Performance Summary (Unit: Million Baht) 2022 2023 YoY % +/(-) Sales Revenue 678,267 616,635 -9% EBITDA 22,420 40,449 80% EBITDA Margin (%) 3% 7% 4% Share of profit/(loss) of investments in JV and Associates 2,908 (725) -125% Net Profit/(Loss) (8,752) 999 111% EPS (Baht/Share) (1.94) 0.22 111% Adjusted EBITDA(1) 49,134 40,007 -19% Adjusted EBITDA Margin (%) 7% 6% -1% In 2023, Upstream business performance improved compared to the previous year, primarily attributed to enhanced Aromatics performance, supported by higher product spread of paraxylene and benzene and the rebound in downstream demand. While Refinery performance is impacted by the decline in the GRM, while the sales volume increased compared to the prior year, after the 2022 scheduled maintenance shutdowns. Olefins performance slightly decreased, aligned with the decreasing trend in product spread and was influenced by the addition of new capacities and a slowdown in downstream demand. Moreover, the Olefins 2 Modification Project commenced commercial operations, enabling the company to enhance feedstock flexibility as well as enhancing long-term competitive capabi l ities by uti l izing propane as feedstock. Throughout the year, there were scheduled maintenance shutdowns for the Aromatics 2 plant, Olefins 1 plant, and Olefins 2/2 plant. Intermediates business performance significantly declined, aligning with market trends, primarily due to downstream demand stagnated amid the economic slowdown. Additionally, new production capacities for phenol, bisphenol A (BPA), and purified terephthalic acid (PTA) from Chinese producers emerged in 2023. Throughout the year, there were scheduled maintenance shutdowns for Phenol plant 2, BPA plant, and Monoethylene Glycol (MEG) plant. Polymers & Chemicals business declined from the previous year due to the decrease in spread of plastic resins products, especially polyethylene (PE), which declined by 19% compared to the prior year, driven by ongoing economic slowdown, high inflation, economic regression, and oversupply, resulting from the continuous introduction of new production capacities from China. Bio & Circularity business performance decreased compared to the previous year, primarily due to softened demand, especially in the fatty alcohol downstream industries. Performance Chemicals business performance decreased compared to the previous year, impacted by a decline in allnex sales volume, particularly in America and Europe, while remaining stable in Asia. Furthermore, Vencorex, a HDI derivatives producer, faced persistent challenges from soft demand and intense price competition. Note: (1) Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV, Gain/(loss) from commodity hedging, and Extra item. 111 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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