Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q1 2024 Earnings Presentation
35 slides from Siamgas & Petrochemicals Public's earnings presentation, 2024
Slide 1: 1Q/2024 Performance
1Q/2024 Performance SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 2: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 2
Slide 3: Major Shareholders
Domestic Fund MAJOR SHAREHOLDERS 0.05% (Weeraborwornpong Group) PUBLIC Retail 55.7 12.94% Foreign 814.32 % 29.99% Million Shares Thai NVDR 1,837.86 1.32% Million Shares PUBLIC 44.3 % Latest book closing : On 15 MAR 2024 3
Slide 4: Company history and business acquisitions
Business acquisition Business acquisition Investment Business acquisition LPG Business LPG Business POWERPLANT CYLINDER MANUFACTURER SUPERGAS in Vietnam MYGAZ in Malaysia 10 MW. DIESEL LINH GAS in Thailand Founded Founded SINGGAS in Singapore CITYGAS NORTH in Vietnam in Myanmar the company logistic
Slide 5: Thailand and Oversea business lines
THAILAND OVERSEA 1 LIQUEFIED PETROLEUM GAS (LPG) LIQUEFIED PETROLEUM GAS (LPG) • Singapore 2 ROAD TRANSPORTATION • China 1 • Malaysia 3 MARINE TRANSPORTATION • Vietnam • Laos 4 CYLINDER MANUFACTURING COMBINE CYCLE POWER PLANT 2 5 OIL RETAIL BUSINESS • Myanmar DIESEL POWER PLANT 3 6 CONTAINER TERMINA
Slide 6: Thailand and Oversea Q1/2024 highlights
THAILAND Domestic sale volume in Q1/2024 decreased 0.1% compare to the same period last year due to demand decreases in cooking and industrial sectors which decreased 0.3% and 3.1% respectively. Domestic sale volume of SGP decreased 0.8% compare to the same period last year. Cooking gas and Industri
Slide 7: LPG business / Other business
LPG business OTHER business 7
Slide 8: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 8
Slide 9: SGP Terminal and depots
SGP Terminal Fill in LPG cylinder for delivery. Transport LPG from separation plant by truck tanker to the Company’s Terminal and Depot. Sathupradit Terminal Bangpakong Terminal Suksawat Terminal Songkhla Terminal Suratthani Terminal (2) Transport LPG from refineries by Nakornsawan Depot vessel to t
Slide 10: LPG Market and market share
+7.4% +0.4% -10.8% -0.5% 3,639 39.3% 3,389 3,626 21.4% Market Share 3,372 Market Year 2 TOTAL Share SIAMGAS 12.5% -15.4% -5.8% +5.3% +1.9% 805 759 790 923 Others 18.1% 775 8.7% (8 com.) 197 Unit : ‘000 tons 2020 2021 2022 2023 3M/2024 YoY: Total -0.1% | SGP -0.8% 60% 57% Siamgas QoQ: Total -0.7% | S
Slide 11: Cooking gas market share
-4.4% +0.8% +1.2% -0.05% 2,094 2,033 2,095 2,049 Year TOTAL SIAMGAS -11.7% -2.6% -0.3% -4.2% 502 489 488 467 530.85 118 Unit : ‘000 tons 2020 2021 2022 2023 3M/2024 YoY: Total -0.3% | SGP -1.4% 47.0% Market Share QoQ: Total -1.0% | SGP -1.7% 22.3% Market Share 2 Quarter 532.41 536.01 530.85 5.9% Oth
Slide 12: Automotive gas market share
+25.4% +3.2% -26.4% 799 825 752 -14.4% 644 Year TOTAL SIAMGAS -24.5% +16.5% +6.2% -24.2% 169 128 211 147 156 40 Unit : ‘000 tons 2020 2021 2022 2023 3M/2024 YoY: Total +3.1% | SGP +4.1% Others 13.5% Market Share (7 com.) 26.6% 18.8% QoQ: Total -1.1% | SGP -1.1% Market 2 Share Quarter 204.80 213.44 2
Slide 13: Industry gas market share
+8.8% -1.6% +12.4% 721 -7.2% 732 679 604 Year TOTAL +18.8% SIAMGAS -15.6% +5.4% +14.7% 135 167 181 142 140 39 Unit : ‘000 tons 2020 2021 2022 2023 3M/2024 YoY: Total -3.1% | SGP -3.7% Market Share 46.8% 21.7% QoQ: Total +0.6% | SGP -4.8% Market 2 187.16 Share Quarter 180.29 181.44 12.0% 15.4% 40.84
Slide 14: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 14
Slide 15: LPG and oil prices
940 USD/TON 895 LPG 850 1000 Propane [C3] 790 775 750 740 900 Butane [C4] 725 720 960 670 920 650 650 630 630 800 620 600 610 610 610 860 590 590 555 555 550 790 700 775 750 740 470 725 450 710 600 400 660 650 640 640 630 630 620 620 615 610 605 500 560 560 555 545 400 460 440 300 2022 2023 2024 375
Slide 16: Supply sources and floating storage
USA 30 1.5 30 5 45 Middle East 5.5 8 Supply from Middle East 12 7 3 Supply from Australia 2.5 Supply from USA 0.75 Receiving and distribution point 1 Delivery time Australia 7 16 Floating Storage
Slide 17: Overseas LPG sales volume and outlook
Unit : tons OUTLOOK +14.9% -0.7% 2024 -6.6% -13.5% YoY +3.5% 1,500,000 QoQ +31.3% Target 1,426,789 29.8% 1,416,870 1,323,806 of 1,241,420 Y2023 394,804 381,272 13.3% 300,704 growth 394,804 26.3% success 2020 2021 2022 2023 3M/2024 1Q|23 4Q|23 1Q|24 YEARLY QUARTERLY 17
Slide 18: Overseas LPG sales by country
YoY -20.5% +6.9% +25.7% -15.7% QoQ -23.9% -7.9% 17.8% of 1,477,329 1,382,207 Y2023 1,194,386 1,100,025 262,617 330,494 345,314 262,617 Unit : tons Yearly Quarterly 2020 2021 2022 2023 3M/2024 1Q|23 4Q|23 1Q|24 1,641,000 O Target u t 11.1% l growth CHINA MALAYSIA VIETNAM SINGAPORE LAOS o 207,133 TON
Slide 19: Offshore trading sales volume and outlook
YoY -7.6% +25.7% +0.1% -14.6% +3.7% QoQ +1.8% 23.5% of 657,421 2,799,077 2,801,135 2,526,815 2,435,806 Y2023 711,766 646,018 657,421 Unit : tons Yearly Quarterly 2020 2021 2022 2023 3M/2024 1Q|23 4Q|23 1Q|24 Proportion sale by country 3,141,000 O Target u t 60.1% 31.5% 5.1% 2.4% 0.8% 0.1% 12.1% l gr
Slide 20: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 20
Slide 21: Power Plant
wey, POWER PLANT
Slide 22: Combined cycle and diesel power plant sales volume
SELL TO GOVERNMENT >>> SELL TO HOUSEHOLD >>> SELL TO HOUSEHOLD >>> 230 MW. COMBINE CYCLE POWERPLANT 10 MW. DIESEL POWERPLANT ANNUALLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) -6.6% YoY YoY -10.8% +2.6% +4.1% +4.6% -16.9% -6.4% -8.1% 1,268,385 6,750 1,131,506 1,177,949 +13,418 MW. 5,610 -105
Slide 23: Liquid Tank Farm and Deep Sea Port
LIQUID TANK FARM AND DEEP SEA PORT
Slide 24: Tank farm service and oil trading
LIQUID TANK FARM & DEEP SEA PORT SERVICE OIL TRADING OVERSEA BUSINESS No. Total Number of Utilized ANNUALLY | SALE VOLUME (BARRELS) Capacity Liquid Tank As 31 MAR 2024 (Mil.Liter) +63.5% 1 15.27 4 YoY 1,969,494 (avg. 3.82/unit) 2 2 +148.1% +30.9% 2 27.05 4 -68.2% +77,825 Barrel 4 819,890 (avg. 6.76/
Slide 25: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 25
Slide 26: 3M/2024 revenue portion by product
3M/2024 Thailand 28.4% (Thailand LPG, Logistic & Other) REVENUE PORTION by PRODUCT Oversea 71.6% (Offshore Trading & Retail Oversea Business) LPG Oversea, 71.4% LPG Domestic, 19.4% Thailand Offshore 27.2% 42.7% Other, 7.1% GASOIL, Oversea 2.2% business 28.9% Other 0.9% Logistic 0.3% 26
Slide 27: 3M/2024 Consolidated revenue
3M/2024 Consolidated REVENUE of Bt.23,419 m shows a -5.4% yoy decline YEARLY QUARTERLY Unit : Million Baht YoY QoQ -5.4% +3.0% -1,342 M.Baht +682 M.Baht +29.8% 103,198 -11.7% +49.2% 1,587 91,106 79,511 1,034 -5.7% +3.0% +11.3% -1.0% 1,491 24,760 -16.7% -17.5% 22,973 22,737 23,419 TOTAL REVENUE 55,64
Slide 28: 3M/2024 Consolidated EBITDA
3M/2024 Consolidated EBITDA of Bt.1,316 m shows a +51.9% yoy growth YEARLY QUARTERLY EBITDA YoY QoQ EBITDA MARGIN +51.9% -17.7% +53.3% +449 M.Baht -282 M.Baht 7,000.00 6,634 13.00% +167.5% 6,000.00 11.00% +30.5% 34.3% 2,500.00 2,197 -27.2% 15.00% -46.5% +8.3% of -17.7% 13.00% 5,000.00 9.00% 2,000.00
Slide 29: 3M/2024 Consolidated net profit
3M/2024 Consolidated NET PROFIT of Bt.636 m shows a +124.0% yoy growth YEARLY QUARTERLY NET PROFIT YoY QoQ NET PROFIT MARGIN +124.0% -16.1% +84.7% +352 M.Baht -122 M.Baht 4,000.00 3,809 8.00% 3,5 00.00 7.00% +198.1% 3,000.00 6.00% -38.4% -16.1% +51.6% 1,500.00 1,230 10.00% 2,500.00 62.5% 5.00% 8.00%
Slide 30: Assets, liabilities, equity and debt
ASSET (THB Million) LIABILITIES (THB Million) EQUITY (THB Million) PP&E Other asset Shot term loan Current liabilities Total Equity Inventory Cash & Equivalents Long term Debt Non current liabilities 52,845 -5.7% 49,820 5,378 3,101 36,930 -12.2% +9.4% 32,417 17,403 9,826 8,177 15,914 7,900 Million B
Slide 31: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 31
Slide 32: LPG Sales Volume 2024 outlook
LPG Sales Volume (Tons) SALE VOLUME 2024 Sales volume (TONs) 2022 2023 3M/2023 Outlook 2024 3M|2024 % Success % YoY SGP - Thailand SGP Offshore Trading SGP - Thailand 803,542.25 812,853.54 205,326.00 860,000.00 205,465.27 23.9% 0.1% China Vietnam Offshore Trading 1,416,869.82 1,323,806.29 381,271.54
Slide 33: Agenda
AGENDA 01 BUSINESS OVERVIEW 02 THAILAND LPG BUSINESS 03 OVERSEA LPG BUSINESS 04 OTHER BUSINESS 05 FINANCIAL RESULTS 06 BUSINESS OUTLOOK 07 DIVIDEND POLICY 33
Slide 34: Dividend policy and historical dividend payment
DIVIDEND POLICY HISTORICAL DIVIDEND PAYMENT 2023 0.10 0.15 The Company has established the policy to Interim 2022 0.20 0.20 pay dividends to the shareholders at the rate Final 2021 0.20 0.80 of not less than 40% of the net profit after 2020 0.10 0.40 corporate income tax, accumulated loss 2019 0.10
Slide 35: Thank You
THANK YOU 02-120-9999 # 3611,3612 sgp_ir@ugp.co.th www.siamgas.com 553 The Palladium Building 30th Floor, Ratchaprarop Road, Makkasan, Ratchathewi, Bangkok 10400 Thailand.
Siamgas and Petrochemicals Public Company — Q1 2024 Earnings Presentation on 6ix