PTG Reports a 7% Drop in 1Q24 Earnings as High SG&A Weighs on Profit

PTG Energy Public Company Limited (SET: PTG) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
257.71 277.62
Earning Per Share
0.1600 0.1700
% Change -7.17

PTG reported a net profit of 257 million baht in 1Q24, decreased 7% from a net profit of 277 million baht in 1Q23. 

Revenue from Sales and Services in 1Q2024 was equivalent to 54,962 MB, increased by 7.9% YoY and 11.0% QoQ, which mainly attributed to the Oil Business. The Oil Business revenue grew continuously by 6.5% YoY and 11.3% QoQ to 50,912 MB with a contribution of 92.6%. The Non-Oil Business revenue stood at 4,050 MB, an increase of 28.7% YoY and 7.7% QoQ. In this regard, the revenue contribution from the Non-Oil Business accounted for 7.4% of the total revenue.

Costs of Sales and Services in 1Q2024 stood at 51,419 MB, an increase of 7.6% YoY. Meanwhile, Selling, General, and Administrative Expenses (SG&As) amounted to 3,022 MB, which grew by 13.9% YoY and 5.8% QoQ. The major components were obtained from the increase in employee expense, depreciation, advertising, promotion & services.