Thai Oil Public Company Limited (SET: TOP) has announced its 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss) Million Baht |
6,475.78 | 5,546.79 |
| Earning Per Share (Baht) |
2.90 | 2.48 |
| % Change | 16.75 | |
| 6 Months | 6M25 | 6M24 |
| Net Profit (Loss) Million Baht |
9,979.29 | 11,409.73 |
| Earning Per Share (Baht) | 4.47 | 5.11 |
| % Change | -12.54 | |
TOP reported a net profit of Baht 6,476 million in the second quarter of 2025, representing an increase of 16.75% from the same period of last year.
Sales revenue in Q2/25 decreased by Baht 20,553 million, primarily due to lower product selling prices in line with the decline in crude oil prices. Gross Integrated Margin (GIM), excluding stock gain/loss, increased by 1.3 US$/bbl, supported by a higher Gross Refining Margin (GRM). This was driven by improved spreads of jet/kero, diesel, fuel oil, and very low sulfur fuel oil over Dubai.
The fuel oil spread over Dubai increased, supported by reduced supply resulting from sanctions on Iran, Venezuela, and Russia. Meanwhile, the very low sulfur fuel oil spread over Dubai improved due to limited supply from reduced exports out of Kuwait. These improved product spreads offset the increase in the average spread of Murban crude over Dubai, while the average spread of Arab Light over Dubai and Oman slightly declined.
The contribution from the aromatics business dropped, pressured by lower spreads of paraxylene, benzene, and toluene over ULG 95. This was mainly due to limited demand growth from downstream products such as PTA, which remained weak, and several major PTA producers in China undergoing maintenance.
Meanwhile, the contribution from the Linear Alkyl Benzene (LAB) business increased, and the lube base oil business also reported higher contribution, supported by lower fuel oil costs in line with declining crude oil prices.
The average Dubai crude price declined in Q2/25, resulting in a stock loss of Baht 4,171 million, compared to a stock gain of Baht 1,395 million in Q2/24. Consequently, GIM including stock gain/loss decreased by 4.4 US$/bbl from Q2/24. Additionally, a write-down on crude and petroleum product inventories of Baht 492 million was recorded, compared to a reversal on crude and petroleum product inventories of Baht 735 million in Q2/24. Including a realized net loss from financial instruments (only commodity hedging), EBITDA decreased by Baht 7,595 million from Q2/24.
Net foreign exchange loss also increased by Baht 150 million from the previous quarter. However, gains from repurchase of US dollar-denominated debentures rose by Baht 1,591 million. Additionally, Thai Oil and its subsidiaries recognized a higher share of profit from investments in associates, mainly due to PT Chandra Asri Petrochemical Tbk (CAP), whose subsidiary recognized a gain from a bargain purchase related to an acquisition in Singapore.
Compared to Q2/24, the utilization rate slightly increased, as Q2/24 included an 11-day planned maintenance shutdown of Crude Distillation Unit 1 (CDU-1) and related units. GRM excluding stock gain/loss increased by 1.4 US$/bbl, driven by improved spreads across nearly all refined products.
