Thaioil reports a profit of THB 2.147 billion in Q3/2025, driven by surged EBITDA contributed by the increasing stockpile reserves and the profits contributed by foreign bond repurchase of THB 1.372 billion. The strategic plans move forward in debt reduction and liquidity enhancement via Asset Monetization project to underscore its growing financial resilience with expectation to boost maximum performance recovery in Q4.
Mr. Bandhit Thamprajamchit, Chief Executive Officer and President of Thai Oil Public Company Limited or Thaioil stated “The company’s turnaround net profits of THB 2.147 billion in Q3/2025 are driven by the THB 80.049 billion sales, lower by THB 19.037 billion from the previous quarter. The loss was contributed by the decreasing production capacity due to the Major Turnaround in Crude Distillation Unit 3 and other units from July to August as well as the weaken certain product selling pricing. However, the performance was supported by the higher Dubai crude prices following the supply tightness stemming from the Iran-Israel conflict as well as the renewed U.S. and EU sanctions on Russia.
Amid the global concerns, Thaioil’s initial profits were mainly supported by the group’s production capacity. The performance figures exclude the impact of oil stockpile gains, which totaled 5.2 US$/bbl, down from 7 US$/bbl in the previous quarter, reflecting lower refinery throughput due to the narrowing price differentials of gasoline and fuel oil. However, higher crude oil prices contributed to oil stockpile gains of THB 1.508 billion, equivalent to 2.2 US$/bbl.
As a result, the gross profit, including the impact of oil stockpiles, rose to 7.4 US$/bbl, up 4.8 US$/bbl from the second quarter of 2025. Consequently, EBITDA for the quarter increased to THB 3.897 billion, representing a rise of THB 2.619 billion from the previous quarter. Thereby, Thaioil turned a net loss of THB 4.218 billion in Q3/2024 to profits in Q3/2025.
For the first nine months, Thaioil recorded a net profit of THB 12.126 billion, an increase profit of THB 4.934 billion, or Earning Per Share (EPS) of 5.43 baht per share. Despite the Major Turnaround, Thaioil’ s performance was supported by the extra profits from the joint venture, PT Chandra Asri Petrochemical (CAP) who generated profits from the acquisition in Singapore of THB 7.044 billion and profits from bond repurchase of THB 4.067 billion following the redemption of US$633 million, approximately THB 20.89 billion, in debentures. Thaioil continued to implement its debt reduction plan aimed at strengthening its financial position and mitigating long-term financial risks.
In addition, Thaioil executive board committee has approved Asset Monetization project to operate the asset optimization management through Lease & Leaseback structure for selected infrastructure assets such as oil storage tanks, Single Buoy Mooring, and truck loading terminals, which help enhance cash flow, strengthen the company’s financial position, and reduce exposure to long-term commodity price volatility.
“Thaioil ’s overall outlook for the fourth quarter of 2025 indicates a steady recovery, supported by the refinery’s operation at maximum capacity and stable throughput levels amid expectations of tight refined product supply. Enhanced risk management and a strengthened financial position will enable Thaioil to maintain optimal efficiency in 2026. The company’s investment plan for 2025 – 2030, amounting to US$1.736 billion, has been approved, comprising US$1.538 billion for the Clean Fuel Project (CFP) and over US$198 million for other projects in the pipeline,” concluded Mr. Bandhit.
