PTG Records 21% Higher in 2020 Earnings, Buoying by the “Palm Complex” and Lower Costs
PTG Records 21% Higher in 2020 Earnings, Buoying by the “Palm Complex” and Lower Costs. The Company Offered a Dividend Payment of Bt0.50/share.
PTG Records 21% Higher in 2020 Earnings, Buoying by the “Palm Complex” and Lower Costs. The Company Offered a Dividend Payment of Bt0.50/share.
1 มี.ค. 2564

PTG Energy Public Company Limited (PTG) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, PTG reported a net profit of 1,894 million baht, increased 21.36% from a net profit of 1,560 million baht.
In this year, the revenue from sales and services stood at 104,423 million baht, declined by 13.0% YoY. The drop in revenue from sales and services was a result of the drop in retail oil price of an average 16.0% from last year due to the COVID 19 outbreak. The sharp drop in world oil prices at the beginning of the year caused the marketing margin to be quite low in the first quarter.
However, in the last nine months of 2020, the world oil prices have stabilized and the oil retail price in line with the cost, bringing the marketing margin back to its normal level. Therefore, PTG recorded a gross profit of 10,599 million baht this year, an increase of 7.1% YoY.
 
Cost of sales and services in 2020 was 93,824 million baht, a 14.8% decrease YoY, due to the decline in costs of PTG’s oil business, which was the major cost proportion. This was a result of the drop in West Texas Intermediate (WTI) crude oil prices from an average of 22.9 dollar per barrel to an average of 18.3 dollar per barrel, or down 20.2% YoY. However, the retail oil prices was adjusted consistently with costs, resulting in the appropriate level of marketing margin. Beside, the cost of sales of the non-oil business increased 5.0% YoY. The gross profit of the non-oil business slightly rose to 1,219 million baht.
As a result, PTG recorded a gross profit of 10,599 million baht, an increase of 7.1%. The gross profit from the oil business and the non-oil business accounted for 88.5% and 11.5%, respectively. The non-oil gross profit can be divided into 4.3% from LPG business, 2.6% from food and beverage business, 4.6% from convenience stores business and other business
 
Due to careful investment considerations in 2020, PTG spent its investment to expand oil business, non-oil business, and new business totaled 2,043 million baht, which was lower than the investment target of 3,000-3,500 million baht, to prepare for the unstable situation of the overall economy.
In addition, the Palm Complex project, which is operated by PPP Green Complex Company Limited (PPPGC), in which PTG holds a 40% stake, runs at full capacity in all units as expected. As a result, PTG received profit sharing from Palm Complex projects totaled 353 million baht.
 
In addition, the Board of Directors of PTG approved a dividend payment of ฿0.50/share to be paid on May 21, 2021. The ex-dividend date is March 11 2021.