TOP Reports 160% Surge in Net Profit of THB32 Billion with THB1.70 Dividend Payout

Thai Oil Public Company Limited (SET: TOP) has announced its 2022 yearly consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
32,668.14 12,578.03
Earning Per Share
15.6300 6.1700
% Change 159.72

TOP reported sales of Baht 505,703 million, or Baht 169,876 million higher due to higher product selling prices tracking crude oil price. Furthermore, gasoline, jet/kero and gasoil spread over Dubai improved due to city opening and the lifting of international travel restrictions. Profit from surfactant business was at a good level although aromatic spreads and base oil spreads declined. 

Therefore, TOP reported a higher GIM excluding stock gain/loss of 7.9 US$/bbl, totaling to 13.4 US$/bbl. Furthermore, the company booked a stock gain of Baht 3,613 million, but Baht 11,450 million lower than in 2021. However, TOP had a write-down on crude and petroleum product inventory of Baht 10 million, compared with a reversal on crude and petroleum product inventory of Baht 332 million in 2021. Altogether with realized loss from financial instruments of Baht 15,841 million, TOP had higher EBITDA of Baht 37,187 million, or boosted by Baht 9,045 million. 

However, the company also booked a loss from fair value measurement of financial instruments of Baht 164 million and foreign exchange loss of Baht 64 million due to Thai Baht depreciation. Furthermore, TOP had a fair value measurement and gain from the partial disposal of our investment in GPSC of Baht 17,334 million (before tax) or Baht 12,880 million (net of tax). Offsetting with depreciation, finance cost, and tax expenses, TOP booked a net profit of Baht 32,668 million in 2022, or Baht 20,090 million higher than last year.


In 2022, the refinery had higher throughput by 7%, compared with that of 2021, as it adopted its production plan to capture resumption in economic activities and the fact that COVID-19 pandemic was declared an endemic. At the same time, sales volume expanded by 11% and with higher product selling prices, sales revenue went up by Baht 196,071 million, totaling to Baht 544,792 million. GRM excluding stock gain/loss of 12.0 US$/bbl, or a 9.8 US$/bbl increase was reported during the period. 

Additionally, a stock gain of Baht 3,613 million was observed which represented a decline of Baht 11,450 million from that of 2021. Altogether with net realized loss from financial instruments of Baht 15,997 million, which was a higher loss of Baht 13,280 million, EBITDA of Baht 30,139 million was recorded. This represented an increase of Baht 14,639 million from the same period last year in terms of EBITDA. Furthermore, loss on fair value measurement of financial instruments of Baht 131 million was booked that was slightly higher than that of the prior year.

In 2022, the refinery booked a net loss on foreign exchange of Baht 24 million, this was an improvement of Baht 4,849 million. Meanwhile, there was a gain on partial disposal in investment in GPSC totaling Baht 18,026 million, before tax, or Baht 13,572 million, net of tax. Offsetting with depreciation, finance cost and tax expenses, the refinery posted net profit of Baht 30,887 million in 2022, representing an increase of Baht 28,425 million from 2021 (net profit, with dividend income, was Baht 33,665 million).


In addition, TOP announced that the Board of Directors approved a dividend payout of THB 1.70 per share on 27 April 2022. The ex-dividend date is 23 February 2022.