose 10.8% due to the recovery of economic activities. The revenue from sales of the F&B business increased by THB 405 million (+11.3%), mainly due to increased sales volume from the expansion of the F&B business outlet. Other retail businesses’ revenue from sales increased by THB 172 million (+9.9%), mainly from outlet expansion and the sale of drinking water. 

Meanwhile, revenue from its Global Business increased by THB 1,246 million or 10.7%, driven by an increase in sales volume of 56 mml, mainly from the Philippines, where sales volume increased from diesel and LPG sold to wholesalers. In Cambodia, the sales volume increased, especially in gasoline from PTTstation expansion, and diesel sold to industrial customers increased accordingly. On the other hand, in Laos, sales volume decreased, primarily from diesel. Cafe Amazon’s cups sold increased compared to last year’s period, mainly from Cambodia, due to the outlet expansion.