On Friday at 11:58 AM (Bangkok time), the share price of Bangchak Corporation Public Company Limited (SET: BCP) rose by 2.25% or THB 1.00 to THB 45.50, with a trading value of THB 399.37 million.
In the second quarter of 2026, BCP reported a net profit of THB 12,239.36 million, marking a significant turnaround from the net loss of THB 2,560.10 million in the same period last year. This strong recovery was primarily driven by a 46% year-on-year rise in revenue from sales and services, reaching THB 183,553 million.
The main contributors were the oil trading, refining, marketing, and bioenergy segments, as well as the natural resources business, supported by higher crude oil and refined product prices due to ongoing conflict in the Middle East. Additionally, refining capacity was higher year-on-year.
Group CEO and President Chaiwat Kovavisarach stated that the improved performance resulted from stronger contributions from several business segments, particularly refining and natural resources, along with the commencement of earnings recognition from the Sustainable Aviation Fuel (SAF) business.
Key factors included the reversal of unrealized losses from mark-to-market valuations in the previous quarter, which reduced oil hedging losses to THB 879 million and resulted in an unrealized gain of THB 4,415 million. The SAF unit began commercial operations and delivered its first products in May 2026, averaging 6,800 barrels per day and total sales of 39 million liters. The high spread between SAF and used cooking oil also boosted the division’s EBITDA.
The refinery business benefited from higher refined product spreads, even as base refining margins and average production capacity declined slightly. In marketing, increased net marketing margins offset lower sales volumes. Furthermore, the bioenergy segment saw higher biodiesel sales.
The natural resources segment benefited from higher oil and gas prices, while the power and infrastructure division was supported by natural gas power plants in the U.S., although overall electricity sales were impacted by seasonal factors in some projects.
Mr. Chaiwat stated that despite the continued global energy uncertainty—stemming from energy price volatility, fluctuations in product spreads, and ongoing geopolitical tensions—the company remains committed to effectively managing risks while pursuing growth in future energy businesses. The company is also focused on enhancing operational efficiency by leveraging the combined capabilities of its two refineries.
As a result, in the first half of 2026, BCP realized total benefits from recurring synergies and business improvement initiatives amounting to approximately THB 5.6 billion, an increase from THB 3 billion during the same period last year.
