Rising of Product Prices-Global Demand Recovery Drive PTTGC’s 2Q21 Profit to ฿25Bn
PTTGC recorded Net Profit of Baht 25,035 million, an increase from the previous quarter by 158% and by 1,398% year on year.
PTT Global Chemical Public Company Limited (PTTGC) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
In 2Q21, PTTGC had total sales revenue of Baht 111,793 million, increased by 10% from 1Q21 and increased by 61% from 2Q20. While revenue for the first half-year was increased in the same direction, supported by the rise of product prices, especially Olefins and Derivatives, as well as Aromatics and Phenol led by demand recovery according to the economic condition, increasing Crude oil price. PTTGC’s sales volume increased from the start of commercial operation of new capacity and the company had less maintenance shutdown.
PTTGC had Net Operating Profit Recurring (excluding Stock Gain Net Reversal of NRV, Foreign Exchange loss, Loss from commodity hedging, and Extraordinary items) in 2Q21 of Baht 10,459 million, increased by 19% from 1Q21. The company had Adjusted EBITDA of Baht 15,363 million in this quarter. After considering the results of Stock Gain Net NRV of Baht 1,447 million, Loss from commodity hedging of Baht 1,000 million, Foreign Exchange loss of Baht 574 million.
Furthermore, PTTGC had extraordinary items from selling ordinary shares in Global Power Synergy Public Company Limited (GPSC), and the reclassification of the remaining investment as Non-current Financial Assets which resulted in a gain from the fair value measurements on the reclassification date, and the impairment of investments in joint venture. As a result, in 2Q21, the company recorded Net Profit of Baht 25,035 million (Baht 5.58/share), an increase from the previous quarter by 158% and by 1,398% year on year.
