PTT Public Company Limited (SET: PTT) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
35,469.39 | 20,106.89 |
| Earning Per Share (Baht) |
1.2500 | 0.7000 |
| % Change | 76.40 | |
| 6 Months | 6M24 | 6M23 |
| Net Profit (Loss) Million Baht |
64,436.89 | 47,961.73 |
| Earning Per Share (Baht) | 2.26 | 1.68 |
| % Change | 34.35 | |
PTT reported a net profit of Baht 35,469 million, increased by Baht 15,362 million or 76.4 % from 2Q2023 at Baht 20,107 million in accordance with the improved EBITDA.
In 2Q2024, sales revenue of PTT and its subsidiaries was reported at Baht 821,943 million increased from 2Q2023 by Baht 43,785 million or 5.6%, mainly from higher sales revenue of International Trading business, despite lower sales volume from international crude trading, and LNG import.
PTT’s EBITDA was reported at Baht 115,334 million, increased by Baht 22,709 million or 24.5% from the second quarter of 2023 (2Q2023) at Baht 92,625 million. This increase was primarily from the Exploration and Production business’ performance stemming from higher average sales volume and average selling price. Petrochemical and Refining business’s performance increased as well.
PTT’s stock gain in 2Q2024 was approximately Baht 3,000 million, whereas in 2Q2023, there was an approximate stock loss of Baht 4,000 million.
However, MarketGross Refining Margin (Market GRM) decreased from US$ 4.1 per bbl in 2Q2023 to US$ 3.0 per bbl in 2Q2024, mainly from lower spread of gasoline, diesel, and jet prices over crude oil price. Meanwhile, Gas business’ performance decreased mainly from Gas Separation Plant (GSP) business due to higher feed cost according to Single Pool Gas Policy, in spite of higher average selling price and sales volume. Moreover, Supply and Marketing (S&M) business’s gross margin declined following decreasing sales revenue, despite lower gas costs in line with pool gas price.
Moreover, in 2Q2024, there were gains on recognition of non-recurring items (PTT’s portion) after tax at approximately Baht 5,400 million mainly from gain on disposal of assets from PTT LNG Co., Ltd. (PTTLNG) to PE LNG Co., Ltd. (PE LNG) and gain on repurchase of debentures of PTT Global Chemical Public Co., Ltd. (GC) and Thai Oil Public Co., Ltd. (TOP). Meanwhile, in 2Q2023, the gain on recognition was approximately Baht 300 million mainly from gain on repurchase of debentures of PTT Exploration and Production Public Co., Ltd. (PTTEP) and GC.
