Bangchak Corporation Public Company Limited (SET: BCP) posted a strong turnaround in its third-quarter 2025 performance, swinging from a net loss a year earlier to a solid profit, supported by robust refining margins, lower inventory losses, and disciplined cost management — despite a steep decline in revenue.
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
1,107.90 | -2,093.01 |
| Earning Per Share (Baht) |
0.80 | -1.61 |
| % Change | ||
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
663.09 | 2,167.51 |
| Earning Per Share (Baht) | 0.48 | 1.30 |
| % Change | -69.41 | |
Total revenue from sales and services dropped 20% year-on-year (YoY) to THB 123,305 million, primarily due to lower contributions from the Refinery, Marketing, and Natural Resources segments. The decline reflected weaker global oil prices amid a sluggish economic environment.
Nevertheless, profitability improved sharply. Net profit rose to THB 1,108 million, reversing a loss of THB 2,093 million in 3Q/2024. Core profit (excluding extraordinary items) more than doubled to THB 3,186 million, while accounting EBITDA surged 43% YoY to THB 10,269 million.
The Refinery and Oil Trading Business Group led the rebound, with EBITDA more than doubling as inventory losses narrowed substantially from USD 6.13/bbl in 3Q/2024 to USD 1.54/bbl in 3Q/2025, reflecting reduced crude price volatility. Operating Gross Refining Margin (GRM) improved markedly from USD 4.89/bbl to USD 7.38/bbl.
The Marketing Business Group also saw EBITDA more than double, supported by a 10% increase in net marketing margins and a 2% rise in sales volume, driven by higher sales of premium products and reduced inventory losses.
Meanwhile, the Clean Power Business Group posted a 23% rise in EBITDA to THB 1,620 million, buoyed by the performance of its U.S. natural gas power plants, where capacity revenue surged from USD 29/MW-day to USD 270/MW-day starting June 2025.
In contrast, the Natural Resources Business Group saw a 40% drop in EBITDA, impacted by weaker oil and gas prices and lower sales volumes following the divestment of the Yme field in late 2024. The group also recorded a THB 4,872 million asset impairment loss, reflecting lower reserve estimates and declining forward oil prices. However, the impairment was tax-deductible, allowing Bangchak to recognize THB 1,523 million in tax income, partially offsetting the impact.
