PTT Group Financial and Strategic Insights
2021 vs 2020 PTT Consolidated Performance:
Escalated performance driven by most of PTT Group Businesses
MMTHB
37,766
Net Income
>100%
108,363
Net Income excl. Extra items
>100%
115,308
47,244
148,141
8,948
2,666
Margin
8,884
16,210
2021: 463,935
2020: 315,794
17,631
(7,095)
(9,478)
2020
11,307
6,910
OPEX
2021: (82,236)
DD&A
65,450
2020: (70,929) 2021: (146,790)
5,295
Other
Income
1,369
Impairment
2020: (139,880)
2021: 9,358
2020: 4,063
2021: (13,286)
2020: (11,917)
49,963
Stock
Gain/(Loss)
2021: 46,257
2020: (19,193)
FX &
Derivatives
2021: (38,427)
2020: 11,536
78,740
Others/138%
Int. & CIT Exp.
12,359
& Other
2021: (130,448)
2020: (51,708)
3,307
8,968
27,386
NBI/2
Oil &
Retails
P&R
▲ 24%
▲ 1%
▲>100%
25,306
PTTEP 56%
37,982
PTT
(6.945) Extra
Items
A>100%
•
▲ 27%
Remark:
1/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.
2/ New Business and Infrastructure mainly contributed from power business
2021
Others
Coal: Higher margin due to increased selling prices
following Newcastle price despite lower sales vol.
NBI (mainly from power)
+ Increased in shareholding of GPSC despite GPSC's soften
performance due to higher fuel costs
-
-
Oil & Retail
+ Improved oil margin; especially gasoline & diesel
Lower oil sales volume due to Covid-19 impact
Non-oil was pressured by higher promotion expenses
Petrochemical & Refining
Refinery
+ Higher stock gain in 2021
+ Higher Mkt GRM mainly from gasoline spread
Petrochemical
+ Olefins & Aromatics: Improved product spreads
PTTEP
+ Higher sales vol. from Oman Block 61 acquisition, Malaysia
Block H projects, Bongkot, Contract4, and Arthit.
+ Higher avg. selling prices from liquid price increased
PTT
Gas
+ GSP: Higher avg. selling prices, sales volume, and lower
feed gas cost
+ S&M: Higher industrial customers' selling price linked to FO
price, higher gas sales vol. despite higher pooled gas cost
Trading
+ Higher gross margin and sales vol.
Extra Items*
(*PTT's portion net tax amount)
2021 : Impairment loss 9,000 MB from EP's Mozambique
and Yetagun projects, PTT's NGV, and GC's US project
2
: Other items ~+2,000 MB mainly from
•
EP: Gain on bargain purchase of Oman Block 61 of 6,928 MB offset
write-off assets in Brazil 2,909 MB
GC: loss from restructuring of Emery Group 1,295 MB
PTT: recognition of Take of Pay 2,763 MB and write-off obsolete
material and supplies 700 MB offset benefit from shortfall 1,700 MB
and gain on disposal of gas pipeline in Egypt 1,394 MB
2020: Impairment of PTTGM's Coal mining impairment of 6,800 MB
and EP's Mariana Oil Sands and Yetagun impairments of 1,614 MB
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