PTT Reports Increasing Profit in 1Q24 to TH29 Billion

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

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
28,967.50 27,854.84
Earning Per Share
1.0100 0.9800
% Change 3.99

PTT reported a net profit of Baht 28,968 million, increased by Baht 1,113 million or 4.0% from 1Q2023 at Baht 27,855 million in accordance with the improved EBITDA in spite of higher loss on foreign exchange rate, loss on derivatives, and an increase in finance costs.

In 1Q2024, sales revenue of PTT and its subsidiaries was reported at Baht 782,256 million increased from 1Q2023 by Baht 25,566 million or 3.4%, mainly from higher sales revenue of International Trading business mainly due to the higher sales volume following economic recovery and the increase in sales revenue of Petrochemical and Refining business following higher gasoline selling price and fuel oil selling price of Refinery business, as well as higher sales volume of Petrochemical business mainly the Olefins, which had fewer planned maintenance shutdowns than the same period last year.

Moreover, the company noted that in 1Q2024, there were gain on recognition of non-recurring items (PTT’s portion) after tax at approximately Baht 4,400 million mainly from gain on divestment of Alvogen Malta (Out-licensing) Holding Limited (AMOLH) of PTT Global  Management Company Limited (PTTGM) amounting to approximately Baht 4,500 million. Meanwhile, in 1Q2023, there were loss on recognition of non-recurring items (PTT’s portion) after tax at approximately Baht 100 million mainly from non-cash accounting transactions at the end of concession of Bongkot Project of PTT Exploration and Production Public Company Limited (PTTEP).

In the first quarter of 2024 (1Q2024), PTT and its subsidiaries reported Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in an amount of Baht 118,717 million, increased by Baht 14,709 million or 14.1% from the first quarter of 2023 (1Q2023) at Baht 104,008 million.

As for the outlook of its petrochemical segment, the company noted that the prices of petrochemical products are expected to increase in 2Q2024 as demand for Olefins is likely to rise after the Lunar New Year holidays, while supply is projected to decrease due to scheduled maintenance of several plants in the Asia region. Similarly, Aromatics price in 2Q2024 are also expected to increase following rising crude oil and Naphtha prices, along with steadily increasing demand from China and the US. However, the incoming regional new capacity may exert downward pressure on prices in the near term.