PTT reports revenue in 2021, up 2 trillion, net profit 100 billion What is the source of income?
On February 18, 2022, reporters reported that after PTT Public Company Limited informed the Stock Exchange of Thailand (SET) on February 17, 2022, net profit in 2021 totaled 108,363 million baht, an increase of 70,597 million baht or more than 100.00% from the year. 2020 at a profit of 37,766 million baht
EBITDA amounted to 427,956 million baht, an increase of 202,284 million baht or 89.6% from 2020 at 225,672 million baht.
“Prachachat Business” invites you to find answers that Where does PTT’s main income come from?
Open 3 sources of income
According to the management’s description and analysis for the fourth quarter of 2021 and the year 2021 of PTT Public Company Limited revealed that in 2021 PTT generated total revenue of 2.258 trillion baht, an increase of 39.8% or 643,153. million baht from total revenue in 2020
The types of businesses that earn the most are:
1. International Trade
Revenue from international trade was 1.146 trillion baht, accounting for 33% of total revenue. Compared to the year 2020, it was found that the income increased by 490,346 million baht, representing a 74.7% increase in income.
The main reason comes from International crude oil (out-out trading) and LNG imports and international LNG trade In addition, the volume of crude oil imports for sale to domestic refineries increased, along with the increase in refined oil and petrochemical sales volumes from the recovery of economic activities. including relaxing measures to control the spread of COVID-19 in many countries mentioned above
2. Petrochemical and oil refining
Petrochemical and oil refining revenue was 1.037 trillion baht, accounting for 30% of total revenue. Compared to the year 2020, it was found that the income increased to 308,708 million baht, representing a 42.4% increase in income.
The main cause comes from Rising oil prices resulted in an increase in income as well. In addition, the petrochemical business also saw an increase in overall revenue. As the price of PE resin products increased in accordance with the price of raw materials. Including the increase in sales of PP plastic pellets.
In addition, revenue from aromatics group also increased in line with the price of BZ (gasoline) and PX (paraxylene as raw material for intermediate petrochemical plants). to be used for the production of PTA) that has risen in accordance with the price of crude oil And the sales volume of PX and BZ increased in line with the improving economic outlook.
3. Oil
Oil revenue was 513,895 million baht, accounting for 15% of total revenue. Compared to the year 2020, it was found that the income increased by 83,290 million baht, representing an increase of 19.3%.
This was a result of an increase in the average selling price of refined oil, which was adjusted according to the world oil price. In addition, in the oil business group, the Non-oil business is included, which helps to add more income. This was mainly due to the increase in sales volume from the expansion of the food and beverage retail business network.
As for EBITDA in 2021, it was 427,956 million baht, an increase of 202,284 million baht or 89.6%, mainly due to a significant increase in the petrochemical and refining business from Accounting GRM, which increased from a loss of 0.4 USD per barrel in 2020 to Earnings of $5.1/barrel in 2021 include higher petrochemical and raw material spreads for both olefins and aromatics lines.
Meanwhile, financial costs in 2021 amounted to 28,163 million baht, close to 2020. Income tax in 2021 was 67,590 million baht, an increase of 42,424 million baht or more than 100%, mainly due to better performance of PTT group. T.
As mentioned above, in 2021, PTT and its subsidiaries had a net profit of 108,363 million baht, an increase of 70,597 million baht or more than 100% from the year 2020 with a net profit of 37,766 million baht.
3 trillion assets
The report goes on to say that at the end of 2021, 4 PTT and its subsidiaries had total assets of 3,078,019 million baht, an increase of 533,836 million baht or 21% from the end of 2020. The reasons are as follows:
1. Acquired PTTEP’s Oman Project Block 61 business and investment in PT Chandra Asri Petrochemical Tbk (CAP), as well as invested in assets in Thaioil’s Clean Fuel Project (CFP), including having Invest in the 5th gas pipeline
2. Trade accounts receivable increased by 85,715 million baht due to the increase in average selling price and sales volume mainly from PTT, GC, PTTT OR and Thai Oil.
3. Inventories increased by 75,467 million baht due to the increase in prices of crude oil and refined oil products from GC, Thaioil, IRPC, PTT and OR.
4. Long-term investment increased by 76,508 million baht or 77.5% mainly from investment in CAP of Thai Oil and investment in Avaada of Global Power Synergy Public Company Limited (GPSC).
5. Land, plant and equipment increased by 132,697 million baht or 10.3% mainly from PTTEP from the acquisition of business in the Oman Project, Block 61, and from the increase in construction work in the CFP project of TOP, as well as from the acquisition of GC’s Allnex.
and 6. Other non-current assets increased by 192,155 million baht or 44.5% mainly due to an increase in other intangible assets and goodwill. from GC’s acquisition of Allnex
PTT looks at Thailand in 2022, growing 4%, but high risk
In addition, PTT also analyzed the Thai economic outlook in 2022 that the Thai economy is likely to improve this year. The main factor comes from private consumption and investment recovering from the COVID-19 outbreak situation. After the situation eased and the government relaxed the control measures.
while government spending It still has continuous support. But the money is down from the previous year. both from the budget and from the additional stimulus through Royal Decree borrowing 500 billion baht while still having a weighting factor from policy uncertainty that may adjust according to the situation of the Covid-19 outbreak.
Tourism is expected to recover from the resumption of Test & Go measures.
Exports tend to expand by joining the Regional Comprehensive Economic Partnership (RCEP), effective since 2022
In this regard, PTT concluded this year’s economic assessment of Thailand by saying still have risk factors The virus mutation, the tightening global finances, international conflicts, the increasing chance of default on business and household debt. and political risks in the country. According to the Fiscal Policy Office (FPO), as of January 2022, the Thai economy is projected to expand by 4% in 2022.
