Bangkok: Bangchak Group reported its first-half 2025 operating results, with total sales and service revenue of 260.474 billion baht and EBITDA of 16.331 billion baht, a decrease amid continued declines in oil prices and the global economic slowdown. In Q2 2025, the company reported a net loss of 2.56 billion baht.

According to Thai News Agency, Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and President of Bangchak Corporation Public Company Limited, stated that despite pressure from declining crude oil prices and a still-unrecovered global economy in the first half of the year, the company was still able to generate profits from normal operations (excluding special items) from its refinery and oil trading and marketing businesses, demonstrating its efficient management capabilities and smooth integration with Bangchak Sriracha Public Company Limited. Additionally, the company has established BCPT FZCO in Dubai, United Arab Emirates, to support the expansion of its oil trading business in the Middle East.

Key operating results for the first half of 2025 for each business group are as follows:

The Refinery and Oil Trading Business Group experienced a drop in EBITDA to 1,399 million baht from 6,570 million baht in the same period last year. This was attributed to a decrease in the Operating Gross Refining Margin (Operating GRM) to US$4.20 per barrel, influenced by a weakening crack spread across all products, coupled with the recognition of an inventory loss and a net inventory value adjustment (NRV) of 3,750 million baht. The average production capacity during the first half of the year was 254,900 barrels per day.

The Marketing Business Group reported an EBITDA of 3,022 million baht, a decline from 3,977 million baht in the same period of 2024, amid the economic slowdown. The Group maintained its domestic market share at approximately 29 percent, reflecting the strength of its network and service quality.

The Clean Energy Power Business Group saw a drop in EBITDA to THB 1,881 million in the first half of 2025, down from THB 2,424 million in the same period last year. This was due to the impact of the expiration of Adder for solar power plants in Thailand and the sale of nine solar power projects in Japan in June 2024.

The Bio-Products Business Group reported an EBITDA of 380 million baht in the first half of 2025, a decline from 493 million baht in the same period last year. This decrease was primarily due to planned maintenance shutdowns at the ethanol plant in the first quarter, coupled with rising raw material costs, particularly molasses, a key raw material for ethanol production. Meanwhile, product sales remained stable.

The Natural Resources business group reported an EBITDA of 10.128 billion baht, a decrease of 23%, impacted by the decline in average oil prices in line with global market trends and decreased sales volume. However, OKEA has revised its production estimates to 30,000-32,000 barrels of oil equivalent per day in 2025 and 31,000-35,000 barrels of oil equivalent per day in 2026.

In the second quarter of 2025, Bangchak Group’s total sales and service revenue was 125,827 million baht, a 7% decrease compared to the previous quarter and a 20% decrease from the same period last year. EBITDA was 3,664 million baht, and normal operating profit was 1,247 million baht. However, when including the impact of inventory loss and derivative losses, Bangchak Group had a net loss of 2,560 million baht, or a loss per share of 1.86 baht. Operating results were primarily pressured by falling oil prices.