Bangkok:Thai Oil Public Company Limited (TOP) has reported a substantial increase in profits for the first nine months of 2026, driven by tax revenue and government policy support totaling nearly 30 billion baht.
According to Thai News Agency, Thai Oil's Q3 2026 financial results reveal a net profit of 18,010 million baht, marking a 738.84% increase. This growth contributed to a total net profit of 45,775 million baht for the first nine months of the year, a 277.49% rise, largely due to rising global crude oil prices amid tensions in the Middle East.
The company's financial report shows sales revenue of 136,372 million baht for Q3 2026, resulting in total revenue of 380,790 million baht for the first nine months. This performance was bolstered by a 3,847 million baht gain from oil inventory and the operation of its refinery at full capacity, exceeding 100%. Although base refining margins weakened slightly from the previous quarter, the overall profits remained strong.
Mr. Pongphan Amornvivat, CEO and President of TOP, emphasized the company's strategic focus on managing its supply chain operations to support domestic oil demand while maintaining financial strength and advancing the Clean Energy Project (CFP).
Thai Oil has taken measures to ease the public's cost of living, including reducing diesel prices by over 7 billion baht and utilizing the Fuel Fund mechanism to delay oil price increases. The company also remitted 11,397 million baht in corporate income tax from January to September 2026, contributing to national revenue and infrastructure development.
Looking ahead, the market anticipates a slight narrowing of the price spread between refined oil products and Dubai crude oil in the fourth quarter, with tight global supply conditions maintaining high prices. Crude oil prices are expected to decline in late 2026 as conflicts in the Middle East ease, potentially affecting refining margins compared to the previous quarter.