TOP Reports 28% Profit Increase in 1Q24 from Stock Gains

Thai Oil Public Company Limited (SET: TOP) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
5,862.94 4,554.13
Earning Per Share
2.6200 2.0400
% Change 28.74

TOP reported a net profit of Baht 5,863 million in 1Q24, an increase of 28.74% from the same period of last year. The increase was mainly attributable from a stock  gain of Baht 82 million in 1Q24, an improvement from a loss of Baht 3,339 million in 1Q23.

In comparison to Q1/23, TOP reported a decrease in integrated intake due to an unplanned shutdown of Crude Distillation Unit 3 (CDU-3) for 13 days. Sales revenue was lower by Baht 1,704 million following the reduced selling prices of petroleum products as well as a decrease in sales volume. TOP reported lower GIM excluding stock gain / (loss) by a 1.4 US$/bbl from the previous quarter, mainly from softening GRM as lower jet/kerosene and gasoil spreads over Dubai as supply increased because arbitraged flow from Asia to  Europe became more difficult due to attacks on vessels in the Red Sea.