Bangchak Corporation Public Company Limited (SET: BCP) has reported a robust financial performance for the first quarter of 2026, with net profit soaring by 190% year-on-year to THB 6,144 million. This translates to earnings per share of THB 4.17, a significant jump from the THB 1.54 recorded in the same period last year.
The company’s total revenue from sales and services rose 6% year-on-year, reaching THB 142,528 million. This growth was primarily fueled by the Refinery Business, which benefited from higher global oil prices and an average crude run that reached a record high of 279.8 KBD. Additionally, the Marketing Business achieved its highest-ever total sales volume, supported by strong demand in both the retail and industrial segments.
A major driver of the profit surge was the Operating Gross Refining Margin (GRM), which surged to US$18.57/BBL, up from US$3.98/BBL in Q1/2025. This expansion was supported by tighter global supply and a favorable Brent-Dubai spread. However, these gains were partially offset by a massive loss from derivatives totaling THB 12,229 million, a sharp reversal from the THB 955 million gain recorded in the prior year. These derivative losses were mainly linked to the risk management of crude oil and refined product spreads through forward contracts.
Despite the impressive reported net profit, the core profit (excluding extraordinary items) actually declined by 57% year-on-year to THB 953 million. The bottom line was significantly bolstered by extraordinary items, including a substantial inventory gain of THB 8,299 million and a THB 3,179 million reversal of asset impairment.
Operating expenses and tax also weighed on the results, with income tax expenses rising to THB 8,540 million. Looking ahead, the sources indicate that while BCP has secured crude supplies through July 2026, ongoing Middle East tensions continue to pose risks of rising freight, insurance, and procurement costs.
