Thai Oil Public Company Limited (SET: TOP) has posted an exceptional financial performance for the first quarter of 2026, with net profits skyrocketing compared to the same period last year. The company reported a net profit of 19,481 million baht, a staggering increase from the 3,504 million baht recorded in Q1 2025.
The group’s sales revenue rose to 114,809 million baht, representing an increase of 8,539 million baht year-on-year. This growth was primarily driven by higher average selling prices across all products, which aligned with rising crude oil costs. A key performance driver was the Gross Integrated Margin (GIM) excluding stock gains, which surged to 14.8 US$/bbl from 5.4 US$/bbl in Q1 2025. This was largely supported by significantly higher refining spreads for jet fuel and diesel, triggered by tight global supply following the closure of the Strait of Hormuz and broader geopolitical tensions in the Middle East.
A critical component of this quarter’s result was a massive stock gain of 22,557 million baht, compared to a gain of only 1,080 million baht in Q1 2025. These gains resulted from timing differences in crude procurement; Thai Oil processed lower-cost crude purchased in advance before market prices spiked due to the conflict. Consequently, EBITDA jumped to 31,641 million baht.
However, the profit and loss statement also reflected significant offsets. The company recognized a loss on the fair value of financial instruments amounting to 8,582 million baht, a sharp reversal from the gain recorded in the previous year. On the positive side, Thai Oil realized a one-time gain of 2,436 million baht from the repurchase of debentures.
Despite the record-breaking figures, management cautioned that these results are largely driven by short-term volatility. The company anticipates that currently elevated crude costs will be reflected in future quarters, potentially leading to stock losses if geopolitical tensions ease and prices decline.
