PTG’s 3Q Profit Nearly Doubles, Booking ฿509Mn amid Higher Consumption and Lower Cost

PTG’s 3Q Profit Nearly Doubles, Booking ฿509Mn amid Higher Consumption and Lower Cost.

PTG Energy Public Company Limited (PTG) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

PTG reported a net profit of 509 million baht in 3Q20, increased 98.38% compared to the same period of last year.

PTG’s oil sales volume in 3Q20 totaled 1,232 million liters, a 9.1% increase YoY and a 2.2% increase QoQ in line with the recovery of the overall oil consumption of the country. However, PTG’s diesel sales volume accounts for 70.6% of the total oil sales volume. The diesel sales volume grew 9.1% YoY but decreased 2.8% QoQ. On the other hand, gasoline sales volume increased 9.0% YoY and increased 16.7% QoQ. Consequently, PTG had a 13.9% market share of all channels oil consumption, ranked No. 2 in the country.

As for financial performance in 3Q20, PTG’s revenue from sales and services was 25,315 million baht, a decrease of 11.1% YoY, due to the decline in oil selling prices on an average of 19.0% YoY. Nevertheless, the oil sales volume increased 9.1% YoY.

The revenue from sales and services grew 13.7% QoQ, as a result of a 2.2% increase in oil sales volume and a 10.6% increase in retail oil prices from last quarter.

Cost of sales and services was 22,595 million baht, reflecting a decrease of 13.6% YoY, but an increase of 15.8% QoQ. This was mainly from the drop in cost per liter by 21.2% YoY, but the increase of 12.9% QoQ. Nevertheless, in this quarter, world oil prices were quite stable and the retail oil prices was adjusted consistent with costs, resulting in the appropriate marketing margin.