A Sharp Drop of GRM Plunges TOP’s 2018 Profit to ฿10.1bln.
TOP’s profit in 2018 was THB 10,149 million. The decline was due to a drop on gross refining margin.
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Thai Oil Public Company Limited (TOP) has reported its consolidated financial statement yearly 2018 through the Stock Exchange of Thailand as follows:

For the year 2018, comparing with the year 2017, Thaioil and Subsidiaries had sales revenue of THB 389,344 million, increased by THB 51,956 million due to the rise in average product selling prices tracking crude oil price.
However, Thaioil and Subsidiaries recorded lower GIM excluding stock gain/ (loss) by 2.2 US$/bbl to 6.9 US$/bbl because gross refining margin (GRM) dropped due to considerably increased crude premium and softened gasoline spread over Dubai, despite stronger gas oil and jet/kero spreads from previous year.
In addition, base oil and bitumen spreads over fuel oil also weakened owing to increasing base oil supply and softening bitumen demand. Besides, in 2018, Thaioil and Subsidiaries recorded stock loss and the write-down to NRV on petroleum inventory of THB 2,628 million, compared with stock gain and the reversal of write-down to NRV on petroleum inventory of THB 3,416 million in 2017.
Then, Thaioil and Subsidiaries posted EBITDA of THB 20,239 million, dropped by THB 16,686 million. Offsetting with finance costs, which included non-recurring expenses from amortized deferred discount on debentures and related expenses relevant to liabilities management, depreciation, and income tax expense, Thaioil and Subsidiaries earned net profit of THB 10,149 million or ฿4.97/share, plunged by THB 14,707 million from prior year.