4Q24 net profit is estimated at B2.4bn, reversing from 3Q24 net loss of B4.2bn thanks to net extraordinary profit (stock gain plus NRV). Also, 4Q24 normalized profit is estimated at B2.2bn, reversing from 3Q24 normal loss of B102m. Profit from refinery and lubricant businesses are expected to improve from 3Q24. Then, profit may drop slightly qoq and yoy in 1Q25 and 2025