Bangkok: Thai Oil Public Company Limited (TOP) has reported a significant net profit of 14,584 million baht for the fiscal year 2025, marking a 46% increase from the previous year. The company's growth is mainly driven by a recovery in refining margins (GRM), extraordinary gains from strategic asset management, and the repurchase of debentures.
According to Thai News Agency, Mr. Pongphan Amornvivat, CEO and President of Thai Oil, emphasized the company's commitment to reducing its debt and strengthening its financial position. In 2025, Thai Oil achieved a debt reduction of approximately US$933 million through the repurchase of US dollar-denominated bonds and prepayment of long-term loans.
Thai Oil Group also secured 18,230 million baht from asset monetization, which was utilized to further reduce debt by repurchasing US$550 million in bonds in January 2026. The company recorded a gain of 4,042 million baht from this bond repurchase and recognized an extraordinary profit of 7,371 million baht from investments in associate companies in Singapore. This contributed to the net profit increase of 4,625 million baht from the previous year, totaling 14,584 million baht or 6.53 baht per share in 2025.
In the fourth quarter of 2025, Thai Oil Group's net profit rose to 2,458 million baht, up from the third quarter's 2,147 million baht. This increase was influenced by higher refining margins due to disrupted oil supplies from Russian refineries and maintenance shutdowns in the region. Additional contributions came from improved profits in the aromatics, raw material production, and base lubricant production businesses.
Crude oil prices saw a decline in the fourth quarter of 2025 due to increased production by OPEC+ and its allies, resulting in a 3,461 million baht loss from oil inventory for Thai Oil Group. Looking ahead to the first half of 2026, crude oil prices are expected to continue declining due to an oversupply in the market despite ongoing geopolitical conflicts.
The refining margins outlook for the first quarter of 2026 remains positive, driven by high demand for diesel and kerosene/jet fuel, alongside pressures on refined product supply from European sanctions on Russian crude oil imports.
Thai Oil remains vigilant in monitoring market conditions and is focused on executing strategic projects to ensure sustainable growth. The company is committed to efficient management and adhering to ESG principles to deliver appropriate returns for its stakeholders.