PTT Oil and Retail Business Public Company (OR) Q4 2024 earnings summary

Executive summary

• Achieved total sales revenue of THB 723,958 million in 2024, with EBITDA of THB 17,666 million and net income of THB 7,650 million, reflecting a 5.9% YoY sales decline and 31% drop in net profit.

• Mobility business contributed 89.2% of sales revenue, with 2,754 stations and 3.9 million daily visitors, but saw a 7.4% YoY sales decrease.

• Café Amazon expanded to 4,851 outlets, selling 432 million cups annually, with Lifestyle segment sales up 8.2% YoY.

• Significant progress in community development, environmental management, and renewable energy initiatives.

• Provision for impairment of investments in K-Nex Corporation (THB 343 million) and discontinuation of Texas Chicken business impacted results.

Financial highlights

• Total revenue for 4Q24 increased 5.5% QoQ but declined 3.5% YoY and 5.9% YTD.

• EBITDA for 4Q24 surged over 100% QoQ and 93.7% YoY, but fell 16.7% YTD; EBITDA for 2024 was THB 17,666 million.

• Net profit for 4Q24 rose over 100% QoQ and YoY, but dropped 31% YTD to THB 7,650 million.

• Gross profit margin declined to 4.6% in 2024 from 5.0% in 2023; net profit margin fell to 1.1% from 1.4%.

• Return on equity dropped to 7.0% from 10.4%, and return on total assets to 3.6% from 5.0%.

Outlook and guidance

• Thailand GDP growth forecasted at 2.3–3.3% for 2025, with inflation at 1.3%.

• Global oil prices expected to range $73–79 per barrel in 2025, with global oil demand projected at 104.0 MMBD.

• Supportive factors include tourism recovery and gradual export growth; risks include high costs, energy crisis, and geopolitical uncertainty.

• Diesel and jet fuel demand are expected to rise, while gasoline demand in China may slow due to EV adoption.