Bangkok, May 10-Thai Oil Public Company Limited announces the operating results for the 1st quarter of 2023. The overall business of the Thaioil group has improved compared to the 4th quarter of 2022. The overall outlook for the year 2023 is expected to adjusted to pre-COVID-19 levels
Mr. Bundhit Thamprachachit, Chief Executive Officer and President of Thai Oil Public Company Limited or TOP, revealed that in the first quarter of 2023, Thai Oil had a net profit of 4,554 million baht, a decrease from the same period last year that had a profit. net profit of 7,183 million baht, but increased from the previous quarter with a net profit of 147 million baht due to better business overview. And crude oil prices continued to decline from the average price in the fourth quarter of 2022 after the market eased concerns over tight crude supply. In addition, concerns about the economic recession caused by the policy interest rate increase to curb inflation caused the Company to recognize loss from oil stock prices.
However, the difference between actual refined crude oil price and Dubai crude price (Crude Premium), which is an important cost, has decreased accordingly. As a result, the refining business still performs well. Aromatics business improved due to rising demand in Asia. After China has a policy to open the country and cancel the COVID measures to zero. and lubricant base oil business Performance improved from significant increase in utilization rate after the completion of major maintenance in 4Q/2022, while the business of manufacturing precursors for cleaning products gross margin decreased. due to weak domestic demand As a result, Thaioil Group's gross profit from its production, excluding the impact of oil stocks, was 11.8 USD per barrel.
Mr. Bundit added that The overall business of Thaioil Group in 2023 is expected to adjust to the level before the outbreak of COVID-19. This was supported by rising demand from China after the lifting of the zero COVID measure. Because Russia can export crude oil and refined oil close to the normal level. While the global economy is at risk of slowing down, Thaioil is still vigilant and closely monitoring the market situation in order to prepare for challenges from changing external factors. to continue to create stable performance
In the first quarter of 2023, Thaioil Group has a profit. The Ram Group's gross production had an effect on oil stocks (Accounting GIM) at 8.3 USD per barrel, and with the volume The raw material input into the Group's production process was 312 thousand barrels per day. As a result, Thaioil Group had sales revenue of 115,943 million baht and EBITDA of 8, 182 million baht when including operating expenses. financial cost income tax expenses net foreign exchange gain And gains from fair value measurement of financial instruments, resulting in the first quarter of 2023, Thaioil Group had a net profit of 4,554 million baht, or a net profit of 2.04 baht per share.-Thai News Agency
Source: Thai News Agency