PTT Global Chemical

PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

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154 Views, 12 May 2022 16:19
EXECUTIVE SUMMARY
  • PTTGC reported 1Q22 net profit of Bt4.2bn(-57% YoY, +30% QoQ). The result came out lower than our expectation and 24% below consensus.
  • Excluding the stock gain of Bt4.9bn, hedging loss of Bt8.6bn and FX gain of Bt595m etc.,  the recurring profit stood at Bt6.2bn (-29% YoY, +74% QoQ).
  • Dropped YoY mainly due to weak Olefins business performance (lower spreads, 26% YoY decline in EBITDA margin), while improved contribution from performance materials segment from Allnex acquisition in 4Q21 
detail (13-minute read)
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