PTT 1Q23 profit up 12.4%

Bangkok, May 11 – PTT's profit for the first quarter of 2023 amounted to 27,855 million baht, an increase of 12.4 percent from the same period last year.

Mr. Auttapol Rerkpiboon, President and Chief Executive Officer, PTT Public Company Limited, revealed that from conflicts and geopolitical tensions in many countries. The reduction of crude oil production in OPEC and allied nations until the end of 2023 and the global economy is slowing down. As a result, in the first quarter of 2023, PTT and its subsidiaries operating profit before depreciation and amortization financial cost and income tax (EBITDA) at 104,008 million baht, a decrease of 36,904 million baht or 26.2 percent from the first quarter of 2022 at 140,912 million baht, mainly from petrochemical and refining businesses. As a result, the group has increased losses from oil stocks. 34,000 million baht compared to 1Q22, although Market GRM increased from 6.1 USD per barrel in 1Q22 to 8. $4 per barrel in 1Q23 from the diesel spread jet fuel and gasoline with crude oil rising The whole Ram sales volume increased. As for the performance of the petrochemical business, it declined due to the decrease in sales volume. In addition, the spread of product prices and raw materials mostly decreased. In addition, the performance of the natural gas business group decreased from the gas separation plant business. with the average selling price dropping for almost every product according to the reference price of petrochemicals in the market together with a decrease in sales volume including the cost of gas increased according to the price of gas in the Gulf has increased Regarding the gas pipeline business have a decrease in operating results from the adjustment of the pipeline tariff according to the resolution of the Energy Regulatory Commission (ERC), which has been in effect since August 2022

However, in this quarter, there was a decrease in loss from derivatives. compared to the first quarter of 2022, together with the recognition of non-recurring items (Non-recurring items) net of tax in proportion to PTT's loss of about 100 million baht mainly from the asset write-off. From the end of the concession of the Bongkot project by PTT Exploration and Production Public Company Limited (PTTEP) and the recognition of a discount from the amount that the producer did not deliver the amount according to the contract (Shortfal) with a profit of about 900 million. baht and from the recognition of profit from the sale of GPSC's investment in Ichinoseki Solar Power 1 GK, resulting in PTT and its subsidiaries in the first quarter of 2023 having a net profit of 27,855 million baht, an increase of 3,063 million baht or % 12.4 from the first quarter of 2022 at 24,792 million baht

PTT as the national energy company Adhere to the mission to create energy security Ready to be an important force to drive the industry and the country to move forward continuously. In 2020-2022, more than 20,000 million baht of budget has been spent to alleviate the impact of the people's sector from the COVID-19 crisis. and the Russo-Ukrainian War, such as 4 million barrels of oil reserves, fixing NGV prices, subsidizing LPG prices for low-income hawkers through state welfare cards. Support for contributions to the Oil Fund and extending the payment terms to EGAT to reduce the burden of FT fees, etc.

PTT is accelerating the strategy of "change, grow" to drive Thailand towards a low-carbon society. Aiming to achieve carbon neutrality by 2040 and net zero emissions by 2050 through proactive work. adjust production process Developing new technologies, ready to transform into a clean energy business that is friendly to the environment Including expanding into new businesses beyond energy Increase the amount of carbon dioxide absorption through reforestation by 1 million rai by 2030 in the form of a community enterprise. to participate in forest preservation Promote occupations and incomes of local communities In the future, these forest areas will help absorb more than 4.15 million tons of carbon dioxide/year.

Source: Thai News Agency

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