PTG Energy Plc reported first-quarter revenue from sales and services of 39 billion baht, up 20.8 per cent from a year earlier.
Company president and CEO Pitak Ratchakitprakarn said the rise came from the 19.8-per-cent expansion of PTG’s oil business, which contributed 95.4 per cent of total revenue. Meanwhile, revenue from the firm’s non-oil business rose 44.1 per cent year-on-year to 1.8 billion baht, accounting for 4.6 per cent of total revenue.
Sales and services costs increased 23.6 per cent YoY to 36.4 billion baht, due to rising fuel costs and the government’s diesel cap, which prevented PTG from adjusting retail prices in line with inflation.
The first quarter saw EBITDA (earnings before interest, taxes, depreciation, and amortisation) at 1.26 billion baht and net profit of 163 million baht, a fall of 368 million baht YoY.
Pitak pointed out, however, that the government had revised its diesel cap in March to allow the retail price to rise.
PTG sold 1.264 million litres of diesel in Q1/2022 – a drop of 5.5 per cent YoY – but still maintained the second-highest market share. Meanwhile, PTG sales of LPG rose 69.2 per cent to 106 million litres. The company’s LPG market share via all channels in Q1/2022 stood at 6.5 per cent, placing it fifth, but PTG was the market leader for LPG sold via service stations with 23.8 per cent.
Addressing the business direction for the rest of this year, Pitak said PTG will focus on expanding the non-oil businesses by increasing product and service quality and rolling out more branches of its PunThai coffee shops in Bangkok neighbourhoods such as Silom, Chong Nonsi and Charoen Nakhon to attract urban customers.
“This year, PTG opened PT Max Park Salaya, which is the first service station in a community mall,” he said. “The station has 30 digitally controlled fuel pumps to accommodate a large number of customers, with staff trained under the PT Service Master programme to ensure fast and efficient service.”
PT Max Park Salaya also features a PunThai coffee shop, Coffee World, Max Mart convenience store, Nexx Pharma, Max Gas LPG station, Autobacs service centre, McDonald’s, Otteri Wash, as well as a co-working space for customers.
“We believed that PT Max Park Salaya is a model for future PT service stations that will be built on major roads throughout Thailand that have high earning potential,” said Pitak.
He added that PTG has earmarked up to 2 billion baht to invest with partners in non-oil businesses such as digital assets, transport, car service, healthcare and renewable energy. The firm hopes to push profit from these non-oil businesses to 50 per cent of total company profits.
“This year, we set a growth target for non-oil business EBITDA of 15-20 per cent,” he added.
PTG non-oil businesses had a total of 1,228 branches at the end of the first quarter this year.
These include 223 LPG stations, 17 EV charging stations, 358 PunThai coffee shops, 34 Coffee World branches (including overseas branches), 277 Max Mart convenience stores, 193 cooking gas shops, 34 Autobacs service centres, 40 Maxnitro lubricant changing stations, and 52 Max Camp rest areas.
Published : May 24, 2022
By : THE NATION