PTT Public Company Limited (SET: PTT) has delivered a robust set of first-quarter results for 2026, navigating a volatile global energy landscape to report a net profit of Baht 25,738 million, representing a 10.4% increase compared to the same period last year.
Despite escalating Middle East tensions impacting global energy supply stability, the group’s sales revenue rose 2.6% year-on-year to Baht 718,729 million, supported by higher selling prices and sales volumes across several key segments.
The standout performer for the quarter was the Petrochemical and Refining business, which saw its operating income surge significantly. This growth was primarily fuelled by a dramatic improvement in the Market Gross Refining Margin (GRM), which climbed from US$ 3.1 per barrel in 1Q2025 to US$ 13.1 per barrel in 1Q2026. Furthermore, the group benefited from a substantial stock gain adjusted to Net Realisable Value (NRV) of approximately Baht 46,000 million, a massive leap from the Baht 1,500 million gain recorded in the previous year.
PTT’s Gas business also showed resilience, with performance bolstered by a new natural gas pricing structure that became effective on 1 January 2026. This policy shift reduced feed costs for Gas Separation Plants (GSP) by reverting them to the average Gulf gas price, leading to higher gross profits despite a lower average selling price caused by Thai Baht appreciation.
However, the results were tempered by several headwinds. PTT recognised non-recurring items totalling a loss of approximately Baht 2,900 million, compared to a Baht 200 million loss in 1Q2025. This was largely driven by asset impairment losses at GC Polyols Company Limited. Additionally, the group faced increased financial costs and liquidity requirements—securing over Baht 230 billion in additional liquidity—to manage margin calls and working capital amid high market volatility.
Looking ahead, PTT is focusing on its “MissionX” and “AXIS” initiatives to drive digital transformation and maintain financial discipline. While 2Q2026 may face moderation due to sustained geopolitical pressures, PTT’s proactive measures, including crude source diversification, remain central to its strategy.
