PSP Continues Strong Growth in Q1/2026 with THB 265 Million Net Profit Amid Overseas Lubricant Market Expansion

P.S.P. Specialties Public Company Limited (PSP), a leading integrated lubricant solutions provider, announced its operating results for the first quarter of 2026, reporting total revenue of THB 3,264.45 million and net profit of THB 265.68 million. Net profit increased from THB 264.50 million in the same period last year and grew 129.39% compared to the previous quarter. The Company’s core revenue continued to derive from lubricant products, grease, transformer oil, rubber process oil, and related businesses, while also recognizing revenue and profit contributions from its investment in Recycle Engineering.

Despite ongoing challenges from continued high volatility in global oil prices, PSP remains committed to closely monitoring market conditions and adjusting operational strategies to achieve its targets, create new all-time high earnings in 2026, and advance its long-term sustainable business roadmap.

Mr. Sakesan Krongphanich , Deputy Chief Executive Officer of P.S.P. Specialties Public Company Limited (PSP), stated that the Company had submitted its Q1/2026 operating results to the Stock Exchange of Thailand. PSP recorded total revenue of THB 3,264.45 million and net profit of THB 265.68 million, increasing from THB 264.50 million in the same period of the previous year. The results reflected the Company’s ability to maintain profitability and expand margins despite fragile economic conditions and persistent volatility in global oil prices. Gross profit margin improved from 14.56% to 15.05%, while net profit margin increased from 7.55% to 8.14%.

“In the first quarter of this year, PSP generated sales revenue of THB 3,098.02 million. Sales revenue declined slightly in both domestic and international markets due to slower customer purchase orders in the lubricant and base oil segments, while certain export markets were also affected by unrest in some border areas and in regional export markets. Nevertheless, the Company maintained strong profitability through efficient raw material cost management and inventory control, as well as strategic negotiations to secure competitive raw material costs. As a result, PSP reported net profit of THB 265.68 million, up 0.45% from THB 264.50 million in the first quarter of the previous year and up 129.39% from the previous quarter,” Mr. Sakesan said.

At the same time, service revenue increased by 6.31% to THB 166.42 million, driven by the recognition of waste management service revenue from Recycle Engineering Co., Ltd. (RE), following PSP’s acquisition of a 100% stake and the change in investment status from a joint venture to a subsidiary since 2025.

In February, PSP also completed an additional investment in WhatsEGG (Thailand) Co., Ltd., the operator of the EggMall automotive parts e-commerce platform, increasing its shareholding from 30.00% to 75.00% through PSP Ventures Co., Ltd. As a result, WhatsEGG officially became a subsidiary of PSP, in line with the Company’s strategy to strengthen its core business through investments in the automotive industry value chain.

According to Kline ASEAN Market Research projections as of February 2026, the lubricant market in Asia is expected to grow at an average rate of 2.4% per year, while Thailand’s lubricant market is projected to grow by 2.5% annually. Demand for industrial and automotive lubricants is expected to increase by 1.5% annually, alongside growth in grease at 1.6%, rubber process oil at 3.3%, and transformer oil at 2.3% per year, respectively. Rising regional demand has also positioned Thailand as an attractive alternative manufacturing base for customers seeking new sourcing locations, creating significant opportunities for PSP.

Data from the Department of Land Transport as of the end of March 2026 showed that cumulative electric vehicle registrations in Thailand reached 1,172,887 units, increasing 10.7% from the end of 2025. Hybrid vehicles remained the dominant segment at 62.9%, continuing to use lubricants similar to conventional vehicles, while battery electric vehicles (BEVs) are creating new opportunities for specialized products such as battery cooling fluids, EV transmission fluids, brake fluids, and specialty greases. PSP has prepared for this transition through the development of laboratory capabilities and specialist personnel to support innovation in EV-related and environmentally friendly bio-based products, in line with the Company’s Specialized Creation strategy.

Mr. Sakesan added that the first-quarter performance marked a strong start to the year and reinforced confidence in PSP’s JUMP+ Plan 2026–2028, which was announced to the Stock Exchange of Thailand. The plan targets net profit of THB 1 billion by 2028, building on the record-high net profit of THB 853.5 million achieved in 2025. The strategy is driven by three core pillars: maintaining leadership in Thailand’s lubricant market while expanding export revenue, developing high-value innovative products, and expanding through mergers, joint ventures, and strategic investments in New S-Curve sectors related to digital technology, energy, and healthcare.

In terms of sustainability (ESG), PSP continues to move forward under its vision of “Sustainable Growth and Leadership in the Green Industry.” In 2025, the Company received a SET ESG Ratings level “A” and a 5-star Corporate Governance Report (Excellent CGR) rating. In 2026, PSP introduced artificial intelligence (AI) technologies to manage sustainability data as part of its roadmap toward international standards such as FTSE Russell ESG Scores. The Company has also established targets to achieve Zero Landfill by 2029 and Net Zero greenhouse gas emissions by 2050. In addition, PSP launched the PSP x AI Hackathon 2026 initiative to encourage employees to develop innovative AI applications within the organization, supporting PSP’s transformation into a sustainable, innovation-driven company.

“Amid ongoing business uncertainties stemming from geopolitical conflicts, trade policies, and oil price volatility, PSP remains focused on prudent raw material cost management and close market monitoring to ensure agile operational adjustments and achieve its target of delivering a new record-high net profit in 2026, while continuing along its sustainable growth journey,” Mr. Sakesan concluded.