PTT Group Financial and Strategic Insights
4Q21 vs 3Q21 PTT Consolidated Performance (QoQ):
NI increased from lower derivative loss and higher FX gain despite soften margin
and loss from impairment
MMTHB
Net Income
16%
27,544
Others
+ Coal: Increased in selling prices, and sales volume due to seasonal
demand
PTTT: Decreased from MTM loss of petroleum products
NBI (mainly from power)
Lower GPSC's performance from increased NG cost and decrease in
shares of profit from XPCL due to seasonal impact
Oil & Retail
+ Both oil and non-oil have increased sales volume from easing of
lockdown in 4Q21
23,653
43%
Net Income excl. Extra items
34,475
- Oil margin dropped
24,112
2,552
714
Margin
974
3,432
4Q21: 120,132
1,400
3Q21: 120,846
Stock
4,005
6,231
8,950
(459)
3Q21
Gain/(Loss)
1,373
5,105
5,444
4Q21: 7,383
3Q21: 10,815
Other Income
4Q21: (55)
3Q21: 1,318
8,374
OPEX
DD&A
4Q21: (26,244) 4Q21: (33,851)
3Q21: (21,139) 3Q21: (39,295)
Impairment
4Q21: (9,250)
3Q21: (876)
5,695
Int. & CIT Exp.
& Other
4Q21: (35,538)
3Q21: (29,843)
4,039
645
1,706
23,140
6,103
Others/1
NBI/2 ▼34%
Oil & ▲ 22%
Retails
P&R
58%
▲ 52%
11,011
PTTEP
A77%
FX &
Derivatives
4Q21: 4,967
3Q21: (18,173)
10,971
PTT
▲ 23%
(6,931)
Extra >100%
Items
•
4Q21
Petrochemical & Refining
+Higher derivative gain despite soften operating profit
Refinery
+ Higher Mkt GRM due to improved product spreads and higher
sales vol.
Petrochemical
- Higher feed cost and lower sales vol.
PTTEP
+ Higher avg. selling prices from higher liquid price
+ Sales volume increased from Malaysia and MTJDA project
+ Lower DD&A mainly from Bongkot
PTT
+Higher gain on FX despite soften operating profit of Gas
Gas
S&M: Higher pooled gas cost and lower gas sales volume
NGV: Higher gas cost while prices were capped
+ GSP: Higher avg. selling prices of all products despite lower
sales vol.
Trading
+ Higher domestic condensate margin & sales vol.
Extra Items*
(*PTT's portion net tax amount)
4Q21: Impairment loss ~7,000 MB (PTTEP's Mozambique and
Yetagun projects, PTT's NGV, and GC's US project)
: Other items ~+100MB mainly from
PTT: Take or pay Myanmar gas contract returned to gov. ~2,700
MB offset with gas discount from production shortfall ~1,700 MB
Gain on disposal of gas pipeline in Egypt ~1,400 MB
Remark:
1/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.
2/ New Business and Infrastructure business mainly contributed from power business
3Q21 : PTT's write-off on obsolete materials and supplies of 702 MB
offset with TOP's gain on divestment of UBE 233 MB
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