TOP 4Q19 Starts to Recover, Booking ฿6.2bn in 2019 with Retained-Earnings Div at ฿0.50

Thai Oil Public Company Limited (TOP) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

TOP reported a net profit in 4Q19 at 1,984 million baht, increased from a net loss of 683 million baht in the previous quarter. However, the company still posted a plummet of net profit on a yearly basis by recording a net profit for 2019 at 6,276 million baht, decreased 38.15% from a net profit of 10,149 million baht in 2018.

 

Compared 4Q19 with 3Q19, TOP was fully operating after planned major turnarounds of Crude Distillation Unit 3 (CDU-3) and other relating units including aromatics complex and connecting existing units (Tie-in Activity) to Clean Fuel Project (CFP) which were completed in July 2019. Therefore, integrated intake and total product sales volume increased from the previous quarter. TOP booked stock gain of 0.7 US$/bbl or Baht 619 million and had GIM including stock gain/ (loss) of Baht 5.1 US$/bbl, an increase of 1.8 US$/bbl.

Altogether with net derivative gain on hedging instruments of Baht 288 million and lower planned major turnarounds expenses, TOP reported EBITDA of Baht 3,927 million, an increase of Baht 2,982 million.

 

For the year ended 2019, compared with 2018, TOP reported sales revenue of Baht 362,179 million, a dip of Baht 26,863 million, primarily from lower product sales volume from major turnarounds and lower product selling prices tracking lower crude oil price.