The company is maintaining its readiness to build sustainable growth in the short and long terms, said president and chief executive officer Phongsthorn Thavisin, who highlighted PTTEP’s Expand and Execute strategy.

He said the company recorded recurring net income in the first quarter of $374 million, representing a rise of 23 per cent from $304 million in the same period of 2018. However, profits from non-recurring items were $20 million, decreasing from $119 million in the same reported period last year. This was mainly driven by lower appreciation of the baht against the US dollar, which has had little impact on the company’s cash flow, Phongsthorn said yesterday.

Those effects were behind the 7 per cent drop in first-quarter net income, from the $423 million posted for the same period last year.

For the first three months of 2019, the company’s total revenues were $1.42 billion, an increase of 15 per cent from $1.24 billion in the same period last year. This was primarily driven by improved average sales volume to 319,230 barrels of oil equivalent per day (BOED), compared with 293,099 BOED in the first quarter of 2018. The increased sales volume mainly resulted from the acquisition of additional participating interests in the Bongkot project in the Gulf of Thailand, coupled with a higher average selling price, which rose from $44.01 per barrel of oil equivalent (BOE) to $46.21 per BOE.

Consequenly, PTTEP has operating cash flow of $943 million and an earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of 76 per cent at the end of the first quarter.

“PTTEP is moving forward with the new Expand and Execute strategy, which we’ve actively implemented since earlier this year and have successfully achieved several major milestones,” Phongsthorn said. “We marked our move in the Middle East by being awarded two offshore exploration blocks, along with our global strategic partners, in one of the world’s high-potential petroleum locations, the United Arab Emirates. We also extended our footprint in Southeast Asia by acquiring Murphy Oil Corporation’s business in Malaysia.

“This will help boost sales volume and sales revenue immediately,” Phongsthorn said. “PTTEP were awarded additional two offshore exploration blocks in Malaysia as well. The aforementioned investments will help PTTEP grow in both the short term and long term.”

Regarding the “expand” component of the strategy, PTTEP said it would mainly focus on investing in the region where it has expertise and experience, especially in Southeast Asia. The company will also invest in the Middle East, which is considered a petroleum-rich area, through partnerships with strategic alliances.

Phongsthorn said the company will move actively forward in developing artificial intelligence (AI) and robotics business through AI and Robotics Ventures Company Limited (ARV), to increase the efficiency in the petroleum exploration and production business, provide better safety in operations, minimise impacts on the environment and reduce operation costs.

Under the “execute” part of the strategy, PTTEP’s priorities are to increase production volumes and add value to its existing projects. This includes increasing petroleum reserves by accelerating exploration activities and making the final investment decision regarding key pre-development projects in the pipeline, such as the Mozambique Rovuma Offshore Area 1 project.

In addition, the company said it will efficiently carry out the transition of Bongkot and Erawan fields to ensure a consistency of natural gas production, while managing the production costs in order to increase its competitiveness through technologies and innovations.

In an exclusive interview with The Nation, he said the firm would pitch its products to the business sector in the second half of this year. It aims to triple in size from the current staff of 10 by the end of this year.

“The valuation of YangonNet is growing fast, and we are fully confident of achieving our targets, working together with many strategic partners from Hong Kong and China,” he said.

Lin Htet Aung established the firm in June 2017, having worked in Singapore for more than a decade. Leveraging his experience acquired from several technology projects there, the executive aims to provide effective ICT solutions for both local and global customers seeking to transform their business with modern technology.

“Our commercial operations started in July last year. Even though our company is still new to the market, we have managed to gain the confidence of several big corporates, retail firms and some embassies in using our products and services,” he said.

“I have built a great team inspired to work for YangonNet , and that is an achievements I will always be proud of.”

Lin Htet Aung has a burning desire to establish a successful technology company since he was young . He studied hard and later, migrated to Singapore to gain more experiences and develop his passion for technology. After the opening of Myanmar’s economy in 2014, he decided to return home and set his heart on the establishment of YangonNet with his own savings.

“Access to finance is still a big issue for many startups in Myanmar, and there is no difference for YangonNet. But, I did not want to be overwhelmed by investors’ involvement in the early stage of our business. So, I decided to stand on my own feet,” he said.

Since its inception, the firm’s business has been growing rapidly with an average monthly revenue of US$2,000 to 3,000. The executive seems bullish on securing some big projects in the near future.

Currently, more than 20 organisations including big names and some embassies are using YangonNet’s technology solutions and products. The firm aims to get at least 10 more customers on its B2B [business to business] service platform.

“Our aim is to serve businesses in need of technology because we believe digital transformation would drive them to the next level. So, most of our commercial operations are somewhat related to technology set-up at clients’ offices,” he said.

The firm mainly focuses on three core sectors that could have a broader impact on millions of end users – retail, manufacturing and education. Currently, 60 per cent of its clients are international or joint venture firms with the remainder being local companies.

During the interview, the executive also talked about the challenges he faced. He considers the lack of skilled workers as the biggest.

“It is really hard to find people with multiple skills and how to motivate our employees is also a challenge. Generally, fresh graduates need to be trained from scratch,” he said.

Through this alliance, iflix will distribute JTBC’s premium content across Asia, setting the stage for further collaborations that may include co-productions in iflix markets, the company said.

JTBC has built its reputation as the source of South Korea’s fresh, youth-centric content that boldly embraces new formats, the company said. With its dramas, the company has made history for tackling complex and controversial themes, as well as setting viewership records in South Korea.

As part of the deal JTBC’s most popular content will be featured on iflix for free, including beloved South Korean dramas Welcome to Waikiki 2 and The Wind Blows, as well as top variety shows such as Men on a Mission and Chef and My Fridge, just one month following their Korean broadcasts.

In addition to premium catch-up TV, JTBC will also contribute an extensive library, exceeding 500 hours, of top-rated dramas, including SKY Castle, Cleaning with Passion Now, ID: Gangnam Beauty and Ms. Hammuribi, to iflix which will also be available to all iflix viewers for free.

The growth of Korean dramas has propelled the genre into the mainstream even outside South Korea. At iflix, this key vertical has seen exponential growth, consistently ranking high for user acquisitions and engagement in line with the Company’s target market, regardless of territory.

Mark Britt, iflix Co-Founder and Group CEO, said: “JTBC is a powerhouse in Korea, producing exciting new content that reflects the dynamic Korean entertainment industry. We are thrilled to welcome JTBC to the iflix family as investors and collaborators in our commitment to providing our viewers the most compelling free content in the region.”

Kyungmoon Jung, Chief Executive Officer of JTBC Content Hub, said: “iflix is a leading OTT service provider in Southeast Asia, and is providing quality content all over the region through its innovative platform. We are very glad that we could partner with iflix through this transaction. With its fast-growing economy and attractive demographics, Southeast Asia has always been one of the most important regions to JTBC. Through iflix, we hope more and more SEA people enjoy JTBC’s exciting and trend-leading content.”