Thai Oil Remains Strong, Earns 14,584 Million Baht in 2025

Phong Phan Amornvivat, CEO and President of Thai Oil Public Company Limited (TOP), revealed that in the fourth quarter of 2025, the Thai Oil Group posted a net profit of 2,458 million baht, an increase from the previous quarter's 2,147 million baht. This growth was driven by higher refining margins, particularly in the price differentials for gasoline, diesel, and aviation fuel compared to Dubai crude oil. The improvement resulted from tight refined oil supply, with Russian refineries impacted by Ukrainian drone attacks reducing refined oil exports, and multiple regional refineries undergoing maintenance. The company also saw increased gross profits in aromatics, base oil, and cleaning product raw material businesses. Crude oil prices declined in the quarter due to increased supply from OPEC+ gradually lifting production cuts. In 2025, the company focused on reducing debt, lowering liabilities by approximately 933 million US dollars through bond buybacks and long-term loan prepayments. The company recorded a net profit of 14,584 million baht for 2025, or 6.53 baht per share, an increase of 4,625 million baht from the previous year. Looking ahead, the company anticipates potential challenges from oversupplied oil markets and geopolitical tensions.