IRPC Public Company Limited reported a dramatic surge in earnings for the third quarter of 2026, driven by a strong rebound in petroleum refining margins. Net profit jumped to THB 4,550 million, climbing over 1,200% year-over-year from THB 340 million in 3Q25, while expanding 56% sequentially. Net sales revenue reached THB 78,195 million, up 35% year-over-year, supported by a 46% surge in average selling prices alongside rising crude benchmark prices.
Key Financial Highlights
- Net Profit: THB 4,550 million (up >100% YoY from THB 340 million)
- EBITDA: THB 10,124 million (up >100% YoY from THB 3,029 million)
- Earnings Per Share (EPS): THB 0.22 (up from THB 0.02 in 3Q25)
- Market GIM: $19.29/bbl (up 92% YoY from $9.04/bbl)
The quarter’s outperformance was anchored by the Petroleum Business Unit. Market Gross Refining Margin (GRM) surged to $16.47 per barrel from $6.01 per barrel in 3Q25, propelled by widening diesel spreads reaching $65.80 per barrel over Dubai crude. Tight global supply conditions from Russian export curbs and Middle Eastern geopolitical friction significantly enhanced refining cracks.
Conversely, the Petrochemical Business Unit faced margin compression; Market Product-to-Feed (PTF) dropped to $1.87 per barrel from $2.01 per barrel in 3Q25, burdened by elevated naphtha feedstock costs and cautious, as-needed purchasing by downstream buyers. Power and utilities generated stable margins, contributing THB 719 million in net sales.
Earnings quality reflected a mix of operational gains and non-recurring swings. Accounting Gross Integrated Margin (GIM) hit THB 13,012 million ($23.79/bbl), boosted by a THB 2,464 million net inventory gain that included a THB 3,147 million Net Realizable Value (NRV) reversal. However, bottom-line growth was partially offset by non-operational headwinds, including a THB 1,042 million non-cash asset impairment loss on an associate investment and THB 469 million in unrealized oil hedging losses.
IRPC strengthened its balance sheet and liquidity profile during the quarter. The company maintained a healthy current ratio of 1.58x, while its net interest-bearing debt-to-equity ratio stood at a manageable 0.54x. Net interest-bearing debt to EBITDA improved to 1.42x. Diluted earnings per share surged to THB 0.22, up from THB 0.02 in the prior-year period.
Looking ahead to 4Q26, management expects crude oil prices to remain elevated due to ongoing Middle East geopolitical uncertainties and winter inventory replenishment in China. Conversely, the petrochemical segment is projected to face continued margin volatility from elevated feedstock costs, though year-end seasonal spending may offer modest demand support.
