Mitihoon – Bangchak Group reported its first-half 2025 performance, recording total revenue from sales and services of THB 260,474 million and EBITDA of THB 16,331 million. Despite a decline from the same period last year due to continued pressure from a significant decline in oil prices and a global economic slowdown, the Group maintained stable performance across its core business units. The Refinery and Oil Trading Business Group saw an increase in average production capacity compared to the same period in 2024, while the Marketing Business Group continued to sustain market share.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, stated “Despite continued pressure from declining crude oil prices and a sluggish global economy in the first half of the year, Bangchak was still able to generate profit from normal operations (excluding extraordinary items), particularly from the Refinery and Oil Trading Business and the Marketing Business, both of which play a key role in driving the company’s core revenue. This reflects our effective management capabilities and the smooth integration of Bangchak Sriracha Public Company Limited into the Group. In addition, the company established BCPT FZCO in Dubai, United Arab Emirates, to support the expansion of oil trading operations in the Middle East.
At the same time, Bangchak’s continued inclusion in the SET50 index and its rise in the 2025 Fortune Southeast Asia 500 ranking to 17th place, up from 24th in the previous year, further reflect the company’s sustainable business performance and the long-term confidence of its stakeholders.”
Ms. Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported the key performance highlights of each business group for the first half of 2025 as follows:
The Refinery and Oil Trading Business Group reported an EBITDA of THB 1,399 million in the first half of 2025, a decrease from THB 6,570 million in the same period last year, primarily due to a drop in the Operating GRM to USD 4.20 per barrel, following weaker crack spreads across all product categories. In addition, the company recognized a total loss of THB 3,750 million from inventory loss and net realizable value (NRV) adjustments. However, the impact from lower refining margins was partially cushioned by the price advantage of Brent crude trading below Dubai crude during the period, along with an overall decline in crude oil costs. The Group’s average refining throughput for the first half of 2025 reached 254,900 barrels per day, slightly higher than the same period last year, supported by uninterrupted operations at Bangchak Phra Khanong Refinery throughout the period, in contrast to the planned major turnaround in the first half of 2024.
Marketing Business Group reported an EBITDA of THB 3,022 million in the first half of 2025, a decrease from THB 3,977 million in the same period of 2024, amid a slowing economy. Nevertheless, the business maintained its domestic market share at approximately 29%, reflecting the strength of its nationwide network and quality of service.
The Clean Power Business Group reported an EBITDA of THB 1,881 million in the first half of 2025, decreasing from THB 2,424 million in the same period of the previous year. This was mainly due to the expiration of the additional feed-in tariff (adder) scheme for solar power plants in Thailand and the divestment of nine solar power projects in Japan in June 2024.
The Bio-Based Business Group delivered an EBITDA of THB 380 million in the first half of 2025, declining from THB 493 million in the same period of the previous year. The decrease was mainly due to the planned maintenance shutdown of the ethanol production plant in the first quarter, coupled with rising raw material costs, particularly molasses – the primary feedstock for ethanol production. Meanwhile, product sales volume remained relatively flat compared to the same period last year, resulting in an overall decline in business performance.
The Natural Resources Business Group recorded an EBITDA of THB 10,128 million in the first half of 2025, a 23% decrease from THB 13,074 million in the same period last year. The decline was primarily due to a decrease in average oil selling prices in line with global market trends, and lower sales volume following the full-half-year impact of the Yme field divestment at the end of 2024. Nevertheless, OKEA has revised its production forecast upward to 30,000–32,000 barrels of oil equivalent per day in 2025 and 31,000–35,000 barrels of oil equivalent per day in 2026, as additional petroleum fields have resumed operations.
In the second quarter of 2025, Bangchak Group reported total revenue from sales and services of THB 125,827 million, a 7% decrease from the previous quarter and a 20% drop compared to the same period last year. EBITDA stood at THB 3,664 million, with a normalized operating profit of THB 1,247 million. However, after accounting for the impact of inventory loss and derivative losses, the Group recorded a net loss of THB 2,560 million, equivalent to a loss of THB 1.86 per share. The decline in performance was primarily driven by falling global oil prices.
As of 30 June 2025, Bangchak Group reported cash and cash equivalents of THB 30,215 million, total assets of THB 310,702 million, total liabilities of THB 228,247 million, and total shareholders’ equity of THB 82,455 million. The Group’s net interest-bearing debt to equity ratio stood at 1.19 times.
In addition, as reported by Bangchak Sriracha Public Company Limited to the Stock Exchange of Thailand, a fire incident occurred on 26 July 2025 at the crude distillation unit of Unit 2 at the Sriracha Refinery. The fire was promptly brought under control. An assessment indicated only minor damage, and Unit 2 resumed normal operations on 31 July, within just five days of the incident. As such, the event had no material impact on Bangchak Group’s operations or financial performance. The Group remains committed to upholding the highest safety standards, prioritizing the safety of its employees, workers, surrounding communities, and the environment with utmost rigor.
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