Bangchak Corporation Reports Refining Business EBITDA of 10,245 Million Baht, Over 100% Increase
Bangchak Corporation reported strong first quarter 2025 results with refining business EBITDA surging over 100% to 10,245 million baht, driven by a 6% revenue increase and 40% EBITDA growth across the group. The company successfully navigated volatile global energy markets and geopolitical tensions, achieving record petroleum sales of 3,700 million liters while expanding into sustainable aviation fuel production. Despite rising crude costs and shipping risks from Middle East uncertainty, Bangchak has secured supplies through July 2025 and introduced consumer relief measures including B20 diesel options and fuel exchange programs.
Bangchak Corporation unveiled its first quarter 2025 performance, posting net profit (excluding special items) of 953 million baht, with the refining business achieving EBITDA of 10,245 million baht—more than double year-over-year. CEO Chaiwat Kovavisa reported that the group generated 142,528 million baht in revenue and service income, a 6% increase from the prior year period, while EBITDA climbed 40% to 17,795 million baht.
The company recorded normal operating profit of 953 million baht excluding special items. Including special items recognized in the quarter, parent company profit reached 6,144 million baht, more than doubling compared to the same period last year, translating to earnings per share of 4.17 baht. Bangchak successfully managed operations and its supply chain amid volatile global energy markets shaped by supply tensions and geopolitical uncertainty, achieving average production of 279,800 barrels per day with total petroleum sales of 3,700 million liters, a record high.
However, uncertainties surrounding Middle East tensions, rising energy costs, and global crude price volatility remain concerns the company is closely monitoring to adjust business plans accordingly. Since March 2025, Bangchak has maintained its commitment to ensuring the country's energy supply and delivery, sourcing quality crude from multiple global regions. In the first quarter, the company experienced limited direct impact from Middle East conflict due to its diversified crude supply strategy.
Nevertheless, supply route uncertainties through the Strait of Hormuz and Middle East tensions have driven up crude costs, crude premiums, shipping, and insurance expenses, reflecting war risk premiums that the company will recognize progressively from the second quarter onward. Bangchak is maximizing efforts to source additional crude from new sources to maintain refining rates and meet domestic energy demand, having already secured supplies through July 2025 while closely monitoring the energy situation and adjusting operations accordingly to manage costs and business continuity.
The company has complied with relevant regulations and cooperated with authorities on consumer assistance measures, including launching B20 diesel as an alternative for transport, fishing, and industrial sectors. It also continues the "Fry to Fly—2 liters exchanged for 1 liter" program under the concept of "cooking oil for vehicle fuel exchange" to help ease consumers' cost-of-living burden.
Additionally, a 700,000-barrel crude tanker safely transited the Strait of Hormuz and reached Bangchak's Sri Racha refinery as planned. The company is also supporting the sourcing of feedstock for sustainable aviation fuel (SAF) production, which has commenced with initial product delivery scheduled for May 2025. The group continues to recognize recurring synergies and benefits from operational efficiency improvements at two refineries, totaling approximately 2,800 million baht, compared to 1,800 million baht in 2024.