PTT Public Company Limited (SET: PTT) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q22 | 3Q21 |
| Net Profit (Loss) Million Baht |
8,884.15 | 23,652.83 |
| Earning Per Share (Baht) |
0.3100 | 0.8200 |
| % Change | -62.44 | |
| 9 Months | 2022 | 2021 |
| Net Profit (Loss) Million Baht |
73,302.85 | 80,819.11 |
| Earning Per Share (Baht) | 2.5700 | 2.8200 |
| % Change | -9.30 | |
PTT reported a net profit of Baht 8,884 million in 3Q22, decreased 62.44% from a net profit of Baht 23,652 million in 3Q21.
The decrease was mainly from Petrochemical and Refining business as Petrochemical business’s performance decreased from lower product spreads of both Olefins and Aromatics together with lower sales volume from planned maintenance shutdown of petrochemical plants in 3Q22.
Refining business’s performance also decreased due to higher stock loss as PTT Group’s stock loss increased approximately Baht 36,000 million as crude oil price decreased in 3Q2022. While, market GRM rose from the rising in most product spreads and the refining business had higher sales volume.
Moreover, Gas business’s performance decreased from lower gross profit of Supply and Marketing business (S&M) and NGV business as gas cost significantly increased resulting from higher Pool Gas price following higher volume and price of imported LNG.
However, Exploration and Production business’s performance rose from the increase in both average selling prices and average sales volume.
The net profit reported in 3Q22, though lower, was higher than the market had anticipated, according to the Refinitiv consensus that estimated Baht 8,095 million for the quarter. Even with a decline in 3Q22, consensus expected PTT to record higher yearly profit in 2022 at Baht 111,201 million, compared to Baht 108,363 million in 2021.
Refinitiv consensus gave a target price at THB 45.32 per share with 15 brokers recommended investors to purchase the stock.
