Bangkok: GC announced the sale of shares in Vencorex US and Vencorex Thailand to Covestro AG. Q2 2025 results show a net loss of 3.616 billion baht. PTT Global Chemical Public Company Limited (GC) informed the Stock Exchange of Thailand that the Board of Directors of Vencorex Holding, an indirect subsidiary in which the Company holds a 100% stake, resolved on August 6, 2025, to approve Vencorex Holding to sell all 100% of its shares in Vencorex US, Inc. and Vencorex (Thailand) Company Limited to a subsidiary of Covestro AG. The agreement was signed on August 13, 2025, with the transfer of shares expected to be completed after receiving approval for the business combination under applicable laws. This transaction is part of the restructuring under the Vencorex group of companies. Upon the transfer date, Vencorex US and Vencorex Thailand will cease to be subsidiaries of the Company.
According to Thai News Agency, GC announced its Q2 2025 operating results, reporting sales revenue of 133.381 billion baht and a net loss of 3.616 billion baht. This compares to a net profit of 1.846 billion baht in the same period last year, while Q1 2025 saw a net loss of 2.567 billion baht. The company recognized extraordinary items due to uncontrollable market price fluctuations, including stock losses and net realizable value (NRV) adjustments of 1.891 billion baht, a loss on commodity price hedging derivatives of 32 million baht, and a net gain on foreign exchange and financial derivatives of 370 million baht. Furthermore, the company recognized a special gain of 1.499 billion baht from the net difference resulting from the deconsolidation of Vencorex France and Vencorex TDI, and a share of losses from investments of 17 million baht, both of which improved quarter-over-quarter. Most of the revenue was generated from petroleum product prices, which followed global market trends, offset by petrochemical p roduct prices, which continued to face challenges from external factors. These included pressure from the slow economic recovery, geopolitical uncertainty, and international trade tensions, with the United States and its trading partners imposing retaliatory tariffs. This pressure put downward pressure on costs and consumption demand. However, sales revenue decreased by 20% year-on-year due to a decline in crude oil prices, which led to lower prices for refined petroleum products.