ESSO 1Q22 Earnings Surge over 100% to THB5,900 Million on Higher Sales Volume

Esso (Thailand) Public Company Limited (SET: ESSO) has reported its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
5,899.72 2,788.41
Earning Per Share
1.70 0.81
% Change 111.58

ESSO reported a net profit of THB5,899 million in 1Q22, an increase of 111.58% from a net profit of THB2,788 million in 1Q21.

Revenue from sales was THB57,680 million, up THB18,422 million from the same period of last year, due to higher selling prices as well as higher sales volume from improved COVID-19 situation. Meanwhile, profit from sales was THB7,343 million, which was THB3,876 million higher than the same period of last year primarily from Downstream segment mainly due to favorable inventory effects and sales volume growth.

Gross Refining Margin (GRM) in the first quarter of 2022 was $22.7/Bbl, up by$10.9/Bbl from the same period of last year largely contributed by favorable inventory effects.