PTT Public Company Limited (SET: PTT) reported a staggering net profit of Baht 52,525 million for the second quarter of 2026, a more than 140% increase compared to Baht 21,533 million in the same period last year. Quarterly sales revenue rose 22.7% year-over-year to Baht 830,389 million, driven by elevated global energy prices amid heightened geopolitical tensions in the Middle East.
Key Financial Highlights
- Net Profit: Baht 52,525 million (+143.9% YoY)
- Sales Revenue: Baht 830,389 million (+22.7% YoY)
- EBITDA (Adjusted): Baht 156,302 million (+94.1% YoY)
- Earnings Per Share (EPS): Baht 1.85 (vs Baht 0.76 in 2Q25)
The Petrochemical and Refining segment was a primary engine of growth, as the Market Gross Refining Margin (GRM) surged to US$ 16.2 per barrel, up from US$ 4.6 per barrel a year ago. This strength helped PTT absorb a significant Baht 21,700 million stock loss recognized during the quarter.
The Exploration and Production (PTTEP) unit also delivered robust results, with revenues climbing 35.1% YoY. This was supported by a 13.5% increase in average sales volumes to 572,882 barrels of oil equivalent per day (BOED) following the integration of new projects acquired in 2025.
Core operational growth was bolstered by a new natural gas pricing structure effective January 2026, which significantly reduced feed costs for gas separation plants. However, these gains were slightly tempered by non-recurring items, including a Baht 1,400 million loss primarily linked to business restructuring at GC Polyols. Foreign exchange impacts resulted in a Baht 1,321 million loss as the Thai Baht weakened against the U.S. Dollar.
PTT maintains a healthy financial position with total assets of Baht 3.52 trillion. To navigate market volatility, the group secured Baht 230 billion in additional liquidity for margin calls and working capital.
Management expects Dubai crude to average between US$ 78–88 per barrel for the full year 2026. Strategic initiatives remain focused on the “Energy Trilemma”—balancing energy security, affordability, and sustainability—while progressing major infrastructure projects like the LNG Terminal 3, slated for 2029.
