Thai Oil Public Company Limited (SET: TOP) has announced its 3Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
2,146.84 | -4,217.86 |
| Earning Per Share (Baht) |
0.96 | -1.89 |
| % Change | ||
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
12,126.13 | 7,191.87 |
| Earning Per Share (Baht) | 5.43 | 3.22 |
| % Change | 68.61 | |
Compared Q3/25 with Q3/24, the integrated intakes declined. Sales revenue was reported at Baht 80,049 million, decreasing by Baht 29,969 million. This was primarily due to the scheduled major turnaround, along with lower product selling prices in line with the decline in crude oil prices. Meanwhile, Gross Integrated Margin (GIM), excluding stock gain/loss, decreased by 0.2 US$/bbl compared to Q3/24.
The average Dubai crude price in Q3/25 increased. As a result, Thaioil and its subsidiaries reported a stock gain of Baht 1,508 million, compared to a stock loss of Baht 5,380 million in Q3/24. Including this, Accounting GIM increased by 7.4 US$/bbl from Q3/24. EBITDA increased by Baht 8,165 million from Q3/24. Additionally, there was a gain of Baht 1,372 million from the repurchase of US dollar-denominated debentures. As a result, Thaioil reported a net profit of Baht 2,147 million, compared to a net loss of Baht 4,218 million in Q3/24.
As for the timeline of Thaioil’s Clean Fuel Project, the company maintained its plan to complete the CFP Project by the third quarter of 2028. Upon completion of the CFP Project, Thaioil will have a new crude oil distillation unit with a higher refining capacity, replacing the existing units. This will increase the company’s crude oil refining capacity from 275,000 barrels per day to 400,000 barrels per day, resulting in economies of scale. Furthermore, the refinery design, which incorporates advanced technology, will enable the refining of a wider variety of crude oils, including heavy crude oil, which is generally cheaper than other types of crude oil. This will allow the production of higher-value and more environmentally-friendly refined products.
The CFP Project will also create opportunities to utilize these products for growth in petrochemical business in the future, thereby increasing the company’s competitiveness and ensuring stability and sustainability in the petroleum refining industry. This will play a significant role in strengthening energy security and supporting Thailand’s long-term economic development.
