PTG Energy has announced a 20.8 per cent growth in the third quarter and expects further expansion in the fourth quarter thanks to the easing of restrictions and reopening of the country.
Pitak Ratchakitprakarn, PTG president and CEO, said the company’s third-quarter revenue stood at 30.59 billion baht, up 20.8 per cent year on year. This resulted in a 65 million baht net profit from the oil business, the value of which has dropped 87.4 per cent or 448 million baht due to the Covid-19 pandemic.
Revenue from the company’s retail and servicing sectors rose by 20.8 per cent year on year due to the 34.5 per cent rise in retail oil price per litre, while revenue from non-oil business grew by 19.3 per cent or 1.413 billion baht year on year from liquefied petroleum gas (LPG) business and “Phan Thai Coffee” food and beverage business.
However, he said, earnings from the sale of oil dropped by 10.3 per cent or 1.106 billion litres year on year as the demand for oil nationwide has dropped by 20.1 per cent due to the prolonged Covid-19 pandemic and flood crisis.
"In comparison, sales and management costs have risen by 11.3 per cent year on year as more petrol stations and non-oil business branches have been set up,” he said. "However, the company has made 4.2 per cent more profit from joint ventures, especially the palm complex project.”
Pitak said the company is prepared to deal with fluctuations in both oil and non-oil businesses and has adjusted its investment strategy for 2021 in line with the country’s reopening plans.
He added that the company also boosted its liquidity to preserve financial stability in case there is a new wave of Covid-19.
"The company's earnings before interest, taxes, depreciation and amortisation [EBITDA] is expected to drop to between 0 per cent and a contracted 5 per cent in response to a 1 to 4 per cent growth in the sale of oil and 70 per cent contraction from LPG sales amid uncertain circumstances," he said.
"However, we expect the Covid-19 situation to be a short-term challenge and expect the situation to return to normal soon.”
Published : November 16, 2021