PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Year | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
-29,810.55 | 999.13 |
| Earning Per Share (Baht) |
-6.6200 | 0.2200 |
PTTGC recorded a net loss of Baht 29,810 million in 2024, a sharp plunge from a net profit of Baht 1,000 million in 2023.
In 2024, the Company had total sales revenue of Baht 604,045 million, decreased by 2% compared to the previous year. This decline was primarily due to lower revenues from Upstream business, driven by a decrease in the prices of petroleum products and Aromatics. This occurred despite an increase in petrochemical sales volume, particularly in Intermediate products, as there were planned maintenance shutdowns in 2023 at the Monoethylene Glycol (MEG) plant during the first half of the year and Phenol plant 2.
The Company reported an Adjusted EBITDA of Baht 31,766 million, decreased by 17% from the previous year. This decline was primarily due to weaker performance in the Refinery business, driven by a lower Gross Refining Margin (GRM), mainly resulting from the narrowing Diesel spread. Additionally, the petrochemical business continued to face pressure from the sluggish economic recovery, leading to subdued demand and an increase in petrochemical supply throughout the year.
Moreover, the Company recognized non-recurring items, including a loss of Baht 2,457 million from stock loss net NRV, net gain from foreign exchange and financial derivatives of Baht 383 million.
The Company also reported a share of loss from investments of Baht 1,462 million for the year, higher than the previous year, mainly due to weaker performance in the petrochemical business, particularly in the Polyvinyl Chloride (PVC) business, which was affected by a decline in PVC product price spreads.
PTTGC stated that in 2024, the Company progressed on its portfolio transformation strategy to strengthen its business, aiming to mitigate risks and enhance long-term competitiveness. As part of this initiative, the Company restructured two entities, 1) Vencorex Group, a producer of HDI and HDI derivatives, in which the Company holds 100% shares, and 2) PTT Asahi Chemical Company Limited (PTTAC), a joint venture in the Acrylonitrile and Methyl Methacrylate business, in which the Company holds 50% shares.
Additionally, the Board of Directors approved a dividend payment of THB 0.50 per share to be paid on 24 April 2025. The ex-dividend date is 3 March 2025.
