PTTGC Records 5% Revenue Growth in 1Q24 amid FX Loss and Weak PetChem Performance

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


PTTGC reported a net loss of Baht 606 million in 1Q24, contrasted to a net profit of Baht 82 million recorded in 1Q23.

In 1Q24, PTTGC had total sales revenue of Baht 155,187 million, increased by 5% when compared to the same period last year, driven by increased prices of refinery, phenol, and polymer products.

The company reported a stock gain and NRV of Baht 359 million in 1Q24, a turnaround from a loss of Baht 1,359 million in the same period of 2023. However, PTTGC had a loss of Baht 1,577 million from FX, compared to a gain of Baht 696 million in 1Q23.

In the first quarter of 2024, PTTGC recorded an adjusted EBITDA of its Upstream business at Baht 9,047 million, an increase of 36% YoY. Its Intermediates business also grew 121% YoY yo Baht 207 million, while the Polymers & Chemicals and Bio & Circularity saw a decline of 84% and 66%, respectively from 1Q23. In the meantime, Performance Chemicals rose 12% to Baht 1,865 million.