Thai Oil Public Company Limited (SET: TOP) has announced its 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss) Million Baht |
3,503.51 | 5,862.94 |
| Earning Per Share (Baht) |
1.5700 | 2.6200 |
| % Change | -40.24 | |
TOP reported a net profit of Baht 3,504 million in 1Q25, a 40% decrease from the same period of last year.
Sales revenue was reported at Baht 106,270 million, representing a 7% from the first quarter of 2024. The decline was due to a drop in selling prices for many products.
Gross Integrated Margin (GIM), excluding stock gain/loss, decreased by 5.0 US$/bbl due to a drop in the Gross Refining Margin (GRM), which was pressured by a drop in the spread of gasoline, jet/kero, diesel, and very low sulfur fuel oil over Dubai.
Additionally, a decrease in the spread of diesel over Dubai came from reduced demand for diesel. This was further pressured by the spread of very low sulfur fuel oil over Dubai due to higher supply. Crude premium in Q1/25 increased compared to Q1/24, supported by a stricter sanction on Russia. Moreover, the contribution from the aromatics business declined due to a decrease in the spread of Paraxylene (PX) over ULG 95, pressured by concerns over a global economic slowdown and weak profitability in downstream products such as PTA.
In terms of crude oil prices, the average Dubai crude price in Q1/25 declined less compared to Q4/24 than the decline in Q1/24 compared to Q4/23. This resulted in an increased gain in stock by Baht 998 million. Nevertheless, Thaioil and its subsidiaries reported a decline in GIM, including stock gain/loss, by 4.0 US$/bbl compared to Q1/24. A reversal on crude and petroleum product of Baht 80 million was booked, compared to a write-down on crude and petroleum product of Baht 824 million in Q1/24.
Including a realized net gain from financial instruments (including only commodity hedging), EBITDA declined by Baht 4,487 million compared to the same period last year. However, Thaioil and its subsidiaries reported a fair value gain on financial instruments of Baht 192 million, compared to a fair value loss on financial instruments of Baht 147 million in Q1/24. Net foreign exchange gains also increased by Baht 951 million, while gains from repurchase of US dollar-denominated debentures decreased by Baht 58 million.
