PTT Oil and Retail Business Public Company Limited (SET: OR) reported total sales and services revenue of THB 723,958 million, marking a 5.9% decline from the previous year. The drop was primarily due to lower sales volume and declining global oil prices, impacting the Mobility business. Meanwhile, the Lifestyle and Global businesses saw growth, driven by outlet expansion and increased sales volumes abroad.
OR recorded an EBITDA of THB 17,666 million, down 16.7% year-over-year, mainly due to lower gross profit per liter in the Mobility segment. Meanwhile, net profit stood at THB 7,650 million, a 31.0% decline, partly due to foreign exchange adjustments and reduced gains from investments in Myanmar. Earnings per share for 2024 came in at THB 0.64.
Mobility Business
Revenue from the Mobility segment fell 7.4% to THB 52,986 million, impacted by falling oil prices and lower sales volume, which declined by 4.4% (1,227 million liters). The retail fuel market saw a 10.5% drop in diesel and gasoline sales, partly due to negative market sentiment caused by fake news early in the year and strong competition. Meanwhile, commercial fuel sales rose slightly by 0.5%, supported by higher aviation fuel demand from increased air travel.
OR continued expanding its EV infrastructure, reaching 1,194 “EV Station PluZ” locations with 2,356 DC connectors by year-end. The company also grew its Fit Auto service centers to 108 outlets.
Lifestyle Business
The Lifestyle segment saw an 8.2% revenue increase, reaching THB 1,811 million. The food & beverage (F&B) business contributed THB 1,113 million (+7.4%), driven by outlet expansion and higher non-beverage sales. Revenue from other retail businesses grew 9.9% as convenience store networks expanded.
Café Amazon continued to thrive, selling 103 million cups in Q4/24, up 5.1% quarter-over-quarter, benefiting from seasonal demand.
Global Business
OR’s Global segment surged by 10.9% to THB 5,371 million, mainly due to a 19.8% increase in sales volume (335 million liters). Growth was strongest in the Philippines, where cost management improved competitiveness, boosting aviation fuel and LPG sales. Cambodia and Laos also contributed to growth, with Cambodia expanding its PTT station network and Laos seeing steady diesel and gasoline demand. Café Amazon’s international sales also increased, supported by outlet expansion and promotional activities.
Market Outlook for 2025
The International Energy Agency (IEA) projects global oil demand at 104.0 MMBD, reflecting 1.1 MMBD growth, primarily from non-OECD countries. However, oil prices may decline slightly due to supply outpacing demand, with average crude prices expected at $73-79 per barrel. Factors such as U.S. policies on Chinese imports, Russian sanctions, and seasonal demand fluctuations will influence market dynamics.
Despite external challenges, OR remains focused on strengthening its Mobility, Lifestyle, and Global businesses while expanding its EV infrastructure and international footprint.
Additionally, the company approved a dividend payment of THB0.13 per share to be paid on 29 April 2025. The ex-dividend date is 24 February 2025.
