ESSO Reports 867% Profit Growth in 2Q22 as Sales Surge

Esso (Thailand) Public Company Limited (SET: ESSO) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
8,299 858
Earning Per Share
2.40 0.25
% Change 867
6 Months 2022 2021
Net Profit (Loss)
Million Baht
14,198 3,647
Earning Per Share (Baht) 4.10 1.05
% Change 289

In 2Q22, ESSO recorded a net profit of THB8,299 million, an increase of THB7,440 million, or 867%, compared to 2Q21’s net profit of THB859 million. This resulted in a net profit of THB14,199 million for the six-month period ending in June, up THB10,552 million, or 289%, from THB3,647 million for the same period last year.

Revenue from sales for the second quarter of 2022 and for the first half of 2022 were higher than the same periods of last year, largely due to higher market prices and higher sales volume for most products.

In the second quarter of 2022, profit from sales was THB10,362 million, which was THB9,287 million higher than the same period of last year primarily from the Downstream segment mainly due to improved refining margin, favorable inventory effects, and sales volume growth.

Compared with the same period last year, net finance costs are almost the same due to lower interest rates offset by higher average debt balance.