PTT Group Financial and Strategic Insights
Trading Business:
QoQ: Soften EBITDA due to lower gross margin despite increased sales volume
2021 vs 2020 : Enhanced EBITDA mainly due to improved domestic condensate margin and sales volume
Gross Margin¹
Unit: THB/Liter
0.06
0.16
44% QoQ
50% YoY
I
43%
Sales Volume²
Unit: MM Liter
48% QoQ
5%
34% YoY I
79,134
I
75,527
0.10
0.09
0.07
18,741
25,082
16,906
Trading - EBITDA³
Unit: MMTHB
25% QoQ
>100% YoY
I
3,024
1,942
1,449
265
4Q20
3Q21
4Q21
2020
1 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives
+ Joint Trade Agreement (JTA)
2 PTT Trading BU + trading subsidiaries + JTA
3 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives
4Q20
3Q21
4Q21
2020
2021
Key Highlights
80%
૨૦૨
5,436
2021
ptt
Margin decreased due to loss on mark to market in 4Q21
+ Increased sales vol. from higher crude out-in and out-out activities following
demand recovery
-
EBITDA dropped following lower gross margin
2021 vs 2020
+ Higher gross margin mainly from domestic condensate as well as out-out
trading products e.g., LNG, LPG, and Aromatics
+ Volume increased due to global demand recovery from the easing of lockdown
+ EBITDA improved from higher gross margin and sales volume
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