Thailand’s PTG enjoys robust growth

The SET-listed PTG Energy Plc, Thailand’s sixth-biggest fuel retailer, posted a 33% year-on-year rise in sales revenue to THB26 billion (USD814 million) in the first half of the year.
President and CEO Pitak Ratchakijpakarn said sales volume also rose by 33% to 800 million liters. The company expects sales to grow by more than 30% in the latter half of the year.
In the first six months, 68 new PT service stations opened, bringing the retail network to 647 locations.
PTG revised its expansion plan by raising the number of new stations this year to 160 from an original plan of 130, a move meant to cash in on rising demand for fuel. By year-end, it expects to have 700 stations.
In May 2013, PTG generated THB1.6 billion (USD50 million) through an initial public offering on the Stock Exchange of Thailand. Most of the proceeds will go to expanding the fuel network, upgrading IT systems and developing an oil depot.
The company expects to add 80 large fleet trucks to its existing 103. It also plans to develop non-oil businesses, such as mini-marts and coffee shops at petrol stations.
PTG has also conducted a feasibility study to diversify into biofuels such as biodiesel and ethanol, said Pitak.
On July 9, the firm joined with Kasikornbank (KBank) to launch a corporate credit card called PT Max Fleet Card to be used at PTG fuel stations. Chatchai Payuhanaveechai, a KBank executive vice-president, said the program aims to have 16,500 cardholders by 2018, generating sales of THB25.6 billion (USD801 million) by that year.
(July 10, 2013)