We are coming back to our second session. May I introduce the executive officer who is attending the analyst meeting? The first one, Dr. Kongkrapan Intarajang, Chief Executive Officer and President, Mrs. Pattaralada Sa-ngasang , Chief Financial Officer. The executive officer who will join our Q&A, Mr. Prasong Intaranongpai, COO Downstream Petroleum Business Group and Acting Chief Operating Officer Upstream Petroleum and Gas Business Group, Dr. Buranin Rattanasombat, Chief New Business and Sustainability Officer. May I now invite the CEO, Dr. Kongkrapan, to give us the operation performance of PTT.
Good morning, dear analysts and investors. Welcome to our meeting. This morning, we just ran through the KM on decarbonization pathway. So you have seen the progress, and we will keep you updated because this is an important issue and topic for PTT and Thailand. Now for Q3. So I'm going to cover this part.
I'm going to give you some highlights to the left-hand side as a recap. PTT is balancing security, sustainability, and affordability, so for hydrocarbon business, we would focus on upstream, downstream. We revisit our non-hydrocarbon business, and for the decarbonization and seeking the new business, which is related to carbon capture and hydrogen, so we have been in the new year for nine months already. For the key highlights, this year, oil price and petrochemical prices are going down, so we need some quick win, but profit enhancement, we have about THB 15 billion already. EBITDA is THB 260 billion. Liquidity is quite okay with the economics and the fluctuation in the world, so we focus on our liquidity, and we have about THB 400 billion. So we committed, and we are doing it faster than our plan. That's asset monetization, including hydrocarbon, non-hydrocarbon project, and cash is around THB 15 billion.
A1 project, including infrastructure, a tank, a terminal, that's about THB 47 billion. So this is just to sum up. For the details, we would be giving it away later on. For the key events down here, it's the first two Q. For the third Q, Q3, we have hydrocarbon, hydrocarbon activities, the enhancement of shareholders' value. That's financial things, a bond. For hydrocarbon, our core business, starting from down here, PTT EP achieved their mission. They acquire more sources, more concessions in Thailand, in Malaysia. So we got 17 KBOED more. In July, we went to Algeria, Touat. Touat is the name of the area. It's desert, but with a lot of oil. So from Touat, we have added 6-7 KBOED for asset monetization among our group, PTT GC, Thai Oil and PTT Tank. These are our core projects.
We would give you more details later on. Non-hydrocarbon, we see a good picture in Innobic in July and September. In July, we have shareholding restructuring. We sold down a share in Innobic so that they can grow better, and then we deconsolidated some portion. Otherwise, the decision-making should be linked to oil and gas. They can grow their own way. We are still our major shareholder, but they can adapt themselves better. We realize some profits from that as well. They also acquire a pharmaceutical company in the US, so they grow to the top 20. We have some divestment here. We used the term smart exit. We sell down some of our portion in EV. We engage with our shareholders and bondholders in September. Interim dividend yield is about 7%. We have two series of our debenture.
That's about our liquidity to increase the value for our shareholder. Performance highlights, you may know well. This year, the trend of the oil price, both Dubai and for the spread, it is getting down, not better than last year. So as a result, with the downward GRM and narrower spread of petchem, look at these four boxes here to the left-hand side, adverse effect of the market. When oil and gas price is getting down, that's impacted PTT EP because of the softer average selling price. So we got the impact of about THB 10 billion for gas. With the poor gas price and petchem price dropped, that's about THB 6 billion. Petchem and refinery, we have lower product spread, which is offset by lower stock loss in Q3. But all in all, that's THB 5.3 billion negative, but oil and retail is better by THB 3 billion.
So for these four box, that's -THB 20 billion year- to- date. But we have profit enhancement of about THB 15 billion. And the extra item like Thai Oil, GC, Chandra Asri and GC, they don't have to consolidate when correct. So that's about THB 5 billion plus. Last year is THB 600 million. But this year, it's THB 4.4 billion plus. We have many other projects like Mission X, D1, P1. So it's counter each other with our preparation. The market is not so supportive. Economics is not so good. So we anticipated these and then prepared ourselves to enhance our project, which we started in the beginning of the year. So we would update you each quarter. Up here is our strategy, our vision, our mission together for sustainable, both for Thailand and the world. This one is important, and I talk about it often. Everyone needs to understand the markets.
The public needs to understand that energy security comes with a cost and sustainability, so we have to balance between the three. It's not equally, but we have to take into consideration all of these three factors. Security is important. We want to secure energy source. There is the fluctuation in price, in supply, and for Thailand, we have our own gas plus from Myanmar, so that's 65%, but we still have to import 35%, and oil, that's 90%, so security comes with the price we have to pay. PTT and PTT Group, PTT EP, PTT Trading. When we are in the international market, we can secure our sources of energy efficiently, and we can cut down our risk as well, but at the same time, we have to do decarbonization, so we have to take into consideration all these four factors.
I'm going to skip this one, but I would update you later on. Right here is the recap of what we have been doing. The green one is our progress. Upstream energy security, the expansion of both domestic and international growth, cut down the cost. And for the gas business, we have to ensure security. It's not only the gas itself, but infrastructure investment as well. So we connect with ASEAN infrastructure and LNG in the long- term. So both domestically and internationally, we see progress. For example, from Arthit, we extend the contract Sin Phu Horm, both onshore and offshore, Thai-Malaysia project B8. So this is to increase our gas domestic production. The gas supply in the Gulf is around $6-$8 per million BTU. But LNG, we import it at $10-$12.
But the risk of LNG is not depends on us, but on the world market. But we have it through the pipeline, so it's quite safe for us. But anyway, we have to scale up our production. But for the overseas, we have to diversify our investment. Like PTT EP, they invest in some areas. Like in Algeria, we have the new sources into our port. For LNG, we import. The portion is the long-term contract for national energy security. But PTT, we are in the gas business for more than three decades, and we need to make money and to keep up with the international world. So LNG portfolio volume, we need to increase it. Trading for the first nine months, that's 2.2 million tons. That's out, out. We buy and sell, not coming into Thailand. So that's increased by up to 20%.
Then for the long-term LNG contract, before its procurement, it's fixed destination for Thailand. But now we negotiated FOB so that we have our own security and we have the flexibility to sell it to somewhere else as well. For power, we have two mandates for domestic security and decarbonization. But at the same time, we seek the opportunities to invest overseas, like solar projects. Renewable project in Avaada increased to 2.2 gigawatts, and it would grow to 9.1 gigawatts by 2030. So they have to balance between capital recycling. GPSC will be responsible for that. GPSC is collaborating with the government to advocate for direct PPA and TPA opportunity so that affordable price can come from one source to another source to cut down on the restriction. Downstream petrochemical and refinery, it is now down cycle.
The landscape is not so supportive, but we have to strengthen ourselves through EBITDA uplift in Thai Oil, GC, IRPC, and for asset monetization. I would share later on. And we shape portfolio. We take in international partners. But all in all, they are up to the plan or better than the plan. Trading, we have enhancement projects with a lot of contribution. OR, you would focus more on mobility. And for the tank, we would give you details later on. Genesis, we have the progress as planned. So everything is up to the plan. I cannot give much more detail because all of these companies are listed companies. So we have to be careful for the disclosure. But all in all, everything is up to the plan. OR, we can maintain number one market share. And for lifestyle, we have to expand some more.
For non-hydrocarbon business, restructuring of EV value chain. This is difficult, but still we are on plan. We have cash coming in. That's about THB 12 million from capital reduction of Horizon Plus, which is the car assembly. So the partner is leading, and we just divested some portion. CATL, we acquired them so that we can penetrate the market. Now we get some benefits already. For new mobility, we exit and then get some cash to be reinvested in what we need. Life science, business growth. This is another model. The flagship is Innobic. They have Lotus, Taiwan as listed company. So we sold some portion so that they can be more independent to invest in the US, and they grow quite well. For CVC, we focus on decarbonization and advanced material. Value is 1.3 times, but we gain the knowledge through these new ventures.
For sustainability, the main point is that in our energy trilemma, PTT Group has to be feasible and signpost-driven. Like Kunratakon has just mentioned previously, we have to look at the cost curve of the technology and the means for decarbonization because it would be adjusted unexpectedly, so we have to adjust ourselves to be more worthy of our investment. This slide would recap all the things. At first, many might ask the question, "You focus on the short term, cut the cost," but in the medium term and the long- term, we have to prepare for our growth as well, but we have to be very cautious because now it is the era of energy security. The drastic growth would give us high level of risk.
So we would focus on the growth, which is quite familiar to us, like the restructuring of the portfolio of petchem and LNG growth. So in the short term, we updated our P1 and D1 in parallel. P1 is trading synergy among our group and overseas, like the crude import and export. D1 is the same thing, but at the national level. For the first nine months, the target of P1 is THB 3.4 billion, and we already achieved THB 3.1 billion. D1 is a little bit slow because we started this year, but we have more than half. That's THB 460 million from THB 695 million. Mission X, operational excellence. Mission X target is THB 10 million. And for the whole group, that's THB 30 billion. Now we have acquired THB 8.3 billion out of THB 10 billion. So it is doing very good, and we would continue for the next two years. Digital transformation.
In the first phase is to the adjustment of the infrastructure, incorporate the use cases, cloud strategy, cybersecurity, seeking partners, and personnel development to uplift the AI proficiency so that we have 4,000 personnel by next year. So the target is 155. We got 155 out of 200. And CFO has just confirmed that cost saving would be as planned. Asset monetization, it's according to the plan as well. We would give you more details on F1 financial excellence later on. And cash, we have about THB 414 billion . So this is the sum up of things that we have to monitor for consistency. Genesis. For the recap, principles are still the same. To optimize PNR portfolio, we have to strengthen our flagship. These principles should be held. Flagship needs to be strong one way or the other. But these are the checklists to be checked.
We have to engage long-term strategic partners who bring in values. They might help us with some ideas. And then PTT remains controlling stakes in all flagships. So these are the foundation of Genesis. We are now discussing with potential strategic partners to formalize the plan, and we would update as time goes by because we are listed, subsidiaries are listed, and strategic partners are quite big. So I can give you many details, but it's up to the plan. The target transaction close is next year, 2026. Asset monetization, A1 objectives remain the same. Enhancing profitability and synergy. Synergy is important. We are committed to that goal and increase asset utilization and optimization. Unlocking cash. And just Rattakung mentioned the decarbonization requires infrastructure for carbon capture or hydrogen imports in the form of ammonia. So we look across the group to come up with the best options.
Now, synergy, cash as planned. ROIC boost, credit ratings. This is important for us, and we're quite happy with what agencies, rating agencies, are happy with our performance. Summarizing from CFO team for projects A1C core asset infrastructure, tank terminal jetties, A1 non-core consists of land buildings, A1 non-hydrocarbon, dealing with life science, pharmaceutical, EV, and A1 others. And Q1, Q2 progress, Q1, Q2 EV, Q2. The story is Thai Oil, Chandra Asri. Q3, we sold shares in CATL. New earning cash of THB 4.3 billion. Power Avaada GPSC transaction. And Q4, our target would be infrastructure, for example, GC got AGM approval. Moving to execution phase, Thai Oil next month and EV business, infrastructure development, life sciences further to what I mentioned earlier.
So, overall picture year to date, cash of THB 15 billion, net income THB 5 billion breakdown according to this part of the graph, A1 core, non-core, non-hydrocarbon. Next year, we will continue with infrastructure, A1 core, some EV business, power, and Genesis. Next year's goal, NI we cannot anticipate a lot, but cash-wise, THB 100 billion projected next year. Awards and recognitions, just to share to the right. Thank you. We receive high votes from you, the IAA awards, CFO, I myself, we thank you for your support. Others, state enterprises, we are cited for ESG performance. These awards and recognition say a lot about our shareholders' engagement, value enhancement, and supporting Thailand's national goal. I will give the floor to the CFO.
Good morning. Nine months highlights. We are in the struggle to survive mode. We have done it.
PTT as a group, we've managed, and as the CEO mentioned earlier, well, things proceed as planned. Q3, whatever we plan, we have managed, and thank you for your support in every possible way for PTT Group. So consolidated performance. So we have to work very hard amidst volatile environment. Last year, crude $80, year-end $70, this year down to $65. Of course, top lines being wiped out, revenue, but we do not focus on it a lot. We give more weighting to EBITDA. So lower spread, ENP reference to crude and gas prices. So EBITDA slightly downwards, but many actions, including profit enhancement effort, have given us the immunity. So EBITDA is at THB 257 billion and net profit THB 64 billion this year. This is normal, no extra item. So what happened is softer crude price and lower product spread.
Now, separately, last year. Well, last year's nine months 80, excluding extra items accounting. It will be 80. So last year, we booked both gains and losses, lots of impairments, assets divestment, offsets, more or less the same in the picture. So net income nearly 65, small extra item, so in the tune of 60. If we compare both periods, the red parts reflect externalities, nothing that we can do. And this has been internalized across hydrocarbon aspects of the business. So on that front, not much we can do, but still we do. For example, hedging gains and stock loss still persists in light of downward trends. Last year, more intense, and this year reflecting weaker economics. But it's plus because last year's stock losses were higher. So nothing positive. It's just less stock loss, all packs from restructuring and cost cutting across the group.
In part, we wound down multiple businesses, resulting in less expenses. OpEx, apart from cost saving, this will be reflected and depreciation story. The picture is better. For example, closure of many plants last year, and this year, PTT EP, less volume of sale, but maintaining unit costs and selling prices. Last year, we had 50% seeking partnership, fair value gain, and divestment of European pharmaceutical. This year, we don't have that. So it's minus THB 6 billion. Another aspect, we have no impairment this year versus last year. This year, we had no impairment. These two offset. FX, it's less, but it's about less derivatives gain. FX, higher, but less volatile compared with last year. We try to look for opportunity in the strong bond environment. I will talk about perpetual bond, 7.2% interest rates.
So it's swapped with CCS, so we gain 2%, then its cost is less than 5%, and this is reflected back to our cost of debt, i.e., with PERP, not booked as debt, booked as equity, but the cost doesn't increase. So that's excellent window. So others in the group will seek similar opportunity where they can no longer issue senior bond. For us, no, we will not do it. We have no need for financing. Second, senior bond or senior loan will be cheaper than PERP. So company with higher gearing will go that path. So that will allow us to achieve derivatives gain. At the end of the day, other transactions, very strong, positive.
What I really like is interest rates down by THB 4 billion due to attempts at asset monetization, doing ETC with PTT, using the gains to buy back bond and decrease loans, resulting in less interest burden by THB 5 billion. The rest, THB 16 billion, are about profit shares in the past. We used to hold share in Asahi. So less decrease on that, and CAP, Thai Oil's got the positive impact over there, so shown here as gain. So from this, you will show we don't have extra items, routine business. We want to highlight our perseverance, our efforts in both the part that affect P& L and our financial structure. We have to be strong as a group. Next slide shows Q- on- Q, similar picture. So from 21 to 19, excluding extra item, slight improvement. More or less the same picture as year to date.
Let's take a look at gas. Key drivers. There are two things to mention. First, NG price, softer downward, reflecting economic sales volume, minor shippers to IPP, stable. The gap would be IPP from 877 to 261 contribution margin, not disappearing a lot. It's just the trading margin. U-rate. Well, GSP still running full at 90%. Some missing volumes are LPG offset by import, but GSP alone, then U-rate is at maximum. LPG is slightly softer. Gas EBITDA still at 41 something, softer by THB 7 billion due to GSP, the light blue. Pet chem price is softer, if you recall. First, HDPE from $1,000 to $900, $100 wiped out. So gas is linked to pet chem price as well. So the margin here disappeared significantly. And the upper part, others, PE, LNG. So after 50-50 partnership, last year still booked at 100%.
So this year, half-half, we already booked gain since last year. Trading business, we have done well despite market volatility within narrow range. So EBITDA trading improved. Volume-wise is decreased. LNG import to power plants, less volume-wise. However, they can find other business activities, for example, crude trade out, new markets in India, or LNG for North Asia secure. So this helps offset, stabilize the margin and be resilient against lower volume through higher pricing. So we are confident that LNG hub concept, medium-term initiative, we will apply trading alongside gas to increase volume to the range of 10-15 million tons going forward. Balance sheet. First thing to look at, 3.3, very strong, THB 400 billion cash in hand, quite significant, taking into account two factors, PTT EP's investment, nearly THB 800 million as planned, Thai Oil capex continued investment, and the rest, not much. PTT itself, we monetize assets.
So we still have THB 400 billion cash in hand. Interestingly, debt's AP at THB 600 billion. Actually, weaker price AP should be down alongside AR. However, with our strong balance sheets, net debt EBITDA at 1.7 only. Others have gone 1.8. We use these strong balance sheets for our group to extend feedstock deal, doing more ETC, extending days. So they have increased in the value of 60, higher AP at PTT, but within the core ratio, no problem. Our group received liquidity to pay out expensive financing, ETC structure. Interest is lower than borrowing because it's not actual borrowing of money. So we continue ETC arrangement as long as our balance sheet remains strong. On the borrowing, well, interest-bearing debt, THB 1 trillion across the group. New bonds will be issued to offset expensive loan. So next year, there will be more PERPs, equity. So these reflect bond buyback.
We use half of that portion. We have executed half. We do whenever windows allow. At the end of the project, we achieved half. We'll float whether we will do more or not. We will propose to the CEO and the board of directors, but Ministry of Commerce, SEC, already announced that no need to wait six months. More agility for listed company. We are looking at appropriate timing. We will duly update you. Credit ratings, we are very comfortable at the end of the day. We must celebrate our ability to maintain investment grade. PTT, same as sovereign, but in the group, the risks of being downgraded this year, we have gone through it. Moody's for Thai Oil, investment grade maintained. I think we proceed along the right direction as reflected in the ratings as a group.
So this will remove the image of high debt. So this is what we want to do. We want everybody within the group to be strong. So people want to work with strong entity, not with those with weak balance sheets. So things are on track. And as I said, operation THB 400 billion. So we look from EBITDA, cash flow 200, but we spend on investment mostly in PTT EP and Thai Oil, loan repayment. So both on time and prepayment and bond buyback. In the end, 413, I believe that we will maintain this level unless PTT EP needs investment or LNG hub investment. So how much cash should we have? I believe up to THB 300,000 is strength level, but we try to manage. So 400, we try to do yield enhancement. Treasury stock is part of the plan to manage excess liquidity.
We have F1 strategy, so D1, P1, F1, which is want to consolidate to strengthen our financial position with funding optimization, asset monetization. We issue senior bonds, THB 20 billion, young savers features for young professionals to invest. People want to see us back, and we use this as reserve to buy assets. At the same time, we continue with banks further to PE LNG, THB 17 billion, and shareholders loan paid back, and we receive THB 17 billion PE LNG, the JV of EGAT and PTT. There's a long-term loan, attractive interest rates. We will continue at other assets. For example, PTT Tank, the new tank infra, they may need money to buy from GC, Thai Oil. We make provisions for tank infra to have proper financing or in case of investment needs, we make available. ESG yield enhancement, so we invest one part for long-term strategy.
So the capital stock market still focuses on ESG. Some banks still have reservations about hydrocarbons. We may not borrow a lot, but savings to enhance yield, we execute. OpEx and interest savings, the CEO mentioned we already achieved THB four billion, so that's for sure. But when we have, well, we have the mentality of saving and distributing across the group. So we talk among group-wide CFOs, whatever we do not spend all. So by Q4, we should save THB two billion naturally and THB four billion what we save, but do not use. So we've been working on cost control optimization to weather the storms of this year. So we believe we can achieve THB 10 billion while achieving business targets. Interest. Group-wide, in terms of cash throughout the life, we try to manage. Interest can be brought down both in terms of loan prepayment, but initiatives we're trying to do, interest management.
So over lifetime, we can come up with THB 2.7 billion. Share price, no less than THB 30 outperforming set, reflecting the soundness of treasury stock, and we are confident in our pricing. Next step, we will consult with CEO with the board. Dividend, as usual, we are looking at JUMP+ . We've been asked why we don't do like in South Korea, corporate value up, like bundling all initiatives and tell the investors about one year, three years, five years target. So we keep that in mind and talk to the market, and they said, "This is JUMP+ initiative of the stock market." So whatever we are doing and what we have to do extra, and it's a commitment from the company to the investors, we will improve. So we are mapping those that can be realized to the right investment grade strength.
We use ETC 22, THB 70 billion, and this year, THB 160 billion for three downstream companies within PTT Group in order to enable them to defend credit ratings at investment grade. Now, outlook, we must continue to work hard as we do not see across the horizons for improvement in the world economy. But we proceed with caution. We will manage. We can do it this year. Next year, we must be able to. We try to optimize volume, internal efficiency through M&A or U-rate optimization to cushion against pricing downward trend. So Q3, 67, now is 65. We never know, crude can be as low as $60, but we are comfortable with the fact that GRM still looks good, but we don't know $30 spread over Dubai, how tenable that would be.
But we are happy with 20, but still we hope that GRM will improve next year. Petchem aromatics may be less as more supply. Deal Olefins, Sable, maybe we gain from power with additional investments in Thailand and abroad. But at the end of the day, short, medium-term projects will yield results next year. So optimization of profits to improve ROIC over the next three-to-five years. Thank you.