Retail oil and gas had only small contributions to make in Thai energy giant PTT’s 186 per cent jump in net profit last year, even as the company continues to cope with the fallout of Covid-19, the group’s top executive said.

Speaking on the “Inside Thailand” programme on the MCOT channel, PTT president and CEO Auttapol Rerkpiboon on February 21 said the oil and retail business accounted for only two per cent of the total over $3 billion net profit.

PTT reported a net profit of 108.36 billion baht ($3.33 billion) for 2021, up 70.59 billion baht, or 186.9 per cent on the 37.76 billion baht in 2020.

He said the net profit mainly came from natural gas, petroleum exploration and production, and its petrochemical and refining businesses, thanks to recovering demand in line with the global economy and the company’s investment expansion at home and overseas.

He also pointed out that net profit from PTT Oil and Retail Business (PTTOR) accounted for only two per cent of total net profit as the company maintained the fuel price even though its costs had gone up due to the rising oil price.

He added that PTT had to utilise more than 100 billion baht of the net profit to repay debt, inject funds into its businesses, pay dividend to the government, invest under the company’s plan and run corporate social responsibility programmes.

He added that the company is still operating projects to help people cope with the Covid-19 crisis, such as supporting medical supplies and operating its field hospital.

“PTT had spent up to two billion baht last year to offer a helping hand to society, such as boosting employment, stimulating tourism and cutting LPG [liquefied petroleum gas] and NGV [natural gas for vehicles] prices,” he said, adding that PTT will follow up on the situation closely.