BCP's Q2 2026 profit surges to new record, boosted by SAF

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Summary · why it matters

Bangchak Corporation, or BCP, reported second-quarter 2026 net profit of 12 billion baht, up 99 percent from the previous quarter and a turnaround from a loss a year earlier, marking a new quarterly record. The strong performance was driven by its Sustainable Aviation Fuel project, or SAF, which began commercial operations in May. Core profit stood at 12 billion baht, rising 32 percent from the prior quarter and surging 1,493 percent year-on-year. The refinery and marketing business saw profit increase 40 percent from the previous quarter, despite a slight dip in refining margins, thanks to high SAF price spreads and higher sales volumes. The natural resources business posted a 64 percent profit increase, supported by higher average selling prices in line with global energy prices. Analysts have raised their full-year 2026 net profit forecast to 26 billion baht and the 2027 estimate to 12 billion baht, while lifting the target price to 51.00 baht and maintaining a buy recommendation. The expected dividend yield for 2026 is as high as 9.9 percent.

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