PSP in 2024 reported total revenue of 13,350.6 million baht and a record-high net profit of 671.7 million baht, growing by 57%. The company announced a dividend payment of 0.15 baht per share, with the XD date set for March 13

PSP Specialties Public Company Limited (PSP) closed 2024 with record-high total sales of 13,350.6 million baht, a 9% increase from the previous year, driven by higher sales volumes from both existing and new customers, expansion into new export markets, investment in high-margin businesses, and entry into the B2C market. The company also focused on digital transformation, leveraging technology to enhance operational efficiency and optimize budget allocation. As a result, PSP achieved an all-time high net profit of 671.7 million baht, a 57% increase from 2023. The board approved a dividend payment of 0.15 baht per share, totaling 210 million baht. According to Kline ASEAN Market Research, the Asia-Pacific lubricant market, with a volume exceeding 3.3 billion liters, is expected to grow at an average annual rate of 2.8%. PSP aims for at least 15% revenue growth in 2025 and plans to increase foreign revenue share to 30% within the next three years.

Mr. Sakesan Krongphanich, Deputy CEO of P.S.P. Specialties Public Company Limited (PSP), the leading lubricant solutions partner, revealed that the company has reported 2024 financial performance to the Stock Exchange of Thailand. Over the past year, PSP achieved total annual sales of 13,350.6 million baht, marking the highest revenue in 35-year history and reflecting a 9% growth from 12,257.2 million baht in 2023. Additionally, the company's net profit in 2024 surged by 57% year-over-year to a record-high 671.7 million baht.

"The record-high sales in 2024 were driven by increased sales volumes of lubricants, grease, transformer oil, rubber process oil, and other products from both existing and new customers, both domestically and internationally. Additionally, PSP expanded exports to new markets such as Sri Lanka, Oman, Panama, and Myanmar. More importantly, the company followed strategic plan to explore new business opportunities. In 2024, PSP invested in high-return businesses, including Geneus Genetics Co., Ltd. (Geneus DNA), Thailand’s first DNA analysis leader, and Recycle Engineering Co., Ltd., a leading chemical and industrial product recycling company in Thailand, from which PSP recognized profit contributions last year," said Mr. Sakesan.

In addition to revenue growth strategies, PSP also prioritized maximizing budget efficiency. In 2024, the company invested in digital transformation by integrating various technologies into all operational processes to enhance efficiency, particularly in data storage, management, and utilization. These advancements also improved cost management capabilities and enhanced customer service, strengthening PSP’s overall competitiveness. As a result, the company achieved highest-ever net profit in 2024. The Board of Directors approved a cash dividend payment for the year at a rate of 0.15 baht per share, with the ex-dividend (XD) date set for March 13, 2025, the record date on March 14, 2025, and the dividend payment scheduled for May 16, 2025.

Mr. Sakesan further discussed the lubricant market, citing research from Kline ASEAN Market Research, which projects that the Asian lubricant market, with a volume exceeding 3.3 billion liters, will grow at an average annual rate of 2.8%. However, PSP sees significant opportunities within this large market to drive further growth. In 2025, the company aims for revenue growth of at least 15%, outpacing the market average through three key business strategies. These include establishing sustainable leadership by increasing revenue and expanding into new markets while growing both domestic and international revenue shares; leveraging PSP’s strengths to develop new products and services that build on expertise and drive sustainability-focused innovation; and creating new business opportunities by forging strategic partnerships to enhance competitiveness and expand the business in all dimensions. PSP also aims to increase foreign revenue share to 30% within the next three years.

Beyond revenue targets, PSP is committed to conducting business within the framework of sustainability (ESG) across economic, social, and environmental dimensions, based on good corporate governance. The company has set a goal to achieve net-zero greenhouse gas emissions by 2050 through recycling, the use of clean energy, and the development of environmentally friendly technologies, including lubricants derived from natural raw materials. PSP aims to solidify position as the leading provider of comprehensive lubricant solutions, ensuring stable and sustainable growth while maintaining dominance in the Thai market, Mr. Sakesan concluded.