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PTT estimates more than 24 per cent decrease in 2019 profit

Feb 19. 2020
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PTT Group expects its net profit in 2019 to be 24.34 per cent lower than its results in 2018 due to loss in oil stock, refinery repairs and decreasing gross refinery margin and sales of petrochemical businesses.

The company’s 2019 net profit was estimated at Bt164.33 billion, compared to Bt217.2 billion in 2018.

When broken down by subsidiaries, the group estimated that PTT Exploration and Production (PTTEP) will have a net profit of Bt48.8 billion, a 34.79 per cent increase year on year; PTT Global Chemical (PTTGC) will have a net profit of Bt11.68 billion, down 70.85 per cent year on year; IRPC will have a net loss of Bt11.74, down 115.17 per cent year on year; Thaioil (TOP) will have a net profit of Bt6.27 billion, 38.15 per cent lower year on year; and Global Power Synergy (GPSC) will have net profit of Bt4.06 billion, a 20.89 per cent improvement over 2018.

Regarding net profit estimates for 2020, Kitticharn Sirisuk-Acha, senior analysis director at CGS-CIMB Securities (Thailand), said that PTT Group should be able to earn Bt178.9 billion, a 14 per cent increase year on year. “This year there should be no loss in oil stock while the refineries under repair should resume operations as normal,” he said. “Meanwhile, the gross refining margin in the petrochemical section as well as sales from retail businesses should improve this year.”

Share prices of companies in the PTT Group on Tuesday (February 18) mostly fell: PTTGC’s shares fell 4.76 per cent to Bt50 per share; TOP shares lost 2.8 per cent to Bt52 per share; GPSC’s shares were down 1.3 per cent to Bt75.75 per share.

The SET Index also went down 13.57 points, or 0.89 per cent, to 1,513.68 points, with total trading value of Bt49.27 billion.

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