On Thursday at 10:57 AM (Bangkok time), the share price of IRPC Public Company Limited (SET: IRPC) jumped by 6.78% or THB 0.16 to THB 2.52, with a trading value of THB 391.11 million.
InnovestX Securities wrote that IRPC posted a net profit of THB 2.9 billion for the second quarter of 2026, recovering from a loss of THB 2.1 billion in the same period last year. However, this figure represents a 63% quarter-on-quarter decline from the THB 7.9 billion net profit recorded in the first quarter of 2026.
The decline in quarterly profit was mainly attributed to losses from inventory write-downs to net realizable value and losses incurred from oil risk management following a sharp drop in crude oil prices after ceasefire negotiations between the United States and Iran.
Excluding these items, normalized profit improved significantly, supported by stronger spreads in both oil and petrochemical products, which helped boost the market gross integrated margin to $17.1 per barrel, up 31% quarter-on-quarter.
Given the first-half profit of THB 10.8 billion, which exceeded expectations, the brokerage has raised its full-year 2026 net profit forecast from THB 3.1 billion to THB 14.8 billion to reflect the better-than-expected GIM. Consequently, the target price has been raised from THB 2.00 to THB 2.30 per share, while the stock rating is maintained at ‘Neutral’.
