PTT Oil and Retail Business Public Company Limited (SET: OR) has reported its financial results for the second quarter of 2025 (2Q/25), revealing a mixed performance influenced by global economic factors and volatile oil prices. The company’s overall net profit and revenue experienced a year-on-year decline, though the Lifestyle business segment demonstrated significant growth.
For 2Q/25, OR recorded total sales and services of THB 167,166 million, marking a 9.1% decrease compared to the same period in 2024 (2Q/24). EBITDA for the quarter amounted to THB 4,552 million, representing a 6.0% decline from 2Q/24. Consequently, OR reported a net profit of THB 2,232 million in 2Q/25, a 12.0% decrease year-on-year. The decline was primarily attributed to a softening in the average gross profit per litre within the Mobility and Global businesses, alongside increased operating expenses from higher repair and maintenance costs for PTT Stations and increased advertising and promotional activities. Furthermore, a foreign exchange loss due to the appreciation of the Thai Baht against the US Dollar also contributed to the decline, though this was partially offset by gains from derivatives.
Performance by Business Segment:
Mobility Business: This segment saw its revenue from sales and services decrease by THB 17,603 million (-10.5%) in 2Q/25 compared to 2Q/24. This was primarily driven by a drop in average selling prices per litre, aligning with global oil price trends. EBITDA for the Mobility business also decreased by THB 344 million (-12.3%) due to a lower overall average gross profit per litre, particularly from aviation fuel, which was affected by an M-1 pricing structure. Despite promotional activities supporting gasoline sales volume in the retail market, overall sales volume decreased slightly. Global crude oil prices, such as Dubai crude, averaged US$66.9 per barrel in 2Q/25, a significant drop from US$85.3 per barrel in 2Q/24, largely due to concerns over U.S. trade policy, high U.S. crude oil production, and gradual easing of OPEC+ production cuts.
Lifestyle Business: In contrast, the Lifestyle business demonstrated robust growth. Revenue from sales and services increased by THB 431 million (+7.3%) compared to 2Q/24. The Food & Beverage (F&B) business was a key driver, with revenue rising by THB 352 million (+8.9%), supported by higher sales volumes of both beverage and non-beverage products and outlet expansion. EBITDA for the Lifestyle business rose by THB 201 million (+12.5%), mainly propelled by the F&B business, which saw an impressive 35.1% increase in EBITDA. This improvement was due to higher gross profit and reduced operating expenses from the discontinuation of underperforming businesses. The Lifestyle EBITDA margin improved to 28.7% in 2Q/25 from 27.3% in 2Q/24.
◦ Cafe Amazon Growth: A significant contributor to the Lifestyle segment’s success was Cafe Amazon. The F&B business, primarily due to the continuous growth in Cafe Amazon’s sales across all quarters, supported the Lifestyle business’s improvement. In 2Q/25, Cafe Amazon sold 107 million cups, an increase of 5 million cups (+4.9%) compared to 2Q/24, largely driven by the expansion of its outlet network. The total number of Cafe Amazon outlets increased to 4,547 in 2Q/25 from 4,277 in 2Q/24.
Global Business: Revenue from sales and services in the Global business segment dropped by THB 2,825 million (-17.8%) in 2Q/25 year-on-year, primarily influenced by the downtrend in global oil prices across key countries. Despite an overall increase in sales volume by 3.8%, EBITDA decreased by THB 93 million (-17.5%), mainly due to weaker average gross profit per litre in the Philippines across most products, notably diesel. However, increases in Laos and Cambodia, driven by better gross profit per litre, partially offset this decline.
OR’s financial position as of June 30, 2025, shows total assets of THB 200,437 million, a decrease of THB 7,055 million from the end of 2024, mainly due to a decline in trade receivables and cash, while inventories increased. Total liabilities decreased by THB 11,520 million to THB 87,011 million, mainly from reduced trade payables and loan repayments. Shareholders’ equity increased by THB 4,465 million, driven by net profit, despite dividend payments.
Looking ahead to 3Q/25, crude oil prices are anticipated to increase slightly due to easing trade war concerns and the summer season, although increased production by OPEC+ could exert downward pressure. OR continues to focus on digital transformation, having launched the new blueplus+ application to enhance customer experience, and integrating sustainable development concepts (ESG) across its core businesses, earning recognition as a consumer-trusted brand.
