Esso (Thailand) Public Company Limited (SET: ESSO) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 1Q23 | 1Q22 |
| Net Profit (Loss) Million Baht |
824.34 | 5,899.72 |
| Earning Per Share (Baht) |
0.2400 | 1.7000 |
| % Change | -86.03 | |
ESSO reported a net profit of Baht 824 million in 1Q23, decreased 86% from a net profit of Baht 5,899 million in 1Q22.
Total revenue of the first quarter of 2023 was higher than that of the same period of last year, mainly due to higher sales volume as a result of overall effort to increase sales and demand recovery. In the first quarter of 2023, profit from sales was Baht 1,045 million, which was Baht 6,298 million lower than the same period of last year mainly due to unfavorable inventory effects.
ESSO stated that Dubai price in the first quarter of 2023 averaged $80.3/Bbl, a decrease of $15.3/Bbl compared with that of the first quarter of last year. Crude prices remained volatile mainly due to concerns over recession following banking crisis while Russian-Ukraine conflicts had less impact on price volatility. Following the same trend as crude prices, all product prices moved down in the first quarter of 2023 when compared with the same period of last year despite demand recovery from overall improved COVID-19 situation and easing of travel restrictions.
Meanwhile, Gross Refining Margin in the first quarter of 2023 was $4.3/Bbl, $18.4/Bbl lower than that of the same period of 2022, largely contributed by unfavorable inventory effects. Operating Gross Refining Margin in the first quarter of 2023 was $8.7/Bbl, $3.8/Bbl higher than that of the same period of last year, primarily driven by stronger product crack spreads and production adjustment to capture margin opportunity partially offset by higher crude premium.
Refinery production in the first quarter of 2023 reflected rising demand from resumed economic activities. Compared with the same period of last year, light product volume increased 12% mainly from higher gasoline production in response to resumed mobility. Middle distillate volume also increased following improved demand of jet fuel from the lifting of travel restrictions. Refinery also achieved Asphalt production in March at 5.7 Kbd which was record high since 2011.
