Thai Oil Public Company Limited (SET: TOP) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q23 | 1Q22 |
| Net Profit (Loss) Million Baht |
4,554 | 7,183 |
| Earning Per Share (Baht) |
2.04 | 3.52 |
| % Change | -36.60 | |
In 1Q23, TOP booked a net profit of THB4,554 million, a decrease of THB2,629 million from a net profit of THB7,183 million in the same period last year, mainly due to a higher stock loss.
Compared with 1Q22, TOP achieved a higher sales of THB1,437 million and a higher GIM excluding stock gain/loss of 4.2 US$/bbl, mainly due to stronger jet/kero and gasoil spreads over Dubai after the COVID-19 situation began to improve in many countries. Additionally, base oil and bitumen spreads over fuel oil went up thanks to the lower prices of fuel oil than 1Q22. In addition, PX spreads over ULG95 increased due to increased demand in Asia after China eased its COVID-19 measures. Nevertheless, BZ spread over ULG95 reduced from additional supply in the market and the high level of benzene reserves in China.
However, profit contribution from surfactant business declined due to lower domestic demand, and with lower crude oil price and crude premiums, TOP reported a stock loss of THB3,339 million in this quarter compared with a stock gain of THB14,472 million during the same period last year.
Also, TOP booked a lower decrease of a write-down on crude and petroleum product inventory of THB2,402 million than 1Q22. Including net realized gain from financial instruments, the refining firm reported lower EBITDA by THB4,852 million from the same period last year.
Additionally, the company had a higher net gain on foreign exchange of THB260 million.
