Fuelling the future: PTT Oil shifts gears for a brighter 2025
PTT Oil and Retail Plc (OR) is revving up for a sunnier financial forecast this year, aiming to bounce back after last year’s revenue slip. The secret sauce? A Thailand infused with tourism and investment buzz, according to OR chief Peekthong Thongyai.
Thanks to a tourism surge, Thailand’s economic prospects are looking rosier than ever. Back in 2019, the country played host to a whopping 39.7 million foreign visitors, splashing out a cool 1.9 trillion baht.
Fast forward to last year, and foreign arrivals clocked in at 35.5 million, an impressive 26.2% leap, with spending rocketing up 34% to 1.6 trillion baht. And Peekthong is confident this tourism tidal wave, combined with juicy investments, will be the wind beneath the economy’s wings come 2025.
OR is betting big on digital innovation to spruce up business and reclaim its former glory in the oil market, after all, its market share in oil wholesale and retail slipped from 42% to a modest 34% in recent years.
Green is the new black at OR, with plans to turbocharge its clean energy venture, diving into electric vehicle charging and spurring growth in non-oil sectors, notably its Cafe Amazon coffee empire and burgeoning healthcare offerings.
Breaking new ground last year, OR dipped its toes into healthcare, opening shops peddling beauty and wellness goodies, and they’re scouting fresh opportunities to woo the modern consumer.
Eyeing up the international scene, OR is setting its sights on Cambodia, lured by its political calm, a strategy aiming to bolster their global footprint.
While OR faced a 5.9% drop in total revenue last year, plummeting to 724 billion baht, mainly due to dwindling oil sales and dipping global oil prices, all’s not lost.
Mobility-related trades, including oil, took a 7.4% revenue hit, but lifestyle businesses blossomed by 8.2%, thanks to bold expansion, reported Bangkok Post.
With tourism on the rise and a strategic pivot towards innovation and sustainability, OR’s path to recovery might just be ready to ignite.
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