The PTT group stocks have reported their Q1/2026 financial results to the Stock Exchange of Thailand. Overall, the eight companies collectively posted a profit of 72.4 billion baht, representing approximately 61% growth compared to the same period last year.
This occurred amid high volatility in crude oil and energy prices on the global market due to conflicts in the Middle East, which directly impacted global supply and demand.
Starting with PTT Public Company Limited (PTT), the company reported Q1/2026 total sales revenue of 718.7 billion baht, a 2.6% increase from the same period last year. Net profit reached 25.7 billion baht, rising by 2.4 billion baht or 10.4% from 23.3 billion baht in the prior year.
The company recorded EBITDA, including adjustments for hedging impacts, of 115.9 billion baht, up 21.4 billion baht or 22.6% year-on-year.
Key drivers included outstanding growth in the petrochemical and refining businesses. The refining segment benefited from higher market reference refining margins and increased sales volumes, along with significant recognition of oil inventory gains aligned with rising crude oil prices.
Meanwhile, the petrochemical business recovered due to improved product price spreads and higher sales volumes in the aromatics segment. Additionally, the natural gas business showed better performance, especially the gas separation plants, where gross profit increased due to lower gas costs following a new gas pricing structure effective from 1 Jan 2026, combined with higher overall sales volumes.
However, there were special items (non-recurring) resulting in a net tax loss of approximately 2.9 billion baht attributable to PTT. This was mainly due to impairment losses at GC Polyols Company Limited (GCP), a subsidiary of PTTGC, along with expenses related to gas quality framework adjustments (C-day) recorded in the gas supply and wholesale business this quarter.
PTT Exploration and Production Public Company Limited (PTTEP) reported a net profit of 376 million US dollars, approximately 11.8 billion baht, for Q1/2026, down 28.5% compared to the same period last year.
This decline was mainly due to non-operating losses of 252 million US dollars, primarily from accounting losses on mark-to-market valuation of oil price hedging contracts, as futures prices surged rapidly in the global market.
Despite this, operating profit grew supported by a 14% increase in average sales volume to 553,369 barrels of oil equivalent per day, benefiting from new project investments such as G1/61, G2/61, A18, and Malaysia SK408, and a reduced unit cost of 27.97 US dollars per barrel.
PTT Oil and Retail Business Public Company Limited (OR) reported sales and service revenues of 176.1 billion baht, a 3.5% decrease from the same period last year, resulting in a net profit decline of 44.9% to 2.4 billion baht.
The main factor was the Mobility business facing reduced commercial market demand and lower average gross margin per liter due to government price controls on diesel and gasoline. This limited the company's ability to adjust pump prices to reflect actual costs. Additionally, the Global business segment was pressured by lower sales in Cambodia.
However, the Lifestyle business remained robust, delivering a 13.0% increase in EBITDA year-on-year, mainly supported by improved gross profit in food and beverage operations, especially Café Amazon, as well as efficient operating expense management.
Thai Oil Public Company Limited (TOP) posted sales revenue of 114.8 billion baht, up 8% year-on-year, and set a record net profit of 19.5 billion baht, soaring 456% from 3.5 billion baht in the same period last year.
This was largely driven by massive recognition of oil inventory gains totaling 31.8 US dollars per barrel, following the surge in Dubai crude oil prices amid Middle East tensions.
As a result, total EBITDA soared to 31.6 billion baht, with this substantial profit offsetting a hedging-related fair value loss of 8.6 billion baht.
PTT Global Chemical Public Company Limited (PTTGC) reported sales revenue of 146.9 billion baht, growing 11%, and returned to profitability with net profit of 3.2 billion baht, a 225.9% turnaround from a 2.6 billion baht loss in the prior year.
Key factors included full production capacity at the refinery and aromatics plants after maintenance shutdowns, combined with tight global supply that pushed product prices higher.
The quarter also recognized net oil inventory and net realizable value gains of 7.2 billion baht, along with special gains of 3.3 billion baht from TTT share sales and restructuring of port operations.
Global Power Synergy Public Company Limited (GPSC) saw total revenue fall 22% year-on-year to 16.6 billion baht, mainly due to a 71% decline in IPP power plant revenue following an 88-day planned maintenance shutdown of the Gecko-1 plant and contract expiration of the Sriracha plant.
Nevertheless, the company posted a net profit of 1.7 billion baht, up 51%, driven primarily by a 223% surge in profit sharing from investments, benefiting from increased hydropower output at the Xayaburi plant due to abundant water from the La Niña phenomenon.
Additionally, the company recognized compensation income for availability guarantees of the CFXD wind project in Taiwan, and financial costs fell 18% due to loan repayments.
Global Green Chemical Public Company Limited (GGC) recorded sales revenue of 5.5 billion baht, up 6% year-on-year, and returned to net profit of 96 million baht, a 147% increase from a 206 million baht loss last year.
Positive factors included increased sales volumes of methyl ester (B100) and fatty alcohol products, stimulated by energy supply concerns and transport disruptions from Middle East conflicts prompting buyers to stockpile inventory.
Moreover, the company recognized profit shares from fatty alcohol ethoxylate (FAEO) business, replacing prior year losses, as it had fully impaired its investment in ethanol business previously, eliminating further loss burdens.
IRPC Public Company Limited reported net sales of 76.8 billion baht, a 5% increase, and a striking turnaround to a net profit of 7.9 billion baht compared to a net loss of 1.2 billion baht in the same period last year.
Key drivers included recognition of a large net inventory gain of 9.9 billion baht, aligned with rising crude oil prices amid Middle East unrest, combined with improved gross refining margins driven by product price spreads for diesel and gasoline.
However, the company faced pressure from lower petrochemical gross margins and unrealized hedging losses of 2.0 billion baht this quarter.
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