PTT positive about next year’s business outlook
Despite the global slowdown, PTT is optimistic about its business outlook next year, said Chansin Treenuchagron, president and chief executive officer of PTT, the country’s largest energy conglomerate.
The group’s performance is also expected to be better in 2020, he said on Thursday (October 3), adding that PTT has to watch the development of Brexit and how it impacts the global economy.
He added that though demands in other parts of the world might be affected, PTT still believes that the demand for oil and petrochemical products in Asia will remain high.
Chansin also said the group’s profit is expected to meet the target this year, though it may be lower than last year’s profit of Bt120 billion.
Also, he said, PTT’s three refinery plants – PTT Global Chemical PCL (PTTGC), IRPC and Thaioil – no longer need to be temporarily closed like they were in the first half of the year for maintenance and repair.
With Christmas, New Year and Chinese New Year holidays approaching, refinery plants have accelerated their refined-oil production, leading to a wider spread margin of cost and profits, he said. However, the margin spread for petrochemical products remains flat largely due to dropping crude oil prices and the adverse impact of trade war, he said.
Since PTT saw positive signs, its board on September 27 approved an interim dividend payment of Bt0.90 per share, which totalled Bt25.7 billion, Chansin said.
This year PTT has invested more than the target set by the government. For instance, the group acquired Glow Energy, which produces electricity for the manufacturing sector, he added.
