An Increase in Sales Volume Pushes PTG’s 1Q21 Earnings to Skyrocket 161%
Higher sales volume in 1Q21 amid Covid-19 outbreak pushed PTG's earnings to 531 million baht, representing an increase by 161%.
PTG Energy Public Company Limited (PTG) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
PTG reported a net profit of 531 million baht in 1Q21, increased 161.40% from a net profit of 203 million baht in 1Q20.
Sales and service income for this quarter was 32,264 million baht, an increase of 10.8% YoY due to higher sales volumes. Meanwhile, PTG posted a 26.8% increase in gross profit YoY, owing to the market margin returning to the normal level at 1.8-1.9 baht per liter. However, PTG still maintained the cost control policy.
At the same time,PTG’s share of profits from associates was 78 million baht, down 52.5% YoY, which was mainly due to the higher average cost of goods sold in the Palm Complex project. As a result, PTG had EBITDA growth of 37.5% YoY.
In 1Q21, PTG had a total oil sales volume through all channels of 1,336 million liters, increased by 9.7% YoY. This was a result of 1) the country’s overall oil sales volume grew well,in which 94.4% of PTG oil sales volume came from the service station channel, and another 5.6% came from sales through industry channels. 2) The continuous expansion of the number of service stations. 3) The growth of same-store sales of existing service stations has been steadily growing in this quarter. Thus, PTG retained the second-largest in oil market share across all channels with its share of 15.5%.
The sales volume of LPG also increased. Wherewith, PTG had the LPG sales volume in 1Q21 of 62 million liters, rose 56.9% YoY. A new wave of COVID-19 outbreaks resulted in a 10.6% drop YoY in the overall country’s LPG consumption in January. This was mainly due to the decrease in the consumption of LPG through service stations and industry channels. However, PTG still sees potential and growth opportunities in auto LPG business which the company had auto LPG sales volume of 49 million liters, a growth of 25.5% YoY. As a result, PTG ranked fourth in LPG market share through service stations with 16.0% in 1Q21.