บทวิเคราะห์ (Research)

2Q25 net profit was B21.5bn, falling 7.6%qoq. 2Q25 net extraordinary profit increased slightly to B4.9bn, mainly from gain on bargain purchase of CAP (TOP holds 15% stake), gain on repurchase of debentures of TOP, and gain on liquidation of Vencorex (PTTGC) of over B5.2bn; stock loss of B7.2bn was totally negated by Fx gain and derivative gain of B7.9bn. 2Q25 normalized profit fell 10.3%qoq to B16.6bn, weakened by almost every business. EBITDA from gas business fell 17.3%qoq to B13.6bn. Gas separation plant (GSP) business faced loss due to lower average price, in line with lower petrochemical product prices. Trading business faced loss due to mark-to-market loss on goods in transit and lower margin. Moreover, performance of exploration and production, oil and retail, petrochemical businesses (PTTEP, OR, PTTGC) decreased qoq.