Thai Oil Public Company Limited (SET: TOP) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
5,546.79 | 1,117.09 |
| Earning Per Share (Baht) |
2.4800 | 0.5000 |
| % Change | 396.54 | |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
11,409.73 | 5,671.22 |
| Earning Per Share (Baht) | 5.1100 | 2.5400 |
| % Change | 101.19 | |
TOP reported a net profit of Baht 5,547 million in 2Q24, an increase of 396% YoY.
The company reported a slightly lower integrated intakes due to the planned shutdown of Crude Distillation Unit 1 (CDU-1) and related units. However, sales revenue increased by Baht 11,172 million, driven by a rise in petroleum selling prices and sales volume. GIM, excluding stock gain/loss, decreased by $0.4/bbl.
This decline was primarily due to reductions in gasoline, jet/kero, and diesel spreads over Dubai, which were impacted by the increased supply from the commencement of operations at the African refinery and difficulties in transportation from Asia to Europe. However, the fuel oil spread over Dubai rose due to higher demand for electricity generation.
In terms of crude oil prices, the average Dubai price in Q2/24 was higher than that in Q2/23, resulting in a stock gain of Baht 1,395 million, compared to a stock loss of Baht 1,929 million in Q2/23. Together with an increase of a reversal on crude and petroleum product inventory by Baht 720 million and net realized gain from financial instruments (including only commodity hedging), EBITDA was higher by Baht 4,255 million compared to Q2/23. There was a lower loss on financial instruments by Baht 1 million and a decrease in foreign exchange loss by Baht 783 million compared to Q2/23.
