Thai Oil Public Company Limited (SET: TOP) has delivered a robust financial performance for the full year of 2025, reporting a consolidated net profit of Baht 14,584 million. This represents a significant 46% increase compared to the Baht 9,959 million recorded in 2024, with basic earnings per share rising to Baht 6.53.
This bottom-line growth is particularly notable given a 13.5% decline in sales revenue, which fell to Baht 394,336 million from Baht 455,857 million in the previous year. The revenue contraction was primarily driven by lower average selling prices for refined products—tracking a decline in global crude oil prices—and a major planned turnaround of Crude Distillation Unit 3 (CDU-3) during the third quarter, which reduced overall refinery utilization rates.
Operational profitability, as measured by EBITDA, decreased to Baht 17,619 million from Baht 22,026 million in 2024. This was partly due to a realized loss of Baht 537 million from financial instruments used for commodity hedging, reversing a gain from the prior year. However, the group’s core Gross Integrated Margin (GIM), excluding stock impact, improved slightly to 7.5 US$/bbl, supported by stronger spreads for jet fuel and diesel over Dubai crude. Additionally, stock losses narrowed to Baht 5,043 million from Baht 5,913 million in 2024.
The surge in net profit was heavily bolstered by non-operating gains. A key driver was a Baht 7,371 million gain recognized as a proportional share from a bargain purchase by associate PT Chandra Asri Petrochemical Tbk (CAP). Furthermore, TOP recorded a Baht 4,042 million gain from the repurchase of USD-denominated debentures, a substantial increase over the Baht 1,134 million gain in 2024.
Finance costs also declined by Baht 558 million as the company strategically reduced its debt profile through prepayments of long-term loans and debenture redemptions. These actions have strengthened TOP’s financial position as it moves forward with its multi-billion baht Clean Fuel Project (CFP), aimed at enhancing long-term refining capacity and competitiveness.
Additionally, the Board of Directors of TOP approved a dividend payment of THB 1.00 per share to be paid on 27 April 2026. The ex-dividend date is 25 February 2026.
