TASCO 3Q23 Net Profit Reduces 60% from Domestic Demand and Selective Strategy

Tipco Asphalt PCL (SET: TASCO) reported its Q3 Financial on 13 November with the details as follows.

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
201.69 509.47
Earning Per Share
0.1300 0.3200
% Change -60.41
9 Months 2023 2022
Net Profit (Loss)
Million Baht
2,073.89 1,312.62
Earning Per Share (Baht) 1.3100 0.8300
% Change 58.00


TASCO’s net profit after tax was THB 202 million, representing earnings per share of THB 0.13 (par value of THB 1 each) as compared to THB 0.32 per share in the corresponding quarter of 2022.


Sales and services stood at THB 5,893 million, reflecting a decrease of 20.9% YoY due to the reduction of sales volume in both the domestic and the international markets. The domestic volume reduction in Q3 was the consequence of the 2023 government budget fiscal year coming to an end in September 2023.

Meanwhile, the decrease in the international market resulted from the Company’s ongoing strategy of “selective market sales” strategy.


Cost of sales and services stood at THB 5,295 million or 89.9% (89.3% in the corresponding quarter in 2022) of sales and services before reversal of allowance for diminution in value of inventory and hedging loss. The decrease in gross profit was primarily due to a reduction  in the average selling price of asphalt products, which aligns with the regional asphalt market.

In addition, the Company recorded a loss from price hedging contracts of Baht 113 million from the increase in global market price for crude oil and petroleum products during the quarter.


Revenue from construction contracts stood at THB 1,162 million, reflecting an increase of 40.3% from the same period of last year. This was resulted from continuing increase in construction and road maintenance income, in particular the 3 runway construction project and ground improvement work for the 2″ Midfield Satellite (SAT-2) project at the Suvarnabhumi International Airport.


TASCO’s cost of construction stood at THB 1,097 million or 94.4% (95.9% in corresponding quarter in 2022) of the revenue from construction contracts. The improvement of gross profit mainly resulted from slight decreases in material cost as compared to the same period of last year. Selling and administrative expenses stood at THB 38 million and THB 244 million, representing 0.5% and 3.5% of total sales and services.

Comparatively, these expenses in the same period of 2022 stood at THB 41 million and THB 255 million or 0.5% and 3.1% of total sales and services. The Company is committed to control overhead expenses while improving the operating gross profit margin.