Thai Oil Public Company Limited (SET: TOP) announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q22 | 3Q21 |
| Net Profit (Loss) Million Baht |
11.708 | 2,063 |
| Earning Per Share (Baht) | 0.01 | 1.01 |
| % Change | -99.43 | |
| 9 Months | 2022 | 2021 |
| Net Profit (Loss) Million Baht |
32,521 | 7,545 |
| Earning Per Share (Baht) | 15.92 | 3.70 |
| % Change | 331 | |
In Q3/22, TOP reported net profit of Baht 12 million, or 0.01 Baht per share, a decrease of Baht 25,315 million from the previous quarter and a decrease of Baht 2,051 million from the same period last year.
In Q3/22, compared with Q3/21, TOP reported higher integrated intakes as the COVID-19 pandemic subsided and travel restrictions were lifted. Sales for the quarter was at Baht 44,214 million following higher selling prices tracking crude oil prices. TOP, therefore, reported higher GIM excluding stock gain/loss of 3.3 US$/bbl, mainly due to stronger gasoline, jet/kero and gasoil spreads over Dubai.
Additionally, bitumen spread over fuel oil went up due to tighter supply. Nevertheless, PX and BZ spreads over ULG95 declined following higher ULG95 price.
Besides, profit contribution from surfactant business declined due to lower domestic demand, and with lower crude oil price, TOP unavoidably reported stock loss of Baht 9,238 million in this quarter compared with stock gain of Baht 3,915 million during the same period last year. A reversal on crude and petroleum product inventory of Baht 236 million was booked during the period, compared with a write-down of Baht 280 million in Q3/21.
Including smaller realized losses from financial instruments of Baht 259 million, TOP reported negative EBITDA of Baht 568 million, while reporting positive EBITDA of Baht 6,784 million during the same period last year.
TOP booked gain on fair value measurement on financial instruments of Baht 5,090 million, whereas loss of Baht 1,429 million was recognized during Q3/21. However, the company booked a higher net loss on foreign exchange of Baht 482 million.
For the first nine months of 2022, TOP booked a net profit of Baht 32,521 million, or Baht 24,976 million higher than the same period last year. Sales for the period was Baht 382,571 million, or Baht 151,041 million higher due to higher product selling prices tracking crude oil price. Meanwhile, gasoline, jet/kero and gasoil spread over Dubai improved due to city opening and the lifting of travel restrictions. Furthermore, profit from surfactant business was at a good level while aromatic spreads and base oil/bitumen spreads declined. Therefore, TOP reported higher GIM excluding stock gain/loss of 9.3 US$/bbl, totaling to 14.2 US$/bbl. Furthermore, the company booked a stock gain of Baht 12,791 million, or Baht 437 million higher than the same period last year.
