TOP 2Q Earnings Soar 10 Folds with Surging Stock Gain and GPSC Divestment

Thai Oil Public Company Limited (SET: TOP) has announced its consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
25,326.94 2,122.68
Earning Per Share
12.4100 1.0400
% Change 1,093.16
6 Months 2022 2021
Net Profit (Loss)
Million Baht
32,509.60 5,482.68
Earning Per Share (Baht) 15.9400 2.6900
% Change 492.95

TOP reported a net profit of Baht 25,326 million in 2Q22, increased 1,093% from a net profit of Baht 2,122 million in 2Q21.

Compared 2Q22 with 2Q21, Thaioil and Subsidiaries reported higher integrated intake following resumption in economic activities and traveling restrictions being lifted. As such, sales revenue increased by Baht 65,772 million tracking higher product average selling prices, which was in line with the higher crude oil price. In addition, Thaioil and Subsidiaries booked higher GIM excluding stock gain / (loss) of 20.4 US$/bbl mainly due to a significant improvement in gasoline, jet/kero and gasoil spreads from lockdown easing and increases in international traveling.

Moreover, a reversal of crude and petroleum product inventory of Baht 259 million was booked during the period, while there was a write down of crude and petroleum product inventory of Baht 71 million in 2Q21.

With higher net foreign exchange loss of Baht 31 million, depreciation, finance costs, and tax expenses, net profit rose by Baht 23,204 million from the same period last year.

Furthermore, there were gain from investment reclassification and disposal of its investment in GPSC of Baht 17,334 million (before tax), or Baht 12,880 million (after tax), finance costs of Baht 1,926 million, or an increase of Baht 223 million from higher borrowings.


Dubai crude oil price in 2Q22 increased from 1Q22 and 2Q21 including higher price in 6M22 compared with 6M21 due to Russia-Ukraine war causing various countries to impose various forms of sanction on Russia. With limited additional supply from OPEC+ alliance since many members were unable to boost their outputs as agreed owing to the unrest in countries, the crude oil supply market was tightened further. However, crude oil prices were pressured from COVID-19 outbreak in many big cities in China, leading to many lockdowns. This led to concerns over the recovery of global oil demand.