Thaioil is a leading operator in the refining and distribution of refined petroleum products in Thailand, and one of the most efficient refineries in the Asia-Pacific region. Established in 1961, its core business is oil refining, with a current refining capacity of 275,000 barrels per day. Additionally, Thaioil has a diverse portfolio of related businesses, including aromatics and olefins petrochemicals, base lube oil, power generation, solvents and chemicals, production of raw materials for cleaning products, pipeline transportation services for refined petroleum products, renewable energy, and human resource recruitment and selection services for the group. It also operates a financial management center to enhance the financial management capabilities of the group.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 210,112.84 | 245,240.05 | 469,919.49 | 470,582.84 |
| Expenses | 202,763.34 | 227,804.54 | 453,884.30 | 439,684.34 |
| Net Profit (Loss) | 9,979.29 | 11,409.73 | 9,958.63 | 19,443.17 |
| Assets | 398,486.16 | 436,246.03 | 409,010.43 | 419,992.70 |
| Liabilities | 226,834.88 | 266,074.96 | 242,825.54 | 251,681.01 |
| Shareholders' Equity | 168,910.47 | 167,397.21 | 163,446.33 | 165,567.76 |
| Operating | 19,745.43 | 28,701.73 | 39,354.70 | 28,087.77 |
| Investing | 10,052.80 | -8,170.72 | -14,008.58 | -19,691.94 |
| Financing | -25,487.98 | -15,014.30 | -24,627.14 | -23,071.88 |
| EPS (Baht) | 4.47 | 5.11 | 4.46 | 8.70 |
| GP Margin (%) | 2.57 | 7.00 | 3.59 | 7.05 |
| NP Margin (%) | 4.77 | 4.68 | 2.12 | 4.16 |
| D/E Ratio (x) | 1.32 | 1.56 | 1.46 | 1.50 |
| ROE (%) | 5.07 | 15.71 | 6.05 | 12.09 |
| ROA (%) | 3.19 | 8.41 | 3.94 | 6.56 |
Thaioil has revised its long-term strategies from 3V to 2S1P to align with future business directions, with clear Key Focus areas and a defined grouping of current and future businesses.
S1: Strengthening the Core : Reinforce the existing businesses and maximize asset utilization to their full potential, aiming to become a leader in petroleum and petrochemicals in Thailand and the Asia-Pacific region. This will be driven through five key areas:
- Execution of the Clean Fuel Project (CFP) according to the planned schedule.
- Safety & Reliability: Enhancing refinery safety and operational reliability
- Margin Leadership: Maintaining profitability leadership with a focus on EBITDA uplift
- Quick-Win High Value Products: Developing high-value products and expanding the value chain to meet customer demand
- Decarbonization through Energy Efficiency: Reducing carbon emissions
P: Powering the Platform : Expand distribution channels through TOPNEXT, with a focus on increasing the propotion of commodities and specialties, and expanding into high-growth regional markets including Vietnam, Indonesia, India, Malaysia, Singapore, and Australia.
S2: Sustaining the Future : Invest in future downstream businesses with high margins and low carbon intensity.
In addition, supporting strategies emphasize asset rationalization & creditworthiness, strategic partnership, sustainability, digital & AI, and people & organization to support the 2S1P strategy.
- On February 21, 2025, the Extraordinary General Meeting of Shareholders approved an additional investment in the Clean Fuel Project (CFP) of approximately USD 1,776 million and interest during construction of approximately USD 505 million. This brings the total investment value of the CFP to approximately USD 7,151 million, with interest during construction of approximately USD 1,078 million.
- On April 24, 2025, Thai Oil exercised its right to terminate the EPC contract with immediate effect due to the failure to comply with its contractual obligations. Thai Oil affirms that the termination of the EPC contract will not affect the completion of the CFP. The project execution plan has been developed to ensure the completion of the CFP within Q3/28. In addition, the Company has engaged consultants with expertise and experience to strengthen project management in engineering, procurement, and construction, and to support Thaioil in managing the project effectively through each phase until completion.
In Q2/25, the Thaioil had a crude intake of 313 KBD, with sales revenue of THB 99,086 million. Thaioil recorded a gross Integrated Margin (GIM), excluding stock gain/loss of USD 7.0 per barrel, mainly from stronger refining margins following an improved spread of refined products and Dubai crude price. However, the crude premium (Murban-Dubai) increased in Q2/25 from Q1/25, driven by stronger crude demand as refineries in East Asia resumed operations after annual maintenance. In the aromatics business, contribution declined pressured by high benzene inventory, while the Linear Alkyl Benzene business recorded higher contribution from tight supply. In addition, the base oil business also saw stronger contributiont, supported by regional supply constraints. Nevertheless, the decline in average Dubai crude price resulted in a stock loss of THB 4,171 million, or USD 4.4 per barrel, resulting in Thaioil recorded a gross Integrated Margin (GIM), including stock gain/loss of USD 2.6 per barrel. In addition, an inventory write-down of THB 492 million was recognized. Including realized net derivative losses, Thaioil reported EBITDA of THB 1,278 million. In Q2/25, Thaioil recognized a fair value loss on financial instruments of THB 621 million and a net foreign exchange loss of THB 384 million. However, Thai Oil Treasury Center Company Limited repurchased USD bonds, recording a gain of THB 2,522 million. Moreover, Thaioil’s share of profit from investment in PT Chandra Asri Petrochemical Tbk (CAP) (15% stake) increased, as CAP’s subsidiary recognized a bargain purchase gain from the acquisition of Aster Chemical and Energy Pte. Ltd. (formerly Shell Singapore Energy Park Pte. Ltd.) in Singapore. Accordingly, Thaioil recognized a proportional bargain purchase gain of approximately THB 7,062 million after depreciation, finance costs, and income tax. As a result, in Q2/25, the Thaioil posted a net profit of THB 6,476 million, equivalent to THB 2.90 per share.
To effectively manage risks and maintain competitive capability in accordance with its strategy, Thaioil has adopted the COSO ERM 2017 and ISO 31000:2018 guidelines, which are international standards. This approach emphasizes integrated management that covers risk management across the entire Thai Oil Group within an acceptable risk framework, encompassing 6 areas: Strategic planning, Commercial and marketing, Financial, Operational, Environmental, Social, and Governance (ESG), and People and Organization management.
| as of 30/06/25 | TOP | ENERG | SET |
|---|---|---|---|
| P/E (X) | 7.94 | 11.94 | 14.76 |
| P/BV (X) | 0.37 | 0.87 | 1.03 |
| Dividend yield (%) | 7.04 | 5.23 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 60,313.56 | 63,105.85 | 120,068.66 |
| Price (B/Share) | 27.00 | 28.25 | 53.75 |
| P/E (X) | 7.94 | 6.23 | 7.21 |
| P/BV (X) | 0.37 | 0.38 | 0.75 |
