5 Leadership Principles Behind PSP’s Sustainable Growth and Path to THB 1 Billion in Net Profit

By Mr. Sakesan Krongphanich, Deputy Chief Executive Officer, P.S.P. Specialties Public Company Limited (PSP) Amid economic volatility, geopolitical tensions, and continued fluctuations in oil prices, P.S.P. Specialties Public Company Limited (PSP), a leading integrated lubricant solutions provider, has continued to deliver record-high net profits for two consecutive years and is on track to achieve another record in its third consecutive year. Following its strong first-half 2026 performance, with net profit exceeding THB 800 million, the company has set a clear ambition to surpass THB 1 billion in net profit this year. The key question is: What lies behind growth that is both fast and resilient? The answer lies in the leadership philosophy that views growth and sustainability not as two competing priorities, but as interconnected objectives that must be designed and pursued together. Here are five principles that reflect PSP’s journey.

1. Grow with a Clear “Purpose,” Not Simply with the Market

PSP does not leave growth to market cycles. The company has formally announced its JUMP+ Plan 2026–2028 to the Stock Exchange of Thailand, with a measurable target of achieving THB 1 billion in net profit by 2028.

The strategy is driven by three key pillars: maintaining market leadership in Thailand while expanding export revenues to build a stronger and more diversified revenue base; developing innovative, higher-value products that address emerging market needs and enhance margins; and expanding the business through strategic investments that strengthen collaboration across the Group. Having a publicly communicated target creates organizational discipline, aligns the company toward a common direction, and enables investors and stakeholders to better understand, monitor, and evaluate the company’s business roadmap.

2. Build Strength from the Core, Then Expand to Global Markets

PSP’s growth foundation begins with its leadership in core businesses, including lubricants, greases, transformer oils, and rubber process oils. Building on this foundation, the company has expanded into international markets and currently exports to more than 50 countries across five continents, with a target of increasing the proportion of international revenue to 30% by 2028. Amid the ongoing shift of global manufacturing bases toward ASEAN, Thailand is attracting increasing attention as a strategic manufacturing hub. PSP is well positioned to capture these opportunities, supported by its manufacturing capabilities, production processes, technologies, and internationally recognized quality management systems. The approach is clear: strengthen the core business while building the capabilities required to compete and grow beyond Thailand.

3. Leverage Existing Expertise to Create New Growth Engines.

Long-term growth requires new engines of growth. PSP has therefore pursued strategic investments in businesses that are closely connected to its existing value chain and areas of expertise. This includes the acquisition of a 100% stake in Recycle Engineering Co., Ltd. (RE), a specialist in chemical management and recycling, as well as increased investment in WhatsEGG, an automotive spare-part marketplace, to support the expansion of its Mobility Ecosystem. At the same time, PSP continues to develop innovation under its Specialized Creation strategy. Key initiatives include the development of bio-based transformer oil through joint research and development under the EnPAT project, immersion cooling fluids for data centers, and Re-Refined Base Oil (RRBO) produced from used lubricating oil. These initiatives align with major global trends, including the circular economy, green chemistry, and Net Zero. Each step in PSP’s business expansion is therefore not about moving away from its existing industry or reinventing its business model. Rather, it is about connecting the pieces of its existing expertise and capabilities to higher-margin opportunities and markets driven by long-term global trends.

4. Pursue Sustainable Growth Supported by Measurable “Data”

What differentiates PSP’s approach to sustainability from broad commitments is its focus on making progress measurable at every stage. Under its vision of “Sustainable Growth and Leadership in the Green Industry,” PSP has achieved an “A” rating in the SET ESG Ratings, received a 5-star Corporate Governance Rating, and has achieved organizational carbon footprint certification for the third consecutive year. In 2025, the company reduced its greenhouse gas emissions by 10,143 tonnes of CO₂ equivalent, representing a 4.59% reduction compared with 2024. This reflects the company’s continued commitment to reducing emissions even as production volumes continue to increase. Importantly, PSP is also strengthening the underlying data infrastructure that supports its sustainability strategy. The company is transitioning from document-based data collection toward a digital sustainability data platform, with full implementation targeted for 2027. Artificial intelligence (AI) will also be introduced to help analyze greenhouse gas emissions data across operational processes, supporting more precise and informed strategic decision-making. These initiatives will also help PSP prepare for international sustainability assessments, including FTSE Russell ESG Scores, as the company progresses toward its targets of Zero Landfill by 2029 and Net Zero by 2050. Reliable and accurate data can transform sustainability from an annual reporting exercise into a powerful management tool that supports better business decisions.

5. Technology and Strategy Can Only Go So Far Without the Right “People”

The final principle is investment in people and organizational culture. PSP is creating opportunities for employees to contribute to innovation through the PSP x AI Hackathon 2026, designed to identify and develop use cases that can enhance operational efficiency and manufacturing processes. Looking ahead to 2027, PSP aims to deploy AI Agents as tools to support employees across the organization in data analysis and decision-making. At the same time, the company continues to strengthen its laboratory capabilities and develop specialized talent to support the products and technologies of the future. PSP’s growth, therefore, is not driven solely by machinery or capital investment. It is built on an organization that is capable of continuously learning, adapting, and responding to change.

Five Principles, One Direction Together, these five principles tell a consistent story: PSP’s purposeful growth is not a matter of chance. It is the result of deliberate design setting clear goals, building strength from the core, creating new growth engines, embedding measurable sustainability into business operations, and empowering people to drive transformation. The journey toward THB 1 billion in net profit therefore represents more than a financial target. It is also a demonstration of how a Thai company can build regional-scale growth while pursuing profitability and sustainability as interconnected priorities rather than having to choose between the two.