PTT Oil and Retail Business (PTTOR), the retail arm of Thailand’s state-owned energy giant PTT, has announced that it expects to double its net profit by 2025 as the company moves away from a gas station-based business to one more focused on retail and electric vehicle (EV) charging.
According to PTTOR, drivers spend around four minutes refilling their tanks and another 15-20 minutes in other parts of PTTOR’s stations. This creates an opportunity to make a profit by offering new products and services. In this context, PTTOR has set aside 15% of total capital expenditure for a wellness and lifestyle business. The company will offer products and services that consumers rarely find in convenience stores next to gas stations, such as organic vegetables, healthy foods and health care items.
PTTOR will also build a “mobility ecosystem” servicing cars, changing tires and offering other automotive repair services. The company expects that, in future, EV repair services will also be available, together with small fitness centers and other leisure services.
PTTOR, which controls 37% of Thailand’s gas station market, the largest share, aims to maintain this position as it transforms its stations into marketplaces.
(Sources: Nikkei Asia; Bangkok Post)