Thailand’s state-owned PTT Global Chemical (PTTGC) reported a net profit of THB7.0 billion ($213.3 million) in the third quarter of 2021, an increase of nearly seven folds from THB908 million a year earlier. Quarterly sales came in at THB112.1 billion ($3.4 billion), up 47% from a year earlier. Meanwhile, third-quarter EBITDA doubled to THB15.2 billion ($463.2 million) from THB6.7 billion over the same period. The company attributed the strong results to higher selling prices and higher sales volumes amid a recovery in petrochemical demand from the COVID-19 pandemic.
PTTGC’s olefins and derivatives business reported EBITDA of THB6.6 billion ($201.1 million) for the third quarter, rising from THB4.4 billion a year earlier. The company said average ethylene prices rose 33% year-on-year in Southeast Asia, while polyethylene (PE) prices increased 34%, supported by rising crude oil markets. EBITDA of the company’s aromatics business climbed to THB4.0 billion ($121.9 million) from THB79 million baht a year earlier. The segment saw paraxylene and benzene spreads over condensate rose by 60% and more than 100% year-on-year, respectively.
