PTT Oil and Retail Business (OR) reports over 50% income growth in 2022, allocating $900 million investment for local and international business in 2023

BANGKOK, March 22, 2023 /PRNewswire/ -- Thailand's leading oil and retail operator PTT Oil and Retail Business Plc. (OR) reported sales and service revenue of USD 22.8 billion in 2022, an increase of 54.3% from the previous year, following a strong rebound in domestic tourism and post-pandemic economic recovery. The company has earmarked USD 900 million for investment in 2023 in for both its local and international businesses.

PTT Oil and Retail Business (OR) reports over 50% income growth in 2022, allocating $900 million investment for local and international business in 2023
PTT Oil and Retail Business (OR) reports over 50% income growth in 2022, allocating $900 million investment for local and international business in 2023

As of 2022, OR operated 2,551 gas stations known as 'PTT Station' across Asia, as well as flagship 'Café Amazon' chain, now the world's sixth largest coffeehouse chain with over 380 million cups of beverage sold each year. Through a unique franchise system, OR has created robust and long-lasting collaborations with international partners for the sustainable expansion of PTT Station and Café Amazon branches in 11 countries globally.

OR CEO Disathat Panyarachun said that "The overall sales volume of all our business segments in 2022 were at their rise, resulting in 54.3% increase in sales and service incomes,  while maintaining our leading position in the industry, with a market share of 43.2%."

The company also made a progressive move in embracing the EV transition in Thailand by rolling out 302 "EV Station PluZ" charging locations, with a total of 548 fast chargers, and collaborated with a wide range of partners to expand the EV Station PluZ network to enable convenient consumers' access and become a leader in the EV Ecosystem.

"Looking ahead in 2023, we will focus on synergizing energy and lifestyle businesses to fortify the OR ecosystem through a stronger structure of each business to resonate with the lifestyle of the future, as well as joining forces both within and outside the roof of the PTT Group to achieve sustainable growth together," added Disathat.

To drive growth in 2023 in line with the vision of "Empowering All toward Inclusive Growth" to achieve tangible results, OR allocated an investment budget of over USD900 million to expand and bolster the business value chain of the company's mobility and lifestyle business platforms.

Approximately 45% of the entire investment budget will be utilized for lifestyle business, which includes F&B industry, by expanding Café Amazon and Texas Chicken branches, as well as acquiring new partners and investments in health & wellness and tourism sectors.

22% of the investment was targeted for the mobility business, with aim to expand the network of PTT Station and EV Station PluZ, as well as forge collaboration in the EV business of the PTT Group, to address all kinds of energy needs and ensure seamless clean energy transition in the transportation sector.

The global business is also pivotal to 2023 growth, with 16% of the investment budget allocated to launch new PTT Stations and Café Amazon branches through its overseas affiliates to strengthen its presence in the countries OR has already operated, while also seeking investment opportunities in new potential countries.

For the OR innovation segment, the company aimed at seeking new businesses to strengthen and complement the current ones. OR has set out social and environmental criteria to govern its business operations and to create innovations authentically of OR's style so that it can be a role model for modern organizations and sustainably thrive with people and the environment. Approximately 17% of the investment budget will be used to fund the development of innovation and new business models to conform to the shifting global consumer landscape.  

In 2023, OR planned to launch new 122 gas stations, 400 Café Amazon branches and 500 EV charging stations in Thailand and international markets, as well as seek new M&A and joint venture opportunities with partners across the world. 

The new PTT Station branches will also come with new unique, modern and community-friendly design, featuring a circular structure that corresponds to the functionality of car circulation while providing consumers with a consistent and fluid experience and atmosphere from the minute they enter to the moment they exit the station. Green construction concept is utilized in the entire development concept to make the service station a truly welcoming and socially responsible lifestyle destination. 

About OR

PTT Oil and Retail Business Public Company Limited (OR) is PTT Group's Flagship in the oil and retail business to bring all stakeholders a balanced and sustainable value while developing the quality of life for the people and economy of the communities where it operates. OR relentlessly improves its products and services to always deliver impressive customer experiences and invigorate SME's growth on oil and retail businesses.

Source: PTT Oil and Retail Business Plc. (OR)
Keywords: Oil/Energy Utilities