PTT Global Chemical Public Company (PTTGC) Q3 2024 earnings summary

Executive summary

• Q3 2024 earnings declined due to lower margins in Intermediates and significant impairments for PTTAC and Vencorex, resulting in a net loss of Baht 19.5 billion for the quarter and Baht 18.3 billion for the nine-month period ended 30 September 2024.

• Portfolio transformation advanced with business withdrawal from PTTAC and Vencorex, expected to uplift EBITDA and net income from 2025.

• Strategic focus remains on high-value, low-carbon businesses, sustainability, and operational excellence.

• Total assets stood at Baht 658.1 billion as of 30 September 2024, with equity attributable to owners at Baht 260.3 billion.

Financial highlights

• Q3 2024 revenue was THB 149,431 million, down 7% year-over-year and 11% sequentially; gross profit dropped to Baht 5.4 billion from Baht 16.1 billion year-over-year.

• Adjusted EBITDA for Q3 2024 was THB 8,387 million, down 31% year-over-year and 13% sequentially.

• Net loss after tax in Q3 2024 was THB 1,995 million, mainly due to impairments; 9M 2024 net loss was THB 752 million.

• Major one-time items: Vencorex impairment (THB 7,960 million), PTTAC impairment (THB 8,937 million) in Q3 2024.

• Total liabilities reached Baht 390.8 billion as of 30 September 2024.

Outlook and guidance

• 2025 outlook: Olefins and allnex volumes to increase; refinery shutdown planned in Q4 2025.

• HDPE price expected at $1,030–1,060/ton, HDPE–MOPJ spread at $390–420/ton in 2025.

• Discontinuation of loss contributions from Vencorex and PTTAC to uplift EBITDA by THB 2.6 billion and NI by THB 5.0 billion from 2025.

• Key projects starting in 2025: NatureWorks Plant 2, AGC Vinythai expansion, and bio-refinery SAF.

• No explicit forward-looking guidance provided, but continued losses and negative comprehensive income indicate ongoing operational and market headwinds.