PTT Oil and Retail Business Public Company Limited (OR), a subsidiary of Thailand’s giant PTT Group, released record results for the first quarter of 2025, showing a significantly increased quarterly net profit due to the expansion of its international activities and notably improved operational margins.
Financial results showing sharp improvement
According to presented financial data, total revenues reached 182.4 billion Thai baht (THB), approximately $5.24bn, with net profit amounting to THB4.38bn ($126mn), marking a 46% increase compared to the previous quarter and a 17.6% increase year-on-year. EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at THB6.48bn ($186mn), representing a rise of 32.7% quarter-on-quarter.
This strong financial performance is explained by notable improvement in gross margins per litre sold, combined with increased operational efficiency, particularly in key markets such as Laos, the Philippines, and Cambodia. Additionally, optimised cost management and strict spending control, including reduced personnel and outsourcing expenses, have enabled OR to strengthen operational profitability, offsetting margin pressures in segments like aviation fuel.
Regional expansion and diversification of activities
Beyond fuels, investments in non-energy segments are also showing promising results. OR’s international operations experienced a 30.8% year-on-year growth in sales volumes, with a remarkable 81.5% quarterly EBITDA increase. The group currently operates 415 PTT service stations and 391 Café Amazon outlets across Asia and the Middle East, notably in Cambodia, Laos, the Philippines, Vietnam, Malaysia, Oman, Saudi Arabia, Bahrain, and Japan.
Non-fuel activities now contribute 27.5% of total EBITDA, driven by strong performances in restaurant, retail and franchising segments. Café Amazon sold more than 112 million beverages in the first quarter of 2025, consolidating its regional presence.
ESG strategy and future outlook
Alongside this expansion, OR continues developing its EV Station PluZ network dedicated to electric vehicle charging, now present in all 77 provinces of Thailand. Complementing its traditional activities, OR is investing in circular economy models, digital platforms, and sustainable products.
TRIS Rating has confirmed an AA+ rating with a stable outlook for OR, underlining the company’s financial solidity and its ability to maintain disciplined financial management.
Finally, OR is now contemplating entry into the virtual banking sector, leveraging its extensive commercial network and substantial customer base to offer personalised and accessible financial services. This initiative aligns with the logic of diversifying revenue streams and integrating deeper into the daily lives of Asian consumers.
