TOP Gains 1.7% to Bt59 as Oil Prices Continue to Climb above $63

The share price of TOP rose ฿1.00/share or 1.72% to ฿59.00/share with a trading value of 102 million baht as of 11:30 local time in Thailand. The share price picked up the pace after Brent crude soared 1.83% to $63.57/bbl.

 

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

TOP reported a net loss of 3,301 million baht in 2020, falling from a net profit of 6,276 million baht in 2019 mainly due to a decrease in revenue for the year.

In 2020, TOP recorded revenue of 242,840 million baht, a decrease of 118,928 million baht due to drops in average product selling price and total product sales volume as a result of oil price war and COVID-19 outbreak.

Moreover, in 2020, there was a stock loss of 7,399 million baht, compared with a stock gain of 1,581 million baht in 2019. In addition, there was net derivative loss on hedging Instruments of 174 million baht, compared with net derivative gain on hedging Instruments of 359 million baht from the same period of the previous year.

TOP had a net foreign exchange gain of 1,784 million baht, owing to Thai Baht appreciation while had finance costs of 4,292 million baht increased by 1,068 million baht.

 

In addition, the Board of Director had resolved a resolution for dividend payment at a value of ฿0.70/share to be paid on April 26, 2021. The ex-dividend date will be on February 25, 2021.