PSP Unveils JUMP+ Plan, Targeting THB 1 Billion Net Profit Within Three Years Through Innovation-Driven Growth and New Revenue Streams

P.S.P. Specialties Public Company Limited (PSP) has announced its JUMP+ Plan for 2026–2028 to the Stock Exchange of Thailand, aiming to increase net profit to THB 1 billion by 2028. This target follows the Company’s record-high net profit of THB 850.64 million in 2025, representing nearly double growth in just two years. The strategy is based on three key pillars: strengthening 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 businesses related to digital technology, energy, and healthcare sectors. The initiative aims to establish a diversified and resilient long-term revenue structure.

Mr. Seksan Krongpanich, Deputy Chief Executive Officer of P.S.P. Specialties Public Company Limited (PSP), a leading integrated lubricant solutions provider, stated that over the past two years, PSP has shown that profit growth is driven not only by revenue expansion but also by improving the quality of earnings. The JUMP+ Plan for 2026–2028 is therefore not merely a financial target, but a strategic business restructuring framework designed to support sustainable long-term growth.

The Company’s performance from 2023 to 2025 clearly reflects this direction. Total revenue remained within the range of THB 12.0–13.4 billion, while net profit rose significantly from THB 427.54 million in 2023 to THB 671.67 million in 2024, reaching THB 850.64 million in 2025. The net profit margin also improved from 3.48% to 5.02% and 6.68%, respectively, indicating that PSP nearly doubled its profitability within just two years. Building on this momentum, the Company aims to achieve THB 1 billion in net profit by 2028, with interim targets of THB 900 million in 2026 and THB 950 million in 2027 through the simultaneous execution of its three strategic pillars.

Strengthening Core Business and Expanding Export Contribution to 30%

Under the first strategic pillar, PSP will reinforce its core businesses, which have consistently maintained market leadership in lubricant products, transformer oil, industrial oil, and rubber process oil. The Company will continue to adopt a customer-centric approach, improve production efficiency, and strengthen supply chain management to support rising demand driven by the relocation of manufacturing bases to Thailand and the ASEAN region.

Currently, PSP sources base oils from approximately 20 domestic and international suppliers and maintains average raw material reserves of 30–60 days to mitigate risks from market volatility and supply disruptions.

For international market expansion, the Company aims to increase export revenue contribution from the current 22.9% to 30% of total sales revenue by 2028. The focus will be on ASEAN markets, benefiting from the growth of the automotive industry and industrial investments. PSP plans to achieve this through collaborations with experienced local distributors and by developing products tailored to the standards and requirements of each target market.

Three Innovation Projects Creating New Revenue Streams at Different Stages of Commercial Readiness

The second strategic pillar is the core driver of medium- to long-term revenue growth. PSP is advancing three innovation projects, each at a different stage of commercial readiness.

The most advanced project is EnPAT, a bio-based transformer oil developed from Thai palm oil in collaboration with Global Green Chemicals Public Company Limited (GGC) and the National Science and Technology Development Agency (NSTDA). The product is currently undergoing operational testing with the Metropolitan Electricity Authority (MEA) and the Provincial Electricity Authority (PEA) to evaluate performance and safety before full commercial production and international market expansion in 2028.

The project aligns with circular economy principles, as more than 97% of the used oil can be converted into biodiesel, reducing waste and enhancing the value of domestic resources.

The second project is Re-Refined Base Oil (RRBO), following PSP’s acquisition of a 100% stake in Recycle Engineering Co., Ltd. (RE) in mid-2025. The initiative focuses on processing used lubricants into high-quality base oil comparable to virgin oil, reducing dependence on imported raw materials and supporting circular economy objectives.

The project is currently in the commercial feasibility and production preparation phase. In 2026, PSP plans to sign memoranda of understanding with technology providers, obtain factory licences, and install machinery before commencing commercial operations and revenue recognition in 2027, followed by continuous capacity expansion in 2028.

The third project involves immersion coolant solutions for data centers, which is currently in the early research and development stage. PSP has already signed memoranda of understanding with Eco Atlas, an integrated data center solutions provider, and Evonik, a leading global specialty chemicals company.

The 2026 plan will focus on laboratory-scale formulation testing before expanding towards commercial partnerships and market studies in 2027, with both domestic and international market launches targeted for 2028.

Mergers and acquisitions and new S-curve investments to diversify revenue beyond core businesses

The third strategic pillar focuses on business expansion through mergers, joint ventures, and strategic investments in businesses that complement PSP’s core operations. The company places strong emphasis on New S-Curve sectors aligned with global megatrends, including data center technologies, digital platforms, and healthcare businesses.

At the same time, PSP aims to maximise synergies among group companies through shared use of resources, technologies, and customer bases. The company will maintain disciplined capital management, implement phased investment strategies, and preserve an appropriate debt-to-equity (D/E) ratio.

Currently, PSP’s D/E ratio stands at 0.82x, improving from 0.95x in 2024 and 1.15x in 2023, reflecting the company’s increasingly strong financial position.

Governance and Climate Action as Foundations for Sustainable Growth

The JUMP+ Plan also includes initiatives to strengthen corporate governance. PSP aims to achieve certification from the Thai Private Sector Collective Action Against Corruption (CAC) by 2028 and extend the same governance standards to its critical Tier 1 suppliers.

In parallel, the company plans to establish insider trading prevention policies and an AI governance framework within the same timeframe.

On climate action, PSP targets a 6% reduction in greenhouse gas emissions by 2026 and a 13% reduction by 2028 from its 2024 baseline of 220,725 tonnes of carbon dioxide equivalent. These targets will be achieved through improved energy efficiency in production processes using digital systems and the development of five low-carbon product SKUs by 2028.

The company’s long-term objective is to achieve carbon neutrality and net-zero greenhouse gas emissions by 2050.

Mr. Chotdhanin Temsiripong Corporate Strategy Director

Ms. Tananya Raemonkon Senior Investor Relations Officer