PSP is ready to maintain its championship as the leader in the domestic lubricant market, targeting a net profit of 1 billion baht within three years while creating a New S-Curve that highlights innovation to increase product value.
Mr. Seksan Krongpanich, Chief Operating Officer of P.S.P. Specialties Public Company Limited (PSP), said that over the past two years, PSP has proven that profit growth comes not only from revenue expansion but also from improving revenue quality simultaneously. The company's JUMP+ Plan for 2026–2028 is therefore not merely about setting numerical targets.
It involves restructuring the business to support sustainable long-term growth. The financial results from 2023–2025 clearly reflect this direction, with total revenue ranging between approximately 12,000 and 13,400 million baht. Net profit has significantly increased from 427.54 million baht in 2023 to 671.67 million baht in 2024 and reached 850.64 million baht in 2025, pushing the net profit margin from 3.48% to 5.02% and then 6.68%, respectively.
This indicates that PSP nearly doubled its profitability within just two years. Building on this momentum, the company aims to drive net profit to 1 billion baht by 2028, setting phased targets of 900 million baht this year and 950 million baht in 2027 through three core strategies pursued simultaneously.
Strengthening the core business base and pushing exports to 30%.
Under the first strategy, PSP focuses on fortifying its core business, which has continuously led the market. This includes lubricant products, transformer oil, industrial oil, and rubber compounding oil by centering on customers, improving production efficiency, and managing the supply chain to support continuously growing demand.
Following the shift of production bases to Thailand and the ASEAN region, the company now sources base lubricants from about 20 suppliers both domestically and abroad, maintaining raw material reserves averaging 30 to 60 days to mitigate risks from various volatilities.
Regarding international market expansion, the company aims to increase export revenue from the current 22.9% to 30% of total sales by 2028, focusing on the ASEAN market that benefits from automotive industry growth and industrial investment. This is pursued through partnerships with expert distributors in target markets and product development aligned with each country's standards and demands.
Three innovations generating new revenue streams—different readiness levels and timelines.
The second strategy is key to creating new medium- to long-term revenue by simultaneously advancing three innovation projects, each at varying stages of commercial readiness.
The most advanced project is EnPAT, a bio-transformer oil made from Thai palm oil, developed jointly with Global Green Chemical (GGC) and the National Science and Technology Development Agency (NSTDA).
Currently, it is undergoing real-system testing with the Metropolitan Electricity Authority (MEA) and the Provincial Electricity Authority (PEA) to evaluate performance and safety.
The plan is to move toward full commercial production and international market launch in 2028, supporting the circular economy concept since used oil can be converted into biodiesel exceeding 97%, reducing waste and adding value to national resources.
The second project is Re-Refined Base Oil (RRBO), a recycled base lubricant oil, following PSP's full acquisition of Recycle Engineering Company Limited (RE) in mid-2025. This involves processing used lubricants to improve quality close to new oil, reducing dependence on imported raw materials.
Aligned with the circular economy, it is currently undergoing commercial feasibility studies and production preparation. This year, the plan includes signing an MOU with a technology provider, obtaining factory licenses, and installing machinery, with commercial operations and revenue recognition planned for 2027 and continuous capacity expansion in 2028.
The third project is immersion coolant for data centers, currently in early research and development stages. MOUs have been signed with Eco Atlas, a full-service data center solution provider, and Evonik, a leading global chemical manufacturer. The 2026 plan focuses on laboratory formula testing, followed by commercial partnership development and market study in 2027, aiming for domestic and international market launch in 2028.
M&A and New S-Curve—expanding non-core business income portfolio.
The third strategy focuses on business expansion through mergers, joint ventures, and strategic investments in businesses that complement the core operations. Emphasis is placed on New S-Curve sectors with growth potential aligned with global megatrends, including data center technology, digital platforms, and health businesses, alongside promoting synergistic benefits within the company group to maximize resources, technology, and customer base efficiency.
PSP will manage its capital structure with discipline, invest stepwise, and maintain a suitable debt-to-equity (D/E) ratio. Currently, the D/E ratio stands at 0.82 times, down from 0.95 times in 2024 and 1.15 times in 2023, reflecting steadily stronger financial health.
Governance and climate—foundations for sustainable growth.
The JUMP+ Plan also includes governance enhancement. The company aims to obtain certification from the Thai Private Sector Collective Action Coalition Against Corruption (CAC) by 2028 and extend this standard to key suppliers (Critical Tier 1). It will also establish policies to prevent insider information misuse and frameworks for AI governance within the organization during the same period.
Regarding climate, the company targets reducing greenhouse gas emissions from a 2024 baseline of 220,725 tons of CO2 equivalent by 6% in 2026 and 13% in 2028 through digital energy efficiency improvements in production processes and developing five low-carbon product SKUs by 2028, aiming for long-term carbon neutrality and net-zero greenhouse gas emissions by 2050.