Thai Oil Public Company Limited (SET: TOP) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share (Baht)||6.17||-1.62|
TOP reported a net profit of Baht 12,578 million baht in 2021, improved from a net loss of Baht 3,301 million in 2020.
TOP had sales revenue of Baht 335,827 million, higher by Baht 92,987 million mainly due to higher product prices, while having slightly lower integrated intake. Furthermore, spreads of gasoline over Dubai, lube base oil over fuel oil and BZ over ULG95, including LAB gross margin improved sharply during the period. Thus, GIM excluding stock gain / (loss) rose by 3.1 US$/bbl, totaling to 5.5 US$/bbl in 2021. Besides, stock gain of Baht 15,063 million was recognized during the period following a hike in crude oil price whereas stock loss of Baht 7,399 million was booked in 2020.
In addition, there was a reversal on crude and petroleum product inventory of Baht 332 million during the period, compared with a write-down on crude and petroleum product inventory of Baht 549 million in the previous year. Together with net realized loss on financial instruments of Baht 2,461 million, an increase of Baht 2,287 million, TOP then earned EBITDA of Baht 28,142 million, compared with loss on EBITDA of Baht 2,056 million in 2020.
Nonetheless, TOP recorded a net foreign exchange loss of Baht 4,595 million following a significant depreciation in Thai Baht during the period. From Q3/21, TOP adopted hedge accounting under TFRS9 to manage its foreign currency exchange risk between its U.S. Dollar debentures and its sales revenue which was U.S. Dollar and linked to U.S. Dollar. This helped reduce fluctuation to the bottom line.
In addition, the Board of Directors approved a dividend payment of Baht 2.00 per share to be paid on 25 April 2022. The ex-dividend date is 3 March 2022.