TOP Reports THB1,120 Million of Net Profit in 2Q23

Thai Oil Public Company Limited (SET: TOP) has announced its Q2/23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
1,117.09 25,326.94
Earning Per Share
0.5000 12.4100
% Change -95.59
6 Months 2023 2022
Net Profit (Loss)
Million Baht
5,671.22 32,509.60
Earning Per Share (Baht) 2.5300 15.9300
% Change -82.56

TOP reported a decrease in selling prices resulted in a decline of revenue from sales by Baht 35,425 million and TOP reported significantly lower GIM excluding stock gain/loss by 19.5 US$/bbl. The main reason was the significant decreases in product spreads, particularly jet/kero and gasoil, due to ongoing Russian oil supply.

The decrease in crude oil prices led to a stock loss of Baht 1,929 million, compared with a stock gain of Baht 7,557 million during the same period last year. TOP also booked a decrease of a reversal on crude and petroleum product inventory by Baht 244 million from Q/22.

The company noted that it booked a smaller loss on financial instruments by Baht 2,196 million than Q2/22. At the same time, TOP booked a lower net loss on foreign exchange of Baht 300 million.

However, in Q2/22, there was gain from investment reclassification and disposal of the investment in GPSC of Baht 17,334 million (before tax), or Baht 12,880 million (after tax). Offsetting with depreciation, finance cost and tax expense, the company reported a lower net profit of Baht 24,210 million from the same period last year to Baht 1,117 million in Q2/23.