PTT Public Company (PTT) Q3 2024 earnings summary

Executive summary

• Net income for 9M2024 increased 2% year-over-year to Baht 80,761 million, supported by upstream gains, foreign exchange gains, and lower derivative losses, despite lower EBITDA and higher impairments.

• 3Q2024 net income dropped 54% sequentially and 47.8% year-over-year to Baht 16,324 million, mainly due to lower EBITDA, significant non-recurring impairment losses, and weaker refining margins.

• Sales revenue for 9M2024 rose 1.2% year-over-year to Baht 2,366,080 million, driven by higher volumes and prices in petrochemicals, but offset by declines in refining, gas, and retail segments.

• EBITDA for 9M2024 fell 10.6% year-over-year to Baht 302,943 million, mainly due to weaker refining margins and significant stock losses.

• Strategic focus remains on decarbonization, digital transformation, and operational excellence.

Financial highlights

• 9M2024 net income: Baht 80,761 million, up 2% year-over-year; 3Q2024 net income: Baht 16,324 million, down 54% sequentially and 47.8% year-over-year.

• 9M2024 revenue: Baht 2,366,080 million (+1.2% YoY); EBITDA: Baht 302,943 million (−10.6% YoY).

• 3Q2024 revenue: Baht 761,858 million, down 5.1% year-over-year and 7.3% sequentially; EBITDA: Baht 68,892 million, down 51.6% year-over-year.

• Extraordinary items in 3Q2024 included impairments and losses totaling ~Baht 9,500 million, mainly from GC, PTTEP, PTTAC, and Vencorex.

• Dividend payout ratio at 35% for 9M2024; interim dividend of Baht 0.80 per share paid in September 2024.

Outlook and guidance

• Global and Thai GDP expected to grow moderately in 2025; global GDP at 3.2%, Thailand at 3.0%.

• Oil (Dubai) price forecasted at US$70–85/bbl in 2025; Singapore GRM at US$3.7–5.2/bbl.

• Refining and petrochemical margins remain pressured by oversupply and volatile oil prices; gas business faces regulatory and supply challenges.

• Power demand in Thailand expected to recover, with life science steady in Asia and US.

• Continued focus on portfolio rationalization, asset monetization, and EBITDA uplift.