PTT Plc reported a 95% year-on-year jump in net profit to 46.2 billion baht for the first quarter of this year, driven by higher global oil and petrochemical prices.
Earnings per share for the first quarter leapt to 16.09 baht from 8.23 baht in the same period last year.
Average Dubai crude prices jumped 74.5% year-on-year to $53.1 a barrel in the first quarter, compared to $30.4 in the same period last year, it said.
Compared to the previous quarter, net income surged 141.9%, or 27 billion baht, mainly due to the low base as its affiliates recognised an impairment loss in the fourth quarter last year, according to a filing with the Stock Exchange of Thailand on Monday evening.
Sales revenue rose 31.9% year-on-year to 509.8 billion baht, mainly from international trading and petrochemical and refining.
The increase of global oil and petrochemical prices resulted in higher margins.
Foreign exchange gains also grew during the period due to a stronger baht against the US dollar even though corporate income taxes increased on the higher profit.
PTT shares rose 1.3% to 386 baht in trade worth 1.4 billion baht on Monday compared to a 0.4% decline of the Stock Exchange of Thailand index. The filing was made after the market closed.