PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Yearly | 2021 | 2020 |
| Net Profit (Loss) Million Baht |
44,982.39 | 199.61 |
| Earning Per Share (Baht) | 10.0100 | 0.0400 |
| % Change | 22,435.48 | |
PTTGC recorded a net profit of Baht 44,982 million in 2021, increased 224 fold from a net profit of Baht 199 million in 2020.
For 2021 performance, the company had total sales revenue at Baht 465,128 million, increased by 43% from the previous year driven by products prices significantly increased mainly due to global economic recovery after the lockdown restriction of COVID-19 has been eased and global vaccination rate has gradually increased led to increase of demand for products. Additionally, tightening supply during some periods of the year also had a positive impact on product price.
In 2021, the company had higher sales revenue than the previous year as the product’s price increased, particularly in Olefins and Derivatives, Phenol, and Refinery business. Variable Cost increased from the previous year mainly due to the start of commercial operation of Propylene Oxide (PO) and Polyols, the Olefins Reconfiguration Project (ORP), and PTA plant 1.
The company had Net Operating Profit Recurring (excluding Stock Gain Net NRV, Foreign Exchange loss, and Loss from commodity hedging, and Extraordinary items) of Baht 31,347 million, increased more than 200% from the previous year. Although petrochemical and refinery Businesses continued to be recovered from the COVID- 19, the company continues to implement various efforts including cost saving program, production cost reduction, and enhancement of production efficiency which resulted to the company’s Adjusted EBITDA of Baht 55,186 million, increased by 93% from the previous year.
The company had Stock Gain Net NRV of Baht 5,955 million, Loss from commodity hedging of Baht 1,440 million, and Foreign Exchange loss of Baht 4,765 million, extraordinary items from selling ordinary shares in Global Power Synergy Public Company Limited (GPSC) of Baht 11,834 million and the remaining investment will be reclassified as non-current assets, which recognized and measure the fair value on the reclassification date of Baht 10,565 million.
In addition, the company had an impact from the restructuring of investments in Emery and the impairment of assets at a net loss of Baht 1,633 million. The company recognized loss from impairment of assets of Baht 1,886 million, and provisions by a subsidiary for legal obligations of Baht 444 million. As a result, for the year 2021, the company had Net Profit of Baht 44,982 million (Baht 10.01/share), an increase of more than 200% from the previous year.
