IRPC Swings to 15.36 Billion Baht Nine-Month Profit
Thai petrochemical giant IRPC posted a net profit of 15.36 billion baht for the first nine months of 2026, reversing a 2.998 billion baht loss a year earlier. The turnaround was driven by stronger refining margins, lower crude sourcing costs, and disciplined cost management amid global economic headwinds. CEO Sirimet Leepakorn said the results reflect the company's "Turnaround Today Transform for Tomorrow" strategy focused on asset optimization and long-term competitiveness.
IRPC reported a nine-month net profit of 15.36 billion baht, demonstrating a strong recovery as the company accelerates asset utilization to enhance long-term earnings potential. President and CEO Sirimet Leepakorn revealed third-quarter and nine-month 2026 results, stating the company achieved a net profit of 15.36 billion baht in the first nine months of 2026, driven by efficient business management amid geopolitical tensions, trade wars, energy price volatility, and a slowing global economy. The company prioritized financial discipline, operational efficiency, proactive risk management, and maintaining competitiveness.
Sirimet said third-quarter revenue reached 78.195 billion baht, with Market Gross Integrated Margin (Market GIM) at 10.548 billion baht, or 19.29 cents per barrel, up 194 million baht or 2.17 cents per barrel from the second quarter. Supporting factors included a wider diesel crack spread versus crude oil, driven by tight global supply from Middle East crude export risks and Russian diesel export restrictions, while crude sourcing costs including crude premium, freight, and insurance declined from the prior quarter. Accounting GIM stood at 13.012 billion baht, or 23.79 cents per barrel, up 6.345 billion baht or 12.76 cents per barrel from Q2, yielding EBITDA of 10.124 billion baht, up 6.054 billion baht. The company recorded an unrealized oil hedging loss of 469 million baht in Q3 versus a 2.051 billion baht gain in Q2 due to widening product cracks, resulting in a Q3 net profit of 4.55 billion baht, up 1.629 billion baht or 56% from Q2.
For the nine-month 2026 period, revenue totaled 226.771 billion baht, with Market GIM at 28.803 billion baht, or 16.44 cents per barrel, up 14.205 billion baht or 8.51 cents per barrel. EBITDA reached 28.944 billion baht, up 24.096 billion baht year-on-year. The nine-month net profit of 15.36 billion baht compares to a net loss of 2.998 billion baht in the same period last year.
Sirimet added that IRPC aims to enhance the value of strategic assets and existing infrastructure across its industrial estate, land, ports, oil storage, and utilities through asset optimization, strengthening cash flow stability and supporting long-term growth. This aligns with the "Turnaround Today Transform for Tomorrow" strategy, building internal strength while transforming the organization to be more agile, improving operational efficiency and competitiveness. The focus is on rapid, data-driven decision-making and prudent management to establish a solid foundation for IRPC's sustainable long-term growth.
