Thai Oil Public Company Limited (SET: TOP) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
-4,217.86 | 10,827.61 |
| Earning Per Share (Baht) |
-1.8900 | 4.8500 |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
7,191.87 | 16,498.83 |
| Earning Per Share (Baht) | 3.2200 | 7.3900 |
| % Change | -56.41 | |
TOP reported a net loss of Baht 4,218 million in 3Q24, contrasted to a net profit of Baht 10,827 million in the same period of last year.
In 3Q24, TOP reported an increase in integrated intakes due to an oil spill incident around the Single Buoy Mooring (SBM-2) in September 2023. Meanwhile, sales revenue decreased,driven by a drop in selling prices. GIM, excluding stock gain/loss, decreased by $8.2/bbl. This decline was primarily due to a reduction in GRM as the spreads of gasoline, jet/kero, and diesel over Dubai declined.
In terms of crude oil prices, the average Dubai price in Q3/24 was lower than that in Q3/23, resulting in a stock loss of Baht 5,380 million compared to a stock gain of Baht 9,638 million in Q3/23. Together with a reversal on crude and petroleum product inventory of Baht 2,097 million, increased loss by Baht 324 million from Q3/23 and net realized gain from financial instruments (including only commodity hedging), EBITDA decreased by Baht 23,241 million compared to Q3/23.
Additionally, a gain on financial instruments of Baht 62 million was booked in Q3/24, compared to a loss on financial instruments of Bath 2,028 million in Q3/23. Moreover, there was a gain on foreign exchange of Baht 1,645 million compared to a loss on foreign exchange of Baht 517 million in Q3/23.
