Bangchak Corporation Public Company Limited (BCP) reported its 2025 financial results with a net profit attributable to the parent company of 2.88 billion baht, a 32% increase from the previous year, total revenue exceeding 507.57 billion baht, and a 67% surge in operating profit.
This reflects effective cost management and synergy integration within its business groups. Meanwhile, the Phra Khanong and Sriracha refineries set a combined record high average production capacity in Q4, reaching nearly 280,000 barrels per day, driving strong growth in refining margins and refinery group EBITDA.
Looking ahead to 2026, the company plans to accelerate its two main businesses — oil trading and petroleum exploration and production — as new growth engines, and aims to commercially launch its Sustainable Aviation Fuel (SAF) business by June 2026, paving the way toward a low-carbon energy portfolio.
Bangchak Corporation Public Company Limited (BCP) reported a net profit attributable to the parent company of 2.88 billion baht in 2025, up 32% from 2.184 billion baht in 2024, equating to earnings per share of 2.08 baht.
Revenue from sales and services totaled 507.57 billion baht with EBITDA of 35.753 billion baht. Normal operating profit (excluding special items) reached 10.24 billion baht, up 67% from 2024. The company recognized 7.3 billion baht in synergy throughout the year from integrated operations and efficient production management across its business groups.
In Q4 2025, the Bangchak Phra Khanong and Bangchak Sriracha refineries achieved a combined record-high average production capacity of 279,700 barrels per day.
Chaiwat Kowavisarut, Group CEO of Bangchak Corporation and Managing Director of Bangchak Corporation Public Company Limited, stated that 2025 was another challenging year for the energy sector due to declining crude oil prices and global economic volatility, which affected the overall industry's performance.
Nevertheless, Bangchak Group continued to manage its business prudently, emphasizing strengthening its business structure for the long term and laying foundations to expand energy markets domestically and internationally to support future growth.
In 2025, the company reported a net profit attributable to the parent company of 2.88 billion baht. Progress was made in restructuring through acquiring a 99.72% stake in Bangchak Sriracha Public Company Limited (BSRC) and delisting BSRC from the Stock Exchange of Thailand in December 2025. This supports integrated management of both refineries under the "Together to Greater" concept and will enhance operational efficiency going forward.
Despite pressure from lower crude prices and inventory losses, both refineries increased their average refining capacity by 5,300 barrels per day from the previous year, as the Phra Khanong refinery had no major scheduled maintenance shutdowns unlike the prior year.
The Sriracha refinery set a record-high refining capacity in Q4 2025, approaching 280,000 barrels per day. Additionally, diesel and jet fuel price spreads (Middle Distillates) rose steadily in the second half due to tight supply.
As a result, the Crack Spread increased significantly, especially in the last quarter where the refining margin reached 10.8 USD per barrel, the highest in several quarters. These factors supported a 77% year-on-year rise in EBITDA for the refinery and oil trading businesses. Meanwhile, the marketing business expanded sales volume compared to the previous year and maintained a strong retail market share of 29%.
Furthermore, the group's diverse business structure enhances competitiveness and financial stability amid volatile economic and energy market conditions.
For 2026, focus will be on two core businesses as new growth drivers: oil trading and petroleum exploration and production, to strengthen regional competitiveness and energy security.
Meanwhile, the refinery, marketing, and bioenergy businesses remain robust, capitalizing on favorable market conditions, along with the electricity and infrastructure group and new business and holdings group.
The commercial launch of the Sustainable Aviation Fuel (SAF) business by June 2026 will mark an important step in driving the group's low-carbon energy business forward.
In Q4 2025, the company reported sales and service revenue of 123.79 billion baht with EBITDA of 9.154 billion baht, up 28% from the same period last year, and normal operating profit (excluding special items) of 4.056 billion baht, a 27% increase from the previous quarter and more than doubling from the prior year.
This was mainly driven by the refinery and oil trading group, whose EBITDA rose 57% quarter-on-quarter, supported by an average basic refining margin of 10.80 USD per barrel and record-high average capacity at both refineries.
The marketing group grew sales volume due to tourism season travel and expansion of high-value industrial products. The clean energy electricity group recorded increased profit share from associates following a full quarter of operations of the Monsoon wind power plant in Laos.
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