Thai Oil PCL (TOP) reported a net profit of 14.584 billion baht for fiscal year 2028, a 46.45% increase from the previous year, according to multiple reports from Thai financial news outlets. The surge in profitability was attributed to gains from share repurchases of its debentures and profits from acquisitions.
The company’s fourth-quarter 2028 results were influenced by a decline in the average price of Dubai crude oil, stemming from the decision by OPEC+ to lift production restrictions, according to reports. Despite this price adjustment, refining margins remained robust, contributing to the overall positive financial performance.
Thai Oil’s evolution from a tiny-scale refinery with a capacity of 35,000 barrels per day to a fully integrated facility processing 275,000 barrels per day underscores its growth trajectory, as highlighted by the company itself. The company as well has investments in power generation through TOP SPP Co., Ltd., and Global Power Synergy Plc, a flagship of the PTT Group, supporting both domestic and international power business development.
Recently, Thai Oil was recognized with the Asian Management Excellence Awards 2026, with Natthapol Meerit, Deputy Managing Director – Organizational Capability, and Jidapa Thongpu, Senior Vice President – Corporate Governance and Sustainability, accepting the award on behalf of the company.
According to a report from Thunhoon, Thai Oil anticipates crude oil prices to fluctuate between $60 and $70 per barrel for West Texas Intermediate (WTI) and Brent crude this week.
