Bangchak Group kicked off 2025 with a robust performance, recording EBITDA of THB 12,666 million, a 77% increase from the previous quarter, and more than doubling its net profit attributable to the parent company. This marks a strong rebound amid a fragile global economy. A key highlight this quarter was the recognition of THB 1,812 million in EBITDA from synergy following the integration of Bangchak Sriracha Public Company Limited (BSRC), underscoring the Group's efficiency in resource integration and its strategic focus on sustainable growth. The strong business results were complemented by significant milestones: the issuance of digital bonds, continuous expansion of its retail fuel and Inthanin coffee networks, with the opening of the first Inthanin branch at a Bangchak service station operated by BSRC, and a major leap into future energy with the launch of Thailand's first stand-alone Sustainable Aviation Fuel (SAF) production unit.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, stated, "Despite the continued weakness in crude oil prices due to the global economic slowdown, Bangchak has maintained healthy margins, particularly in the Refinery and Oil Trading Business and the Marketing Business. This was made possible by the effective management of synergies with BSRC. In Q1 alone, we recognized EBITDA of THB 1,812 million from this synergy, reflecting the value of seamless integration and shared resources in challenging times. We are also seeing early signs of improvement in international trade conditions, with oil prices stabilizing and margin recovery across both key business units."
In addition to its strong performance, Bangchak is accelerating its commitment to future energy.
On 25 April 2025, the company officially launched Thailand's first 100% Neat SAF production unit,
a dedicated stand-alone facility located at its Phra Khanong refinery, with an initial capacity of 1 million liters per day.
Bangchak also continued to strengthen its logistics infrastructure, including the import of Very Large Crude Carriers (VLCCs) and the expansion of its Suezmax-compatible marine terminal at the Bangchak Sriracha Refinery. These projects are expected to become operational in Q2 and begin delivering cost benefits in the second half of the year.
On the marketing front, Bangchak accelerated the rollout of over 100 new service stations nationwide, raised product standards with its Premium 97 and Premium Diesel fuels, and enhanced the retail experience under its "Greenovative Destination for Intergeneration" concept. The company aims to reach 1,400 Inthanin coffee branches by year-end, while also expanding to more than 419 EV charging points and over 2,000 outlets for its FURiO lubricants.
For the first quarter of 2025, the Company recorded total revenue from sales and services of
THB 134,647 million and EBITDA of THB 12,666 million, representing a significant increase compared to the previous quarter. The Company also recognized a foreign exchange gain of THB 466 million, resulting in net profit attributable to the parent company of THB 2,115 million more than double the previous quarter equivalent to earnings per share of THB 1.54.
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 quarter of 2025 as follows
The Refinery and Oil Trading Business Group reported EBITDA of THB 3,139 million, an increase of over 100% from the previous quarter. Although the operating gross refining margin (GRM) declined due to lower crack spreads across all products, the impact was partially offset by Dated Brent crude trading at a discount to Dubai crude. The Group also benefited from a significant gain of THB 788 million from oil hedging derivatives, which fully offset the inventory loss incurred during the period.
The Marketing Business Group achieved EBITDA of THB 1,841 million, representing a quarter-on-quarter increase of over 100%, driven by a recovery in net marketing margins and a reduction in selling, general, and administrative expenses. Total sales volume declined slightly to 3,498 million liters due to a slowdown in the industrial segment, although sales through service stations recorded modest growth. The increase in aviation fuel sales, in line with rising flight activity and tourism sector expansion, helped mitigate the overall impact. Additionally, the Group's push to grow lubricant sales through higher-margin channels contributed to improved performance. Market share for service stations rose to 29.3%, up from 28.9% at the end of 2024, supported by a robust network of 2,161 stations as of Q1.
The Clean Power Business Group posted EBITDA of THB 903 million. The decline in electricity sales compared to the previous year was primarily due to the end of revenue recognition from projects in Japan. The sequential decline from the prior quarter was mainly driven by seasonal factors and maintenance-related downtime at hydropower plants in the Lao PDR in February. However, this was partially offset by a share of profit from associates totaling THB 444 million, largely driven by improved profitability in the U.S. natural gas power business due to a favorable electricity price spread.
The wind power business in the Philippines improved due to seasonally stronger winds, while wind projects in Thailand also saw increased electricity sales. Solar power projects in Thailand reported revenue growth, supported by higher generation and the commencement of additional rooftop solar projects. Oil terminals and seaports in Thailand also recorded improved performance.
The Bio-Based Business Group delivered EBITDA of THB 296 million, down 7% from the previous quarter but up 4% year-on-year. The reduction was mainly due to the full-quarter impact of the government's biodiesel blending mandate adjustment from B7 to B5, which lowered biodiesel sales volumes. However, average selling prices rose in line with the upward trend in crude palm oil prices. The Group also fully recognized the performance of BBGI-BI, following its 100% shareholding. In the ethanol segment, while average selling prices declined due to lower feedstock costs, sales volumes rose sharply more than doubling from the same period last year supported by increased demand from BSRC, which helped maintain high-capacity utilization rates.
The Natural Resources Business Group reported EBITDA of THB 6,625 million, a 32% increase quarter-on-quarter, though 11% lower year-on-year, largely due to the sale of the Yme field which led to a drop in sales volume. However, the increase in quarterly EBITDA was supported by higher production from OKEA, which averaged 39.07 thousand barrels of oil equivalent per day (kboepd), surpassing contractual levels (overlift) in the Brage, Ivar Aasen, and Draugen fields. Average selling prices for crude oil and liquefied natural gas also rose in response to seasonal demand, with natural gas prices up 6% from the previous quarter due to winter usage. An impairment loss of approximately THB 185 million related to goodwill following a downward revision of forward oil price forecasts was fully offset.
As of 31 March 2025, Bangchak Group reported cash and cash equivalents of THB 27,613 million, reflecting a decline of THB 1,013 million, mainly due to net cash outflows from investing and financing activities exceeding cash inflows from operating activities. The Company maintained a solid net interest-bearing debt-to-equity ratio of 1.12 times. TRIS Rating affirmed the Company's credit rating and its senior unsecured debentures at "A+" with a "Stable" outlook.