ESSO (Thailand) PCL has filed its 3Q2023 financial result through the Stock Exchange of Thailand as follows.
| Quarter | 2Q23 | 2Q22 |
| Net Profit (Loss)
Million Baht |
4,600.09 | -3,126.66 |
| Earning Per Share
(Baht) |
1.330 | -0.900 |
| % Change | 247.12 | |
| 6 Months | 2023 | 2022 |
| Net Profit (Loss)
Million Baht |
4,130.33 | 11,071.70 |
| Earning Per Share
(Baht) |
1.19 | 3.20 |
| % Change | 62.69 | |
ESSO reported a net profit of Baht 4,600 million in 3Q23, making a turnaround from a net loss of Baht 3,126 million in 3Q22. Profit from sales was Baht 5,767 million, which was Baht 9,720 million higher than the same period of last year mainly from improved refining margins and favorable inventory effects. Compared with the same period of last year, net finance costs increased by Baht 112 million in the third quarter of 2023 primarily due to higher interest rates.
ESSO’s Gross Refining Margin (GRM) was $19/bbl, a $26.4/bbl YoY higher due to inventory effects, while the Operating Gross Refining Margin was $11.3/bbl, $6.8/bbl YoY higher due to higher industry margins and lower crude premium.
ESSO utilized 61% of its capacity due to the 40-day of Euro 5, CCR and APS-1 implementation and maintenance which started from September and was completed on 15 October 2023.
ESSO completed a 65.99% share transfer to BCP on 31 August 2023, while BCP concluded its holding on 16 October 2023 at 76.34% of total shares.
