TOP Reports Significant Profit Growth in 3Q23 at THB10.8 Billion with Higher Stock Gain and Lower FX Loss

Thai Oil Public Company Limited (SET: TOP) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
10,827.61 11.71
Earning Per Share
4.8500 0.0100
% Change 92,380.42
9 Months 2023 2022
Net Profit (Loss)
Million Baht
16,498.83 32,521.31
Earning Per Share (Baht) 7.3900 15.9200
% Change -49.27

TOP reported a net profit of Baht 10,827 million in 3Q23, increased significantly from a net profit of Baht 11.7 million in 3Q22.

TOP’s sales revenue was reported at Baht 119,656 million, a slight drop by 4% from the same period of last year. However, the company reported GIM excluding stock gain / (loss) of 13.6 US$/bbl or an increase by 4.8 US$/bbl.

The main reason was the significant increase in product spreads, particularly that of gasoline spread over Dubai due to tight supply. In addition, PX spread over ULG95 increased thanks to higher PX demand. However, lube base oil spread over fuel oil went down following the Chinese economy slowing down while bitumen spread over fuel oil due to reduced demand resulting from budget constraints in maintaining the road infrastructure. Moreover, gross margin from surfactant business declined due to lower domestic demand.

Nevertheless, an increase in crude oil prices led to a stock gain of Baht 9,638 million, compared with a stock loss of Baht 9,238 million during the same period last year. TOP also booked a write-down on crude and petroleum product inventory of Baht 1,773 million in 3Q23, compared with a reversal on crude and petroleum product inventory of Baht 236 million in 3Q23.

The company booked a lower net loss on foreign exchange of Baht 1,193 million. Offsetting with depreciation, finance cost and tax expense, we reported a higher net profit of Baht 10,816 million from the same period last year.