PTT Oil and Retail Plc (OR) is upbeat about a stronger performance this year than last, when it experienced a decline in total revenue.
The company hopes to benefit from an improving economy driven by tourism and investments this year.
Tourism should play a key role in lifting the economy, with the number of foreign arrivals projected to reach a new record, said ML Peekthong Thongyai, chief executive of OR.
In 2019, Thailand welcomed 39.7 million foreign visitors who spent 1.9 trillion baht during their stay, according to media reports.
Last year, the number of foreign travellers was 35.5 million, a year-on-year increase of 26.2%. Their total spending tallied 1.6 trillion baht, an increase of 34% from 2023.
This surge in visitors combined with more expected investments in Thailand, according to the Board of Investment, should help drive the economy in 2025, said ML Peekthong.
OR wants to focus on using digital technologies to strengthen businesses, increasing its market share in the oil segment to levels similar to before the pandemic, he said.
Over the past few years, the company's market share in the oil wholesale and retail trade fell to 34% from 42%.
OR will continue to develop its clean energy-related businesses, including electric vehicle charging services, as well as support non-oil businesses with a growth potential, especially its coffee business under the Cafe Amazon brand as well as the healthcare and wellness business, said ML Peekthong.
Last year OR diversified into the healthcare business by opening shops selling healthcare and beauty products.
The company is looking for a new business opportunity in the healthcare sector which tends to keep growing to serve customers with modern lifestyles, said ML Peekthong.
Overseas OR plans to expand its business in Cambodia, a market with high-growth potential supported by political stability, he said.
Last year the company reported total revenue fell by 5.9% to 724 billion baht, attributed mainly to the decrease in oil sales and average global oil prices.
OR's mobility-related businesses, including oil trade, registered a drop in revenue by 7.4%, while lifestyle businesses grew by 8.2% thanks to business expansion.