PTTGC Books THB1.8 Billion of Net Profit in 2Q24 from Well-Managed Deleveraging Program
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
1,845.82 | -5,591.40 |
| Earning Per Share (Baht) |
0.4100 | -1.2400 |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
1,239.72 | -5,508.95 |
| Earning Per Share (Baht) | 0.2700 | -1.2200 |
PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
PTTGC reported a net profit of Baht 1,846 million in 2Q24, a turnaround from a net loss of Baht 5,591 million in 2Q23. The increase was mainly due to the company’s deleveraging program, and incurred two extraordinary items, including bond buybacks totaling USD 749 million, as part of a deleveraging plan to maintain its credit rating.
In the second quarter, the company had total sales revenue of Baht 167,054 million, increased by 14% from 2Q23, primarily driven by increased sales volumes in Petroleum products, Aromatics products, and Performance Chemicals. Additionally, sales volume rose by 14% compared to the same period last year for both Petroleum and Intermediate products
Meanwhile, PTTGC had Adjusted EBITDA of Baht 9,662 million in this quarter, decreased by 13% from 1Q24. This was impacted by the weak performance of the Refinery business, driven by a decrease in the average Refinery margin due to a narrowing diesel spread. Additionally, the Aromatics business weakened due to narrowing by-product spreads, particularly the decrease in condensate residue caused by the drop in diesel prices. However, the Intermediate business and Polymers & Chemicals business showed improved performance due to increased phenol and polyethylene spreads compared to the previous quarter.
Still, the bond buybacks generated a profit of Baht 2,895 million. Moreover, the Company disposed of shares in PTT Digital Solutions Company Limited (“PTT Digital”), representing 20 percent of PTT Digital’s total shares for Baht 1,023 million to a subsidiary of PTT Oil and Retail Business Public Company Limited (SET: OR), which reduced the Company’s share proportion in the information technology service business. The Company had a gain from this transaction in its income statement of Baht 247.5 million.
In addition, the Company recorded extraordinary/uncontrollable items from Stock Gain Net NRV of Baht 154 million, gain from commodity hedging of Baht 826 million, net gain from foreign exchange profit and financial derivatives profit of Baht 52 million. The Company had a Share of Loss from Investments of Baht 135 million, reflecting a decrease of Baht 323 million from the previous quarter.
