ESSO Reports THB3.1 Billion of Net Loss over Bad Inventory Management

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

Quarter 3Q22 3Q21
Net Profit (Loss)

Million Baht

-3,126.66 46.34
Earning Per Share


-0.9000 0.0100
9 Months 2022 2021
Net Profit (Loss)

Million Baht

11,071.70 3,692.87
Earning Per Share (Baht) 3.2000 1.0700
% Change 199.81


Total revenue for the third quarter of 2022 and for the nine-month of 2022 were higher than the same period last year, largely due to higher selling prices and sales volume of products, as a result of rising demand from resumed mobility and relaxed travel restrictions as well as gas-to-liquid switching in the power generation industry.

In the third quarter of 2022, loss from sales was Baht 3,953 million, which was Baht 4,020 million lower than the same period of last year, mainly from unfavorable inventory effects. Meanwhile, accounting gross refining margin (US$/Bbl) was -7.4USD/bbl, compared to 4.0USD/bbl in 2Q21. Cost of sales was Baht 68 billion, a huge increase from Baht 38 billion in 3Q21.

The company continued to maintain market position and grow footprint via service station network expansion. At the end of the third quarter, there were 780 service stations nationwide, or a net increase of 49 sites from year-end 2021.

Compared with the same period last year, net finance costs decreased by Baht 13 million in the third quarter of 2022 primarily driven by lower average borrowings.