PTT Reports a Net Profit in 2019 Near ฿93bn, Offering Dividend Payment at ฿1.10

PTT Public Company Limited (PTT) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

For the year 2019, PTT reported EBITDA of Baht 288,972 million, 17.8% dropped or Baht 62,424 million when compared to the year 2018 of Baht 351,396 million.This was mainly from the softened performance of Petrochemical and Refining businesses from the declining in all of petroleum crack spreads, despite the stock gain in 2019in contrast to stock loss in 2018 as well as the lower petrochemical spreads of both olefins and aromatics products.

 

PTT reported net income in 2019 of Baht 92,951 million, dropped by Baht 26,696 million or 22.3% from 2018 in line with the decline in EBITDA and higher depreciation and amortization expenses from GPSC and PTTEP. Even though there were higher gain on foreign exchange rate due to the increased in the appreciation of Thai baht against US Dollar in 2019 when compared with 2018, and lower loss on derivatives.

Moreover, in 2019, there were PTT Group’s additional labor compensation expenses according to the Announcement of the State Enterprise Labour Relations Committee and the new Labor Protection Act, totaling Baht 4,219 million, higher exploration wells write-off of Petroleum Exploration and Production Business by Baht 2,470 million, a recognition expense in accordance with the Civil Court’s judgment amounting to Baht 2,105 million and the allowance on impairment of gas pipelines amounting to Baht 498 million of PTT.

Despite the soft performance, PTT pointed out that there were increase in sales revenue of the Technology and Engineering business (GPSC’s acquisition of GLOW), Exploration and Production business (higher average sales volumes according to an additional participating interests in the Bongkot field, the acquisition of Murphy’s business and the Partex and the higher average selling prices) and the Gas business mainly from PTT’s S&M business (higher sales volumes).

 

In addition, the Board of Directors of PTT has approved a resolution for a dividend payment to be paid on April 30, 2020, at a value of ฿1.10/share with an ex-dividend date on March 4, 2020.