In news that is likely not surprising but probably very frustrating, amid soaring fuel prices, petrol company PTT has topped the list as the highest revenue corporation in Thailand for 2021. The national oil and gas conglomerate breakdancing 1 trillion baht over the last year no doubt thanks in part to huge inflation in the price of oil that has left many struggling.
PTT Public Co Ltd and all of its subsidiary companies have the highest revenue of any company in Thailand, having greatly benefitted from the global increase in energy prices. Gold is a staple in struggling economic times as it’s widely accepted as the foundation of capitalist economies that people often put money into when less tangible investments are faltering. In 2021, 3 gold and jewellery companies were ranked in the top 5 revenue list for corporate earnings.
Petroleum and automotive companies filled out most of the rest of the top spots in profitable companies in the country, with retailer CP All sneaking in at number 10. The top 10 most profitable companies in Thailand in 2021 were:
1
PTT
petrol
Revenue 1 trillion baht (+36.06% year-on-year), profit 67 billion baht (+28.2% YoY)
2
Hua Seng Heng Commoditas
gold, jewellery
Revenue 730 billion baht (+5.38% YoY), profit 78 million baht (+11.04% YoY)
3
PTT Oil and Retail Business
retail petrol
Revenue 490 billion baht (+19.37% YoY), profit 9.1 billion baht (+62.06% YoY)
4
YLG Bullion International
gold, jewellery
Revenue 450 billion baht (+23.56% YoY), profit 66 million baht (+8.44% YoY)
5
MTS Gold
gold, jewellery
Revenue 430 billion baht (-8.46% YoY), profit 21 million baht (+117% YoY)
6
PTT Global Chemical
petroleum
Revenue 410 billion baht (49.77% YoY), profit 37 billion baht (+1,198.63% YoY)
7
Thai Oil
petroleum
Revenue 370 billion baht (36.93% YoY), profit 24 billion baht (+1,756.73% YoY)
8
Toyota Motor Thailand
automotive
Revenue 330 billion baht (-9.64% YoY), profit 11 billion baht (-9.5% YoY)
9
Toyota Daihatsu Engineering and Manufacturing
automotive
Revenue 327 billion baht (-9.32% YoY), profit 1.8 billion baht (-38.15% YoY)
10
CP All
retail
Revenue 320 billion baht (-2.46% YoY), profit 9 billion baht (-36.83% YoY)
SOURCE: The Nation