ESSO Earns THB9.5 Billion in 2022 while Revenues Surpass THB263 Billion

Esso (Thailand) Public Company Limited (SET: ESSO) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
9,509 4,444
Earning Per Share
2.75 1.28
% Change 114

In 2022, ESSO registered a net profit of THB9,509 million, up THB5,065 million or 114% from a net profit of THB4,444 million in 2021.

Total revenue of 2022 was at THB263,000 million, higher than last year, largely due to higher market selling prices and sales volume. In 2022, profit from sales was THB11,853 million which was THB6,303 million higher than last year as a result of the effort to increase sales volume and stronger industry margins. Compared to last year, netfinance costs increased by THB51 million primarily driven by higher interest rates and higher loan balance.

Full year 2022 Dubai prices averaged $96.3/Bbl, an increase of $27.1/Bbl compared to last year mainly due to demand recovery from overall improved COVID-19 situation, the Russia-Ukraine conflict, and rising oil demand from gas-to-liquid switching as a result of higher natural gas price. However, concerns over bearish sentiment of the global economy had pressured crude prices to be volatile throughout the year.

In tandem with crude prices, all product prices continued to move in upward trend as a result of higher demand from resumed economic activities supported by recovery in global tourism industry as well as gas-to-liquid switching in power generation industry