PTTGC sets allnex EBITDA target at 30% by 2030

MGR Online•Economy•10d ago

Reader Briefing

PTTGC aims to increase the proportion of EBITDA derived from allnex to 30% by the year 2030.

•PTTGC is leveraging allnex and its China Hub to drive growth in the Specialty Chemicals business.
•The EBITDA contribution from allnex is targeted to rise from the current 15-20% to 30% by 2030.
•allnex is expanding production in Thailand for Sagging Control Agent (SCA), marking its first production base outside Europe.
•PTTGC's refinery is currently operating at 90% capacity due to government oil export restrictions.

Overview

•allnex sales volume in China grew from approximately 98,000 tons in 2019 to 144,000 tons in 2024, an average increase of 8% per year.
•PTTGC is shifting its business portfolio balance from a strong petrochemical base toward an increased proportion of Specialty Chemicals through allnex.
•allnex China Hub in Jiaxing serves as a strategic base connecting markets, technology, and innovation for industrial coating resins.
•allnex revenue is expected to grow this year from the previous year's revenue of 76 billion baht.
•allnex is investing in expanding the production capacity of Sagging Control Agent (SCA) in Thailand to support the automotive industry in China and Asia-Pacific.
•PTTGC holds a 100% stake in allnex, combining PTTGC's Operational Excellence with allnex's Specialty Chemicals management knowledge.
•PTTGC's refinery is running at 90% instead of 100% because government oil export bans have left the company without finished oil storage tanks.
•PTTGC is implementing the MTP Transformation strategy to elevate Map Ta Phut into a high-value and low-carbon chemical business hub for Asia-Pacific.

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Key Quotes

Narongsak Jiwakarnant

"China today is not just a large market, but is becoming one of the areas defining the direction of technology, innovation, and industrial competition in the future."

ประเทศจีนในวันนี้ไม่ใช่เพียงตลาดขนาดใหญ่ แต่กำลังเป็นหนึ่งในพื้นที่ที่กำหนดทิศทางของเทคโนโลยี นวัตกรรม และการแข่งขันของอุตสาหกรรมในอนาคต

Key Entities

Organization

PTT Global Chemical Public Company Limited(บริษัท พีทีที โกลบอล เคมิคอล จำกัด (มหาชน))ℹ️

A company referred to as PTTGC that holds a 100% stake in allnex and operates a refinery.

PTTGC

The abbreviation for PTT Global Chemical Public Company Limited.

allnexℹ️

A global leader in coating resins and additives and a subsidiary of PTTGC.

Person

Narongsak Jiwakarnant(ณะรงค์ศักดิ์ จิวากานันต์)

Chief Executive Officer of PTT Global Chemical Public Company Limited.

Place

China(จีน)ℹ️

The location of the allnex China Hub and the world's largest industrial coating resins market.

Jiaxing(เจียซิง)ℹ️

The city where the allnex China Hub production base is located.

Thailand(ประเทศไทย)ℹ️

The location where allnex is expanding production of Sagging Control Agent.

Map Ta Phut(มาบตาพุด)ℹ️

The area PTTGC aims to elevate into a regional high-value and low-carbon chemical hub.

Asia-Pacific(เอเชียแปซิฟิก)ℹ️

The region targeted for allnex SCA production and PTTGC's MTP Transformation hub.

India(อินเดีย)ℹ️

A region where allnex has a hub.

Middle East(ตะวันออกกลาง)ℹ️

A region mentioned in the context of energy price volatility and raw material sources.

Europe(ยุโรป)ℹ️

The continent where allnex previously had its only SCA production bases.

Policy

Government oil export ban policy(นโยบายห้ามส่งออกน้ำมันของภาครัฐ)

A government policy that caused PTTGC to lack finished oil storage tanks, reducing refinery operation to 90%.