Union Petrochemical, the importer of solvents and chemical products, is definite that the increase in fuel prices and chemical products will help it earn at least Bt2.4 billion to Bt2.5 billion this year, director Perajed Suwannapasri said.
The company said its business in the second half of this year remained bright due to higher oil prices, which is benefiting the price of petrochemical products used in paint, real estate, automobile and packaging industries.
"The outlook of those industries is expected to grow next year because the price of oil is rising. We believe our revenue this year will achieve the target due to the rising demand of petrochemical products," he said.
The company reported its first quarter net profit at Bt29.75 million, up from Bt15.71 million in the same period last year.
The company plans to build new warehouses, which requires a budget of Bt70 million.
He said the company might postpone selling initial public offerings of its subsidiary Union Intraco from the third quarter to the fourth quarter of this year.
Union Intraco will increase its registered capital from Bt78 million to Bt130 million by issuing 52 million new shares with a par value of Bt1 each.
He said that the company was conducting a feasibility study on solvent plants and distribution centres overseas, adding that it was negotiating deal but nothing was finalised yet.
Union's stocks closed yesterday at Bt0.87, unchanged from Thursday.