“OR” net profit for the year ’63 was 8,791 million baht, a decrease of 2,105 million baht, a decrease of 19.3% for the 4Q20 period, with a profit of 2,923 million baht, a 15.3% contraction from the previous quarter. Due to the higher depreciation-amortization due to the expansion of service stations – Café, Amazon. And loss from derivatives according to the new accounting standard
On February 18, 2021, Ms. Jiraporn Khaosawat, Acting Chief Executive Officer and Managing Director of PTT Oil and Retail Public Company Limited or OR, informed the Stock Exchange of Thailand (SET) that in 2020 the Company Net profit of 8,791 million baht, a decrease of 2,105 million baht or 19.3% from the same period last year. For the 4Q20 period, net profit was 2,923 million baht, an increase of 50.1% from the same period last year but contracted 15.3% from the previous quarter. Sales and service income of 428,804 million baht, a 25.7% decrease from the previous year (or decreased 148,330 million baht).
This was mainly due to the higher depreciation and amortization due to the expansion of service stations and Amazon cafes. Including expense classification according to new accounting standards In addition, there was an increase in loss from derivative instruments. From the introduction of the Financial Reporting Standards (TFRS9) since January 2020, overall, the net profit per share was 0.98 baht, a decrease of 19%.
By revenue from the oil business group
1. Average selling price of oil products decreased in line with world oil prices. This was the result of a price war between the Petroleum Exporting Countries Group (OPEC) and Russia. This resulted in an increase in the global oil supply. Also, global oil demand is slowing from the COVID-19 outbreak.
2. Sales volume of the main product groups decreased, namely aviation fuel, diesel and gasoline products. From the impact of the COVID-19 outbreak In Thailand to stop and prevent the spread of COVID-19 The Thai government has therefore issued a measure to restrict travel and closing times for shops. Affect the sales volume during April 2020
However, sales volumes began to increase accordingly when the Thai government began easing measures in May 20. In 4Q20, sales volume rose almost on par with the normal situation before COVID-19. Except for jet fuel products which are still affected by international travel restrictions And lower global flight volume and household LPG from the slowdown of the Thai economy.
Revenue of the Non-Oil business group declined mainly from convenience store revenue. The income of foreign business groups also decreased. As a result of the COVID-19 outbreak Resulting in lower product selling prices and sales volumes Especially jet fuel products
EBITDA in 2020 stood at 17,619 million baht, an increase of 3.6% from the previous year, partly due to the implementation of the Financial Reporting Standard (TFRS16) regarding the lease. Causing the need to categorize the rental according to the accounting standard Originally classified as operating expenses to depreciation and amortization, EBITDA increased by approximately Baht 1,361 million, although gross profit decreased by Baht 948 million (-2.8%) mainly from oil business. In aerospace oil products where sales volume decreased
While the average gross profit of jet fuel increased. In terms of operating expenses, net and other income decreased by 1,587 million baht (-9,2%) mainly from the variable expenses in accordance with the decrease in sales volume, such as aircraft refueling costs, transportation costs, Promotional advertising, etc., resulting in 2020 EBITDA margin of 4.1%.
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