Thai Oil Posts 188% Profit Rise in 3Q21 as Sales Increase

Thai Oil Public Company Limited (TOP) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 3Q21, TOP recorded a net profit of Baht 2,063 million, a decrease of Baht 60 million from the previous quarter but an increase of Baht 1,348 million from the previous year, or up 188%. Sales increased by Baht 1,840 million, totaling to Baht 79,960 million from higher product prices tracking improving COVID-19 situation globally, especially in North America and Europe. TOP reported EBITDA of Baht 6,784 million, decreased by Baht 219 million. 

In addition, TOP booked a net loss on fair value measurements of financial instruments of Baht 1,429 million, which was an increase of Baht 386 million. This was mainly from mark-to-market commodity hedge. Moreover, TOP had a net foreign exchange loss of Baht 1,228 million which was due to Thai Baht depreciation from the end of the previous quarter.  

Compared with 3Q20, TOP booked slightly lower intake and recorded higher sales revenue by Baht 22,843 million from higher product prices tracking crude oil price. A rise in GIM excluding stock gain / (loss) of 4.5US$/bbl was realized because of improvements  in gasoline and jet/kero spreads over Dubai tracking 1) higher demand from the driving season and lockdown easing from higher vaccination rates especially in Europe and the U.S., 2) gasoline supply shortage from Hurricane Ida, and 3) higher global air traffic.

Compared 9M21 with 9M20, TOP had sales revenue of Baht 231,530 million, higher by Baht 48,598 million mainly due to higher product prices. However, integrated intake was reduced following production optimization in response to lower demand from COVID-19 pandemic.