PTG” reported an outstanding performance in the first quarter of 2023, making the profit of 284 million Baht, increasing by 73.6% YoY and 11,255.8% QoQ, reflecting the national economic recovery outlook. The recovered tourism sector has provided support to revenue growth for all sectors both for the oil and non-oil businesses. Oil and LPG sales volume also hit record high at 1,474 million liters and 151 million liters respectively.

Mr. Pitak Ratchakitprakarn, President and Chief Executive Officer, PTG Energy PCL (PTG), revealed that the Company and subsidiaries reported the net profit for the first quarter of 2023 of 284 million Baht, increasing by 11,255.8% QoQ from 3 million Baht in the fourth quarter of 2022 and by 73.6% YoY from 163 million Baht in the first quarter of 2022. The revenue hit the record high of 50,936 million Baht, increasing by 30.7% YoY and 4% QoQ, mainly supported by the oil business that generated the revenue of 47,790 million Baht, increasing by 28.6% YoY and 3.8% QoQ.

“The Company’s operating results recovered following the gradual improvement of the economy, tourism sector and domestic travels, after the relaxation of COVID-19 measures, leading to 1.6% increase in domestic oil demand compared to the first quarter of 2022. The Company’s sales volume has remained continuously high, totaling 1,474 million liters, increasing by 16.6% YoY and 4.7% QoQ”, stated the CEO.

Mr. Pitak mentioned that the non-oil business reported the revenue of 3,146 million Baht, increasing by 74.6% YoY and 6.7% QoQ, mainly from contributed by the LPG business, with the revenue of 1,941 million Baht, increasing by 89.1% YoY and 9.5% QoQ, mainly supported by continuously high record of gas sales volume of 151 million liters, increasing by 42.9% YoY and 8.7% QoQ. Meanwhile, the average selling price was 12.86 Baht per liter, increasing by 32.4% YoY and 0.7% QoQ.

Punthai Coffee reported the revenue of 263 million Baht, increasing by 82.8% YoY and 5.1% QoQ, from outlet expansion of 61.9% compared to the first quarter of 2022. The total number of outlets at the end of the first quarter was 570, coupled with return customers holding PT Max Card and PT Max Card Plus.

However, the Company has effectively maintained its profitability, with the gross profit of 3,167 million Baht, increasing by 23% YoY and 10% QoQ, mainly from the oil business, with the contribution increasing by 18.5% YoY and 13.6% QoQ to 2,531 million Baht.

Furthermore, the Company was positively impacted by joint ventures’ improved performance, allowing the Company to realize increased share of profit of 53.2% YoY and 162.3% QoQ. Meanwhile, effective control of selling, general and administrative expenses (SG&A) has aligned with the Company’s policy, leading to the earnings before interest, tax, depreciation and amortization (EBITDA) of 1,455 million Baht, increasing by 15.2% YoY and 24.6% QoQ.