BCP Reports 36% Profit Growth in 3Q22 as Refinery and Trading Business Remain Strong

Bangchak Corporation Public Company Limited (SET: BCP) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
2,470.05 1,820.09
Earning Per Share
1.7300 1.2500
% Change 35.71
9 Months 2022 2021
Net Profit (Loss)
Million Baht
12,102.60 5,868.14
Earning Per Share (Baht) 8.6400 4.0500
% Change 106.24

BCP recorded a profit for the period of THB 2,470 million, an increase of 36% YoY.

Revenue from sale of goods and rendering of services was THB 74,767 million in 3Q22,  an increase of 57% YoY, mainly from oil related business where both product price per unit and sales volume increased.

Gain from derivatives were recorded at THB 1,460 million, mostly from the fair value measurement for crude and product oil price hedging contract according to accounting standards.

The company also recorded a gain of THB 215 million from foreign exchange, compared to a loss of THB 516 million in 2Q22 and a gain of THB 103 million in 3Q21.


The Refinery and Trading Business segment marked a significant growth in 3Q22 as the performance increased 118% YoY even with inventory loss in this quarter. This was due to the increase in operating GRM from higher crack spread of all products when compared to 3Q22. Especially, Diesel and Dubai crack spread (GO-DB) which is the largest product yield of Bangchak refinery, rose significantly. In addition, this quarter realized gains from crude and product oil price forward contract.

Furthermore, BCP stated that BSGF is preparing to establish Sustainable Aviation Fuel (SAF) unit within the Bangchak refinery with an initial production of 1.0 million liters per day. The SAF will be ready for commercial sale for both domestic and international flights by 4Q24. The project will help to decrease Bangchak’s GHG emissions in line with the company group’s Net Zero GHG Emissions target by 2050.