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IRPC Public Company Limited (IRPC) led by Sirimet Leepakorn, Chief Executive Officer and President, announced the Company's operating results for the third quarter and the first nine months of 2026, reporting a net profit of 15.360 billion baht for the nine-month period.
The performance reflected effective business management amid geopolitical tensions, trade conflicts, volatile energy prices and a slowdown in the global economy. The Company continued to prioritise financial discipline, operational efficiency, proactive risk management and maintaining its competitiveness.
Mr Sirimet said that in Q3/26, the Company recorded net sales revenue of 78.195 billion baht and Market Gross Integrated Margin (Market GIM) of 10.548 billion baht, equivalent to US$19.29 per barrel. This represented an increase of 194 million baht, or $ 2.17 per barrel, from Q2/26.
The improvement was primarily supported by wider diesel spreads over crude oil amid tight global market supply, driven by risks to crude oil exports from the Middle East and Russia's restrictions on diesel exports. Meanwhile, crude oil procurement costs, including crude premiums, freight rates and insurance costs, declined from the previous quarter.
Accounting GIM amounted to 13.012 billion baht, or $23.79 per barrel, increasing by 6.345 billion baht, or $12.76 per barrel, from Q2/26. Consequently, the Company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 10.124 billion baht, an increase of 6.054 billion baht from Q2/26.
In Q3/26, the Company recorded an unrealised loss of 469 million baht from oil risk management, compared with a gain of 2.051 million baht in Q2/26, as product spreads increased. As a result, IRPC reported a net profit of 4.550 billion baht in Q3/26, up 1.629 billion baht, or 56%, from Q2/26.
For the first nine months of 2026, the Company recorded net sales revenue of 226.771 billion baht and Market GIM of 28.803 billion baht, or $16.44 per barrel, increasing by 14.205 million baht, or $8.51 per barrel, from the same period last year. EBITDA amounted to 28.944 billion baht, up 24.096 billion baht year on year. The Company reported a net profit of 15.360 billion baht for the nine-month period, compared with a net loss of 2.998 billion baht in the same period last year.
Mr Sirimet added: “IRPC aims to maximise the value of its strategic assets and existing infrastructure, including its industrial estate, land, port facilities, oil storage terminals and utility systems. Through asset optimisation, the Company seeks to maximise the utilisation of these assets, strengthen cash flow stability and support long-term growth.
“This direction is aligned with the Company's corporate strategy under the concept ‘Turnaround Today, Transform for Tomorrow’, which focuses on strengthening the organisation from within while transforming it into a more agile enterprise. This includes improving operational efficiency and competitiveness, with an emphasis on timely decision-making based on data and prudent management. These efforts will lay a strong and sustainable foundation for IRPC's long-term growth.”
Market outlook for Q4/26
Regarding the outlook for crude oil and petrochemical markets in Q4/26, Dubai crude prices are expected to remain relatively high, supported by uncertainty over Middle Eastern supply, particularly tensions between the United States and Iran, as well as low global oil inventories. However, oil prices may face downward pressure from the recovery of Saudi Arabia's oil exports, the resumption of shipping through the Strait of Hormuz and additional releases of strategic oil reserves by Group of Seven (G7) countries.
The petrochemical market continues to face challenges from volatile oil prices and feedstock costs amid geopolitical uncertainty. These conditions have prompted downstream producers to adopt a cautious approach and delay purchasing decisions. Meanwhile, polymer producers continue to face margin pressure and subdued purchasing power, which has yet to recover fully, requiring them to adjust production rates in line with market conditions. Nevertheless, seasonal demand towards the end of the year is expected to provide some support for a short-term market recovery.
IRPC remains committed to enhancing operational efficiency while upholding responsible corporate governance. The Company recently received the Outstanding Industry Award in the Productivity Improvement category and has continued to receive the Gold-level Human Rights Model Organisation Award for the third consecutive year.
In addition, IRPC has joined hands with the PTT Group, government agencies and network partners to assist and relief to people affected by flooding, reaffirming its role as an organisation committed to growing alongside society and local communities.
