PTT reports THB40.55bn quarterly profit as refining margins improve

PTT Plc reported a net profit of THB40.55 billion in the third quarter of 2026, more than double the amount recorded a year earlier, supported by a recovery in refining margins, gains from oil inventories and stronger performance in its petroleum businesses.

The Thai energy group’s net profit rose approximately 105% from THB19.78 billion in the same quarter of 2025, while sales revenue increased 21.2% to THB784.02 billion.

PTT chief financial officer Chanamas Sasnanand disclosed the results to the Stock Exchange of Thailand for the three-month and nine-month periods ended 30 September 2026.

The company attributed the quarterly improvement primarily to higher earnings before interest, tax, depreciation and amortisation (EBITDA) across its petrochemical, refining, and petroleum exploration and production businesses.

However, compared with the second quarter of 2026, sales revenue fell 5.6%, while net profit declined 22.8% from THB52.53 billion.

The quarter-on-quarter reduction reflected seasonal factors affecting the natural gas business and a goodwill impairment loss associated with PTT Exploration and Production's (PTTEP) Malaysia Block K project.

Nine-month profit rises 83.8%

For the first nine months of 2026, PTT and its subsidiaries generated sales revenue of THB2.333 trillion, an increase of THB309.47 billion, or 15.3%, from THB2.024 trillion in the corresponding period of 2025.

Revenue growth came mainly from international trading, petrochemicals and refining, oil and retail, and petroleum exploration and production, as selling prices increased in line with reference prices.

Nine-month EBITDA climbed 60.5% to THB419.13 billion from THB261.21 billion a year earlier.

The petrochemical and refining businesses were major contributors to the improvement, with refining operations benefiting from higher market gross refining margins and gains on oil inventories.

PTT recorded oil inventory gains of approximately THB37.8 billion over the nine months, compared with losses of around THB4 billion in the same period last year.

Net profit for the nine-month period reached THB118.82 billion, up THB54.18 billion, or 83.8%, from THB64.63 billion a year earlier.

The increase came despite approximately THB8.5 billion in after-tax losses from non-recurring items, principally related to the goodwill impairment at PTTEP's Malaysia Block K project.

PTT reported the results against a backdrop of continued volatility in the global economy and energy markets, including geopolitical tensions in the Middle East.

Assets and shareholders' equity increase

PTT's total assets stood at THB3.613 trillion as of 30 September 2026, up THB343.09 billion, or 10.5%, from the end of 2025.

The increase was mainly attributable to higher inventories, trade receivables and other current assets, including compensation receivable from the Oil Fuel Fund and margin calls.

Investment-related increases in property, plant and equipment also contributed to asset growth.

Total liabilities rose 12.4% from the end of 2025 to THB1.818 trillion, reflecting increases in trade payables, outstanding dividends and current derivative liabilities.

Shareholders' equity increased 8.6% to THB1.795 trillion, primarily supported by higher retained earnings following the group's nine-month financial performance.

PTT maintained that it continued to exercise financial discipline while preserving its capacity to support Thailand's energy security.

LNG expansion and efficiency initiatives

Alongside its financial performance, PTT outlined plans to strengthen energy security by diversifying petroleum supply sources through its international network of partners, reducing reliance on any single source.

The company is also expanding its liquefied natural gas (LNG) portfolio, targeting 3.7 million tonnes in 2026, 10 million tonnes by 2030 and 15 million tonnes by 2035.

PTT reported that its Profit Enhancement Initiatives generated more than THB20.9 billion in additional value during the first nine months of 2026.

These improvements were achieved through programmes including MissionX, the AXIS digital transformation initiative, supply chain management and financial efficiency measures.

In clean energy and emissions reduction, the group is progressing its carbon capture and storage (CCS) project at the Arthit natural gas field.

It is also developing the I-SPARK initiative to support the transition towards low-carbon industries.