Bangkok: PTT is projected to see a significant improvement in its Q4 2015 profit, reaching 19,784 million baht, which marks a 21.2% increase from the previous quarter.

According to Thai News Agency, analysts have forecasted this growth due to expected profits from PTT’s core subsidiaries, such as PTT Exploration and Production Public Company Limited (PTTEP), and its affiliated refinery operations. The increase is attributed to heightened natural gas demand, improved capacity utilization rates, efficient gas separation plants, and favorable profit margins. Additionally, a special gain from the sale of Lotus Pharmaceutical shares is anticipated to contribute to the positive outlook. Kasikorn Securities has issued a “BUY” recommendation for PTT, with a target price of 34.10 baht, citing the company’s strong earnings outlook and a high dividend yield of nearly 7%. The latest share price is trading at a PBV (price-to-book value) of 0.71 for 2026, compared to 0.87 for peers in the sector.

Krungsri Securities Public Company Limited has reported that PTT’s Q4 2025 normalized profit is expected to remain stable compared to the same period and the previous quarter, reaching about 20 billion baht. This stability is attributed to a rebound in the refinery and petrochemical businesses, with improved refining margins, lower feedstock costs, and reduced fixed expenses. Despite challenges in the exploration and production (E and P) sector due to declining crude oil prices, the refining margin recovery due to tighter supply is expected to counterbalance the increased LNG costs in the gas business during winter. PTT maintains a “Neutral” recommendation with a target price of 32.50 baht, as the company navigates the lack of short-term catalysts from the gas separation plant, while the gas restructuring remains stagnant under the current government.

Ms. Phattharalada Songsaeng, Chief Financial Officer of PTT, revealed that the company’s Q3 2025 net profit was 19.784 billion baht, a 21.2% increase from the previous year. The increase was due to higher EBITDA and the recognition of non-recurring items, such as gains from repurchasing TOP and PTTGC bonds. PTT’s total sales in Q3 2025 were 646.689 billion baht, a decrease of 15.1%, while EBITDA increased by 24.5% due to better performance in the petrochemical and refining sectors.

For the first nine months of 2025, PTT reported a net profit of 64.632 billion baht, a 20% decrease compared to the same period last year. The decrease was attributed to lower EBITDA despite recognizing approximately 5 billion baht in net non-recurring items. Total sales during this period were 2,023.666 billion baht, a decrease of 14.5%, while EBITDA saw a 14.8% decline.

Additionally, the gas business group’s performance declined due to decreased gross profit from the gas separation plant business, aligning with lower petrochemical prices. Despite this, the gas procurement and wholesale business saw improvement. PTT’s financial strategy focuses on strengthening existing businesses, maintaining a strong financial position with high cash reserves, and reducing interest-bearing debt. The company continues to invest in key projects, such as those under PTT Exploration and Production Public Company Limited (PTTEP), while engaging in a share buyback program to enhance shareholder value. As of September 30, 2025, PTT’s financial position remains stable, with total assets amounting to 3,323,724 million baht and total liabilities decreasing due to loan repayments.