OR announces its Q2

Editorial Staff

OR announces its Q2 and H1Y2023 performance with aims to pave a solid path for the core businesses, forging forward to achieve business expansion and sustainable growth

Mr. Disathat Panyarachun, chief executive officer, PTT Oil and Retail Business Plc(OR), commented on the overall 2023 first-half performance that it has been challenging in the face of both domestic and international factors. Global oil prices decreased as there were economic recession concerns in many countries.

During the second quarter, OR generated sales and service revenues of 187.70 billion baht, decreasing by 9.70 billion baht from the previous quarter, with a net profit of 2.75 billion baht, decreasing by 218 million baht from the previous quarter.

For the first half of the year, OR generated sales and service revenues of 385.12 billion baht, decreasing by 3.60 billion baht year-on-year, and a net profit of 5.73 billion baht, decreasing by 4.68 billion baht year-on-year, as the average gross profit of last year was higher than usual due to global oil price fluctuations during the Russian-Ukrainian crisis.

OR is still working on reinforcing its core businesses as a catapult to future growth, among which include driving sales and profits for Energy Solution products, e.g., asphalt, jet fuel, or PTT Lubricants. Besides, we continue to shape a sustainable future in three dimensions including economy, society and the environment, harnessing the OR SDG to effectively fulfill the OR 2030 goals.”

Mr. Disathat added that, considering the second half of 2023, there may be some factors that affect OR's operations; one is economic trends, which seem to benefit from the continuous rebound of tourism, and improved private consumption amid the recovery of tourism. Therefore, it is expected that the operating results of the mobility segment during such time will be better in reflection of the growth in economic activities. The lifestyle segment, Café Amazon in particular, constantly enjoys positive trends due to branch expansion plans.