Good morning, analysts, fund managers, PTT colleagues. I'm Jitraekha Puengpak from Investor Relations of PTT Group. I would like to welcome you to the PTT Analyst Meeting for the first quarter of 2022. In light of the COVID-19 pandemic, we still have the meeting virtually to ensure safety and health. We are live casting the session via Facebook Live, the IR page for Thai and for English. Simultaneous interpretation is available to ensure equal access to information among Thai and foreign investors. Second channel, Microsoft Teams and through PTT Workplace for PTT workforce. We are having a Q&A session towards the end. You can ask live via MS Teams. We have our team to monitor the questions request and alternatively, you can use the chat box features of both MS Teams and Facebook Live today.
We will start with the results of the first quarter 2022 of PTT Group for about an hour, followed by Q&A. Now, I would like to give the floor to the CEO and CFO of PTT Group.
Good morning, analysts, fund managers. Today, I'm sharing results of the first quarter of this year. I would like to start with activities highlights for the first quarter. We divide into core businesses, future energy and beyond, in line with PTT's vision. Core businesses of PTT, we have bought stake of GPSC from TOP using PTT and SMH, which is wholly owned subsidiary. We acquire 10.78% stake. Investing THB 22 billion. As a result of this acquisition, PTT will hold 55.23% in GPSC. We also restructured the shareholding of PTTGL through SMH, acquiring all shares of PTTGL.
These transactions are due to complete by June to make sure that PTT Global LNG will become Global LNG player according to our roadmap. Regarding NGV, we have contributed to public service by capping NGV price at THB 15.59 per kg. We also support taxi drivers by capping the price at THB 13.62 per kg. For the time being, this is until 15th of June this year. On PTTEP through ED, which operates G1 and G2 jointly with the Department of Mineral Fuels, have signed condensate and crude sale agreement with PTT ED will proceed with production sharing starting from 24th of April. The gas and condensate agreement has been signed. There's also change of operator of Yadana project in Myanmar.
In light of the withdrawal of TotalEnergies and shares were distributed among original shareholders, and PTTEP itself shall become operator, and this is effective on 20th of July this year. All these have been approved. After Total's exit and we inherit the Total shares, PTTEP will own 37% of participating interests, up by 11.5%. Yadana is critical to national energy security, and it is important to Myanmar citizens as well because output supplies Myanmar's power generation. Next, PTTEP joined with SapuraOMV in Sarawak won the right to explore and produce in SB412 block offshore of Sabah state in Malaysia. That's good news. On Thai Oil's part, we are preparing the issuance and offering of 275 million shares for public offering in line with long-term financial restructuring. PTT shall support TOP's plan for offerings to original shareholders. For...
Well, in the future energy and beyond, PTT has been active in a number of things. I mentioned this before. For example, the establishment of Nuovo Plus to collaborate with GPSC Arun Plus held 51, GPSC 49 percent for battery value chain. Assets of battery that have been scattered have been consolidated here, be it the factory using 24M which is the power plant in Rayong or shares of XEVA and the development under VISTEC project undertaken by VISTEC Academy. So all these shall be transferred on to Nuovo Plus, and all these should be completed within the second quarter of this year. Next is progress with the establishment of Horizon Plus that we collaborate with Foxconn 60/40. The final investment decision, the latest, is that approval is in. We are going to proceed with the project.
The initial capacity is 50,000 units per year to be scaled up to 150,000 in order to accommodate increasing demand for EV. Next, Arun Plus likewise. Arun Plus is in charge of EV value chain on behalf of PTT Group. Arun Plus and CATL, which is a global battery manufacturer, signed an agreement to collaborate in battery pack, cell to pack for use with EVs. We are conducting a joint feasibility study. The result of the study should be out by end of this year. Next, we would like to share about the progress of Innobic (Asia). We bought more shares in Lotus Pharmaceutical. Transactions have been completed. In the end, PTT is going to hold about 37% of Lotus up from 6% last year, and we are going to hold 60% share in Adalvo.
This will fulfill our pharma business aspiration. With this acquisition, profit shall be recognized in second quarter of this year, and that will be consolidated within PTT's balance sheets. Meanwhile, GPSC signed a share agreement to buy all shares of Ichinoseki Solar Power in Japan, totaling THB 1.1 billion for this transaction. This is about adjusting our portfolio. This is located in Japan. These are highlights during the first quarter of 2022. Next, let's take a look at key drivers. As we all know, the first quarter pricing increases across the board. Oil, oil products, petrochemicals mainly due to global economic recovery in light of easing of COVID-19 lockdown measures as well as progress of global vaccine rollout.
We have Russia-Ukraine war that beefed up product prices, even though there is concern about China's lockdown of Shanghai to implement a zero-COVID policy. In terms of crude, average price Q1 Dubai is at $95 a barrel, Q-on-Q up 22%, year-on-year up 59%. For fuel oil, Q1 average is at $87 a barrel. Q-on-Q up 22, year-on-year 54%. NG pool gas of PTT price was at $10.9 per million BTU. Q-on-Q, year-on-year are up. Q-on-Q 34, year-on-year $85 respectively. Particularly LNG imports. Petrochemical prices are up as well for both olefins and aromatics. Q-on-Q prices are up 4% and 6%. Benzene also up year-on-year. PP 2%, HDPE 6%, PX 42%, benzene 42%. Attributed to feedstock costs.
Naphtha, for example, Q-on-Q up 18%, year-on-year up 57%, reflecting a global economic recovery. Exchange rate, Q-on-Q, we record FX gain in the range of THB 573 million due to recognition of less loss from FX through conversion of U.S. dollars short-term loans and deposits, because baht has become stronger by 0.1 baht. Q4 last year was 0.5 baht stronger, whereas year-on-year FX gain increased THB 10 billion. Because during the same period, the baht was 1.3 baht weaker. These are key drivers. Next is the performance. I would like to ask Buranin.
Thank you, CEO. Now about the overall operating performance of PTT Group. I would like to present to you the Q-on-Q performance. In terms of Q-on-Q, revenue increased by 10% from almost all business. The factors are already mentioned by the CEO, which are the average sales price of petroleum and petrochemical products in the global market. In addition, the sales volumes also increased as a result of the recovery of the economy, thanks to the ease of the COVID-19 measures. EBITDA also increased Q-on-Q by 41%, and this is especially from P&R and E&P business. P&R business it increased. If we divide it into the refining business, the accounting GRM increased from $5.9 per barrel in Q4 to $8.8 per barrel in Q1.
This is a result of the profit from the oil stocks. In terms of petrochemical, it is down because the spread of the aromatic products is down, although GC recognized incomes from ONEX in this quarter. E&P also increased as a result of the average sales price and average sales volumes, which increased by 10% and 1% respectively. In addition, the OpEx also went down. The oil business EBITDA also increased, and mainly from the oil business. This is because the gross profit increased by 16% and the OpEx also down. The gas business EBITDA also increased and we, I will go into details when I present the PTT business only performance. For new business investment, EBITDA also is down and mainly is coming from GPSC.
This is because the gross profit of SBC is down, and this is because of the cost of the gas, which also tremendously increased. For net income, quarter-over-quarter it is down by 7%. This is a result of the increase of the EBITDA. Yet we suffer the loss from derivative of around THB 48 billion. This is because the oil price has increased very rapidly. This is related to the loss of derivative, and the loss is coming from PTTGC, PTTEP, TOP and PTT International Trading London Ltd. However, there is the unrealized gain. In terms of physical aspect, we benefit from the positive factors of the increase of the oil. In addition, the tax expense also increased by THB 2.2 billion.
At the same time, we recognize the net tax non-recurring items of around THB 7.8 billion, and this is because in Q1, we recognize the gas shortfall of PTT and profit from sales of investment in Ichinoseki Power Plant in GPSC. However, in Q4 last year, there was the depreciation of asset under PTT Group, therefore the net tax non-recurring items also increased. In addition, we also profit from the FX slightly increased by THB 573 million. And this is thanks to the appreciation of Thai baht in Q1, which is around 1%. Although Q1 Thai baht appreciation of Thai baht in Q1 increased, however, the increase was less than Q4. In terms of the year-on-year revenue increased by 59%, from all types or groups of business.
This is coming from the sales price, whether it's coming from petroleum products or petrochemical products, and the sales volumes also increased. The year-on-year EBITDA also increased by 39% from almost all business. E&P increased as a result of the average sales price and the average sales volumes. This is coming from our acquisition of Oman Block 61 and the start of the production of Malaysia project H Block in February last year. For P&R, the refinery business has the accounting GRM. It increased from $6.9 to $8.8, and this is coming from the increase of the profit of oil stock, accounting for about THB 10.1 billion.
It's also in a result of the market GRM, which increased from $1.9 to $6.1 this quarter. For trading business, EBITDA also increased as a result of the sales volume and the margin, the increasing margin of the sales price although the mark-to-market price suffers the loss. For new business, EBITDA is down, and this is mainly from GPSC's as a result of the higher cost of natural gas and coal. EBITDA in gas business also down and mainly is coming from S&M and NGV, and I will go into details later. For net income year-over-year sees the decline by 22%, and this is a result of the loss from derivatives of around THB 41 billion.
Tax expense also increased by THB 10 billion and mainly coming from PTTEP. Then we also recognize the net tax non-recurring items. In Q1, we recognize shortfall of cash from PTTEP. However, compared to Q1 last year, we recognize profit from the acquisition of business of Oman Block 61 and then net from the amortization of certain assets of Brazil. In addition, we also record the profit from the FX by THB 10 billion. This is a result of the appreciation of Thai baht. This year, the Thai baht depreciate by 0.13 baht per U.S. dollar. For in terms of waterfall, I would like to present to you in terms of Q-on-Q. The net income is down by 7%. However, excluding extra item, the net income is down by 29%.
You can see that the margin increased by almost THB 20 billion, and this is mainly coming from P&R and E&P businesses. The stock gains also increased by THB 20 billion. The OpEx is down by THB 1.6 billion. This is because of the amortization of the exploration cost as well as the declining expense in terms of staff of PTTEP. For depreciation and amortization, it is in negative, which means that it increased by THB 3.2 billion, and this is coming from Bongkot project of PTTEP. Other incomes also higher by THB 1.8 billion, and this is coming from the sales of Ichinoseki's project. Also in Q4, we recognize loss from the sales of Emery project of GC. Net, and then this is net.
For impairment, it's down by about THB 9 billion because Q4 recognized the impairment of Yetagun, and PTTEP recognized the impairment of NGV by about THB 3.4 billion. Whereas in Q1, there's no impairment that is significant in any case. It's actually a little bit down by about THB 500 million. In terms of FX and derivative loss, it's up by about THB 48 billion. Derivatives loss is up significantly, as I said, mainly due to commodities derivatives. Oil futures and FX gain is a positive factor of about THB 573 million. In terms of interest and corporate income tax and NCI, negative factor by THB 2.9 billion due to higher tax expenses by THB 2.2 billion by PTTEP. Interest expense also up by THB 292 million, and NCI up by THB 459 million. That's waterfall.
Now let's take a look at PTT only. Now, PTT's main business consists of gas and trading. Let's start with the overall EBITDA of PTT only. Comparing quarter-over-quarter, EBITDA is somewhat stable. If we break down into gas business, EBITDA of gas in the scale of thing is slightly higher by about 2%, mainly due to separation and transmission. If we start from S&M, EBITDA is down by as much as 50%-54% due to higher gas price, up by 34% from all sources, plus imports of spot LNG that are higher to replace shortfalls from Gulf of Thailand supply. Gulf of Thailand and supply from Myanmar, pricing also increased.
When it comes to sales volume of S&M, the volume increased by 6% from 4.1 million CFD to 4.4 million CFD, mainly from power plant sectors demand. Power plant clients dispatched 10% higher due to less supply from hydro power plants due to seasonal factor. Industry clients increased the dispatch by 4% mainly due to cogen, in which Glow Energy Number Five reactivated in March of this year after shutdown in the whole quarters of Q4 last year. NGV higher nomination by 5%. As CEO mentioned, we implement the cap of NGV price and therefore people use more NGV. For gas separation plant, received less gas by 2% due to shortfalls in Gulf of Thailand supply.
In terms of average sales price to industry, clients actually are higher on the back of fuel oil price margin, but it's not in the same level as gas costs. For other costs of S&M are down. In Q4, we have expenses for take-or-pay that we have to pay back to the state THB 2 billion. For this Q, there is none. For transmission EBITDA, that's up by 7%. Positive factor is from less costs because in Q4 we had maintenance expenses of THB 155 million. The admin expense is down because in Q4 we recorded THB 106 million in maintenance expense. There is the negative factor of less sales revenue due to less cost of gas. TD volume is down by 1%.
GSP EBITDA is up 23%. Resulting from both higher average sales price on the back of petrochemicals benchmark prices, which increased almost across the board and higher sales volume by 4% due to propane and LPG on the back of petrochemicals clients demand. The feed costs rose by 2%. NGV losses continue to increase by about THB 1 billion or 84% because of less gross margins due to higher costs as a result of gas costs because of the price capping policy. Sales volume also up 5%. The more we sell, the more loss we incur, resulting in more losses for NGV business. For others is slightly down by about THB 220 million. Chiefly because of PTT NGV less profits because of higher costs. Even though sales price is up, it cannot catch up with the lag.
Trading EBITDA down 16% because of less margins by about 44% despite higher sales volume for higher demands from refineries. For year-on-year, EBITDA overall is down 9% divided into gas EBITDA down by 10% because of S&M and NGV businesses. S&M EBITDA decreased by up to 85% due to the spike of pool gas price for the reasons I explained earlier and sales volumes down 4%. Q-on-Q because of gas separation plants that called in less because it was nearing the concessions and therefore the concessionaires delivered less power plants, also dispatched less by 3% because of inadequate gas supply and power plants switched to operating with oil and NGV less 9%, whereas industry dispatched 1% higher because of cogeneration reactivation in March 2022.
For S&M, higher gas costs, less sales volume, average price is up for industry clients reflecting fuel oil costs and other costs also decrease because of the shortfalls of 600 THB. Transmission EBITDA is up 4% because of higher revenue for more volumes called TD volumes up 4%, whereas costs is up on the back of pool costs and therefore the gas costs increase. For gas separation plant EBITDA is up for as high as 66% because of higher prices benchmarked with petrochemicals despite higher feed costs of 9% less sales volume 4%, but overall it contributes to pushing up EBITDA. For NGV, EBITDA continued to be in the red zone, actually more than 100% due to higher pool gas costs and we cap the price resulting in losses and less sales volume by 9%.
Others, actually both PTT and NGD and LNG EBITDA is down. PTT and NGD EBITDA is down by THB 460 million due to higher feed costs despite higher sales price. LNG slightly down by about THB 130 million, again, due to higher costs from gas and electricity tariffs according to more TC Central. Trading EBITDA is up 7% because of higher sales volume by as much as 91% on the back of demands from refineries and higher LPG, LNG imports, whereas margin is down 44%. That's the result of PTT's own business.
The next page is about balance sheet. You can see that overall speaking, the asset of PTT Group increased by 8%, and mainly coming from the current assets, which increased by THB 177 billion. This is because of the increasing price of petrochemical and petroleum products, and therefore, the inventory and accounts receivable also increased as a result of the pricing. In addition, short-term investment and cash also increased by THB 64 billion, and this is coming from long-term loans from various companies under PTT Group, whether it's about GC, PTT, and TOP. Regarding the interest-bearing debt, it increased by THB 140 billion, and this is a result of the increasing loans, and we will look into detail in cash flow statements.
Other liability increased by THB 71 billion, because of the increasing accounts payable and also the liabilities as a result of the derivatives. The shareholders' equity also increased by THB 28 billion, mainly from net profit in Q1 of around THB 25 billion. Net debt to EBITDA and net debt to equity also slightly increased. However, it is within our policy framework. As already said, we borrow money, the group borrow money, at an increasing rate, at a higher rate than the EBITDA rate, and therefore, the net debt to EBITDA also slightly increased. For PTT consolidated cash flow, you can see that at the beginning period, we have cash- and- cash equivalents of around THB 312 billion. So overall speaking, we have cash inflow of around THB 61 billion.
At the end of the period, we have cash of around THB 377 billion. The free cash flow is in of around -THB 65 billion. The investing was in rate of around THB 38 billion. Yet, the financing, because the entire group borrow of around THB 130 billion. In the end, we have the cash increase of around THB 64 billion. This is all the cash flow from PTT Group.
May I continue with the outlook and finance? Starting with global economic outlook. Latest IMF forecasts that the world economy is going to grow by about 3.6%, compared with 6.1% last year. In developed countries, you will see that they will experience less growth relative to last year, except Japan and Thailand, which will grow higher than last year. The basis from last year for both Thailand and Japan are low. For Thailand, in Thailand's case, last year growth was only 1.5%. For both positive and negative factors, as we all know, all countries are easing COVID-19 restrictions. We reckon that Omicron wave has passed, and global weekly COVID data decline and improved adaptation and better cure and prevention. Therefore, the impact of COVID on global economy will abate.
Factors to monitor definitely include the ongoing Russia-Ukraine war. Personally, I reckon that this war is going to protract. We also have to monitor China's economy, whether it is going to grow as forecast, because it's still strictly enforcing zero-COVID policy, and it restricts credit in the real estate sector, and that will affect China's growth. We also have to watch for tighter monetary policy to curb inflation and tighter global financial conditions as consumer prices rise. Fiscal space for stimulus is constricting, especially in developing countries that import both oil and food. For Thailand, last year, as I already mentioned, the Thai economy grew 1.5%, and this year various houses and institutions forecast the range of 2.5%-3.5%. For us is way too optimistic.
The NESDC just revised downward the forecast. Just 17th of May, it forecast growth in the range of 2.5%-3.5%. Positive factors for Thailand include the acceleration of vaccination rollout, greater coverage, and the government has announced living with COVID-19 policy, and opening up the country for tourists from the first of May, resulting in forecast of tourist arrivals this year of about 4 -7 million. Last year, only 400,000 tourist arrivals. Exports are likely or are expanding robustly, and fiscal monetary policy continue to be accommodative to support sustained recovery. Now, negative factors to monitor include inflation, we all know well, and fiscal support that is going to decline vis-à-vis the earlier period. Again, GDP. Everybody is watching to see how the return to the pre-pandemic level shall pan out.
Now, let's take a look at the outlook of oil products. By the look of it, product pricing this year should be in the high trajectory, as we all know, due to the protracted Russia-Ukraine war, and the national oil company of Libya is still unable to resume crude production after their force majeure announcement due to political demonstrations. They suspend crude production of 500,000 barrels per day and recover demand following easing of lockdowns in multiple countries, and that shall improve demand, and so pricing shall remain strong. Factors that shall rein in the price increase include IEA, including U.S.A, are planning to release more supply to the world from its strategic reserve, more than 240 million barrels, accounting for about 1.3 million barrels per day.
OPEC+ to date, they are gradually increasing production according to their plan, resulting in more supply back in the global pipeline. U.S. itself is likely to increase production capacity. Iran, we have to monitor the sanction situation. It is reckoned that Iran shall be back by end of the year if U.S. sanctions are lifted. Outlook for the whole year, price should remain high. In terms of numbers, Dubai is in the range of $89-$103 or about 42%-49% increase compared with last year. Oil products are higher by about 44% up compared to last year. Singapore GRM forecast to be up in the range of $10-$15. That is more than doubling last year. It is $3.4 per barrel for Singapore GRM.
Gas and LNG higher as well. It should be in the range of $33 per million BTU. Next, petrochem. Petrochem price should increase across the board, starting with higher or more expensive feedstocks and tighter supply due to squeezed margins and seasonal maintenance in Q2. Downstream products demand should ease as China relaxes lockdown measures towards end of Q2. Negative factors, as we all know, we shall see new supply of both olefins and aromatics from Northeast Asia and Southeast Asia in 2022, particularly from China. For PTT's own outlook. HDPE should be 1,355 or up 16.8%. PP in the range of 1,375-1,425, up by 6%. Benzene, 1,118-1,168, up by about 25%. PX, 1132-1182, or up 34%.
With regard to the business outlook. Start with PTT EP. The volume is expected to be around 442 million barrels, an increase of 12%, and unit cost will be more or less the same, which is around $28-$29 per barrel. For gas business, we expect the demand for natural gas will be slightly down because of the demands of the power plant in the Gulf of Thailand and demands for electricity in terms of natural gas is replaced by the fuel oil and other fuel. The volume is also increased because of the delay of the entering in the Erawan gas for the sales of the gas. We also expect the decline.
The utilization rate this year is expected to be around 80%-85%, compared to last year, which was 89%. In terms of OR, we expect the better sales volume as a result of the economic recovery. For the P&R business, the refinery business, as I have already said, the GRM will be better and utilization rate is expected to be around 91%-95%, which is down from last year of 95%. This is due to the turn down or the turnaround of TOP and IRPC. Petchem, the price also increased as a result of the cost of raw material. The power business, GPSC, in terms of the cost of fuel for generating the electricity, is likely to be volatile, and the price will remain high.
However, demands for electricity should be increased as a result of the better economic recovery and the government will gradually adjust its FT to reflect the cost of energy in 2022. For the future energy, Arun expects to provide EV charger in 2022 by another 1,350 units. For OR also involved in EV chargers. We expect to increase EV chargers in around 200 stations within PTT gas station and another 150 EV chargers outside the gas station. For new business, we will start recognize income from Lotus starting in Q2 this year. For several projects, the gas pipeline, the fifth pipeline, expects to complete by end of this year.
This partial COD will start from the first half of this year, and everything will be fully COD by next year. For the Nong Fab project or the LNG receiving terminal two, the production capacity will be around 7.5 million tons per year and the first phase will be in mid-year this year of around 2.5 million tons per year. For the EV platform business, as I have already told you, we already made the FID final investment decision in May, and right now we invest in the construction. For the non-woven fabric project of Innopolymed, which is the joint venture between IRPC and Innobic of 60% and 40% stake respectively.
We, the company has the production capacity of 5.6 KTA and the COD commercial production will start in Q2 this year. The high-quality circular plastic resin plant, the total production capacity is 45 K TA and, the completion will be in Q2 this year. For the, Avaada solar power platform in India, the production capacity is 4,608 MW and for GPSC is around nearly 2,000 MW. The COD already start for 2,413 MW and another 2,195 MW is under construction. For the shutdown and the turnaround, more details are in the slide and you can see it. This is for the purpose of safety and efficiency increase.
This is all we would like to report to you for Q2 for Q1 this year.