PTT Q3 Profit More Than Doubles to THB 40.6 Billion

PTT Public Company Limited more than doubled its third-quarter earnings as refining margins surged. The PTT Q3 profit came in at THB 40,553 million (about $1.21 billion) for the three months to September, up from THB 19,784 million a year earlier, according to results reported on 12 November.

The national energy group’s net profit was down 22.8% from the second quarter. The figure was in line with the forecast of CGS International Securities (CGSI) and with the Bloomberg consensus, the broker said in a note published on 14 November.

PTT Q3 profit driven by refining

Sales revenue rose 21.2% year on year to THB 784,015 million (about $23.4 billion), up from THB 646,689 million. Revenue fell 5.6% from the previous quarter. Earnings per share reached THB 1.43, compared with THB 0.69 a year earlier, while adjusted EBITDA climbed 70.5% to THB 146,945 million.

CGSI put core net profit, which strips out one-off items, at THB 62,780 million, up 17.7% from the second quarter. It said refining and trading offset a weaker natural gas business.

Refining did the heavy lifting. EBITDA from the petrochemical and refining business more than doubled to THB 58,613 million, from THB 10,659 million a year earlier. The market gross refining margin rose to $16.80 a barrel from $4.10, and the group booked an inventory stock gain of about THB 14,500 million.

Upstream arm PTTEP lifted sales revenue by 30.1% to THB 89,394 million. Its realised price was about $51.50 per barrel of oil equivalent, and sales volume averaged 521,163 barrels of oil equivalent a day. PTTEP had earlier reported a third-quarter net profit of $443 million, up 13%.

The gas business also improved year on year. Its EBITDA rose 17.6% to THB 16,526 million. Gas separation plants became more profitable after feed costs reverted to Gulf gas pricing under Thailand’s updated gas pricing structure.

Two items held earnings back. PTT recorded a net non-recurring post-tax loss of about THB 4,200 million, mainly a THB 4,300 million goodwill impairment on PTTEP’s Block K asset in Malaysia. It also posted financial derivative losses of THB 29,625 million, against losses of THB 2,548 million a year earlier.

PTT is Thailand’s state-controlled energy conglomerate, with interests that span exploration, gas, refining, petrochemicals and retail fuel. Its listed subsidiaries reported a broad recovery this quarter.

PTT Global Chemical (PTTGC) swung to a third-quarter net profit of THB 9,756 million, against a loss of THB 2,916 million a year earlier. The company reported on 11 November that higher petroleum and petrochemical prices helped, as Middle East conflict kept global energy supply tight.

PTTGC’s board has also approved a proposed merger of its Thai olefins and polyolefins businesses with SCG Chemicals (SCGC). The plan goes to a shareholder vote on 3 December 2026.

The balance sheet remains strong. PTT held cash and equivalents of THB 382,428 million at the end of the quarter, and its interest coverage ratio for the first nine months stood at 20.21 times.

Why it matters for Thai investors

PTT is one of the heaviest weights on the Stock Exchange of Thailand, so its earnings shape sentiment across the market. The PTT Q3 profit gives the group more room to fund investment at a time of high energy prices.

The results also show how the conflict in the Middle East is redistributing profits across Asia’s energy sector. Refiners with exposure to wide margins are benefiting, while airlines and other fuel buyers bear higher costs. For regional investors, PTT offers a proxy for that shift.

The quarter was not without risk. The large derivative losses and the Block K impairment show that volatile prices cut both ways. The broader Thai market is also adjusting to policy changes, including the Bank of Thailand’s planned baht stablecoin rules.

For 2026, PTT assumes Dubai crude will average $90–100 a barrel and Singapore refining margins $14–15 a barrel. It targets an LNG portfolio of 3.7 million tonnes.

CGSI expects fourth-quarter profit to decline further, citing refinery inventory losses and higher imported gas costs. It noted that nine-month earnings already equal 93% of its full-year forecast and of consensus. The broker kept an “Add” rating with a target price of THB 45, against a share price of THB 38.25 on 12 November.

The next milestone is PTTGC’s 3 December vote on the SCGC merger. Investors following energy earnings across the region can also compare PTT with Tata Power’s latest results. Full figures are in the Kaohoon International report on PTT’s results.