BCP's Q2 profit grew 99% as its SAF business started generating revenue, boosting performance to 1.2 billion baht.

Bangchak Corporation's second-quarter profit surged to 12,239 million baht, a 99% increase from the previous quarter, driven by the first-ever recognition of EBITDA from its Sustainable Aviation Fuel (SAF) business. This was further supported by a reduction in hedging losses from lower oil prices, boosting performance despite continued energy market volatility.

Date 7 Aug 2569 Bangchak Corporation Public Company Limited or BCP The Q2 2569 operating results report shows net profit attributable to the parent company of 12,239 million baht, a 99% increase from the previous quarter.

EBITDA stood at 25,968 million baht, a 46% increase, and revenue from sales and services totaled 183,553 million baht, a 29% increase.

A key factor supporting the improved performance was the reversal of unrealized mark-to-market losses previously recognized in the previous quarter. This resulted in a reduction of losses from oil hedging contracts to 879 million baht, while unrealized gains of 4,415 million baht were recognized.

Another key factor is the commencement of commercial production and sales of sustainable aviation fuel (SAF), with an average production capacity of 6.8 barrels per day (KBD) and sales of 39 million liters. Benefiting from the high SAF-UCO price spread, the company has begun recognizing EBITDA from the SAF business for the first time and sees this as a driving force for long-term performance.

Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and the President The company stated that despite the volatility in the global energy market due to energy prices, product price spreads, and geopolitical factors, it will continue to manage risks while investing in future energy businesses, particularly the SAF business, which has already begun generating returns for the company.

The performance of each business group remained strong, with the refining, marketing, and bioenergy group seeing increased EBITDA driven by improved oil product price spreads, a recovery in net marketing margins, and the commencement of returns from the SAF business.

While the natural resources sector was boosted by higher natural gas prices, the power and infrastructure sector benefited from increased electricity sales at natural gas power plants in the United States.

For the first half of 2569. Bangchak Group reported revenue from sales and services of 326,080 million baht, a 25% increase from the same period last year. EBITDA reached 43,763 million baht, and net operating profit was 13,155 million baht, an increase of over 100% from the previous year. Including inventory gains and extraordinary items, the company's net profit attributable to the parent company was 18,383 million baht, or 12.51 baht per share.

Furthermore, Bangchak is continuing its international expansion through its subsidiary, Bangchak Hong Kong Holding Limited, which acquired all shares of Chevron Hong Kong Limited and renamed it Bangchak Hong Kong Limited. This acquisition is expected to generate revenue in the second half of 2569 and will encompass 31 service stations, along with oil storage facilities and a port in Hong Kong.

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