Bangchak Corporation Public Company Limited (SET: BCP) delivered an outstanding financial performance in 3Q26, driven by robust refining margins, elevated global energy prices, and strategic regional expansion. Total revenue from sales and services jumped 48% YoY to THB 182,296 million, compared with THB 123,305 million recorded in 3Q25.
Net profit attributable to owners of the parent surged nearly eightfold to THB 9,849 million from THB 1,108 million in the prior-year period. Earnings per share reached THB 6.73, up from THB 0.80. Core profit—excluding extraordinary items—similarly recorded strong growth of over 350% YoY to THB 8,962 million. Total Accounting EBITDA expanded more than 120% YoY to THB 22,920 million.
The primary catalyst behind the profit surge was the Refinery, Marketing, and Biofuels Group. The refinery business saw its operating gross refining margin widen significantly to $17.36/bbl from $7.38/bbl in 3Q25, supported by tight global supply and strong refined product crack spreads. The Sustainable Aviation Fuel (SAF) unit contributed THB 969 million in EBITDA following its commercial launch.
Furthermore, the Marketing segment benefited from the initial consolidation of Bangchak Hong Kong (BHK), adding THB 656 million to EBITDA. In the Upstream segment, OKEA’s EBITDA rose 44% YoY to THB 5,829 million, lifted by higher realized oil ($94.6/bbl) and natural gas prices ($121.3/bbl).
P&L performance was also shaped by key non-operational elements. Elevated crude prices resulted in a net inventory gain of THB 208 million (compared with an inventory loss of THB 1,271 million in 3Q25) and asset impairment reversals.
However, these gains were partially offset by a derivative loss of THB 4,191 million—primarily from oil price hedging—up from a THB 1,097 million loss in 3Q25. Tax expenses rose to THB 4,771 million alongside higher operating earnings, while finance costs edged up to THB 1,567 million.
