BCP reveals revenue for the first year 2567, reaching a new high, growing 98%, oil sales volume rising 100%.
BCP reveals revenue for the first year of 2567, reaching a new high, growing 98%, oil sales volume rising 100%, net profit increasing 33%, while total assets increased 12,693 million baht.
On August 8, 2024, Bangchak Corporation Public Company Limited ( BCP) informed the Stock Exchange of Thailand that for the six-month period ended June 30, 2024, the Bangchak Group achieved a new record with revenue from sales and services growing by over 98% year-on-year to 293,438 million baht, and EBITDA of 26,072 million baht (+48% year-on-year).
The refinery and oil trading business group received major support from the performance of BSRC, which became part of the Bangchak Group from 1 September 66 onwards, together with the adjusted average production capacity rate. significantly increased From the operating results of the Sriracha Refinery, the average production rate increased and continuously set new records. It has come to help compensate for the decreased average production rate of the Phra Khanong Refinery which has been closed for routine maintenance of the refinery unit (Turnaround Maintenance) for a period of 27 days between 7 May 67 - 2 June 67. very well
With escalating geopolitical tensions in the Middle East and the potential for a full-blown conflict between Russia and Ukraine, which has driven up crude oil prices, Bangchak Group achieved an inventory gain of 438 million baht (including net asset value (NRV) adjustments). This helped offset the downward pressure from a lower Operating GRM compared to the first half of 2023, resulting from a decrease in crack spreads across all products due to weak global demand stemming from the economic slowdown.
While the marketing business group achieved a new record for total oil sales across all channels at 6,919 million liters, growing by more than 100% year-on-year, the company is committed to delivering products and services to customers through its 2,214 service stations nationwide. The bio-product business was boosted by increased sales, aligning with the expansion of the marketing business group. The clean energy business group recognized increased revenue from electricity sales, including the full-half-year performance from investments in four natural gas power plant projects in the United States (Carrol County, South Field, Hamilton Liberty & Patriot) with a total capacity of 857 megawatts, and investments in oil storage facilities, ports, and pipelines in Phetchaburi province. These results fully mitigated the impact of the Adder termination for solar power plants in Thailand.
In addition, profits after taxes were realized from the sale of 9 solar power plant projects in Japan, totaling 2,159 million baht, and the natural resources business group. with continuous investment expansion And there was recognition of full half-year operating results from the Statfjord petroleum field that received the transfer of rights on Dec. 29, '66, and the Hasselmus production field, which began COD in Oct. '66, resulting in a profit. of the parent company 4,261 million baht (+33% YoY), equivalent to earnings per share of 2.91 baht
For the second quarter of 2024, Bangchak Group reported revenue from sales and services of 158,057 million baht (+17% QoQ, +>100% YoY) and EBITDA of 10,764 million baht (-30% QoQ, +62% YoY). The refining and oil trading business segment was pressured by continuously declining product prices due to suppressed global demand under a weak economy, resulting in a decrease in Operating GRM. In addition, the average production capacity decreased due to scheduled maintenance shutdowns at the Phra Khanong refinery. However, the Sriracha refinery achieved a new record high production capacity of 154.2 KBD, helping to boost the group's overall production capacity.
However, from the situation of geopolitical tensions that are intensifying. Supporting the price of crude oil to increase. As a result, the Bangchak Group had an inventory gain of 810 million baht (including inventory value adjustments (NRV)) for the marketing business group. This is because the company has managed sales during the maintenance shutdown of the Phra Khanong Refinery. The company has therefore chosen to distribute products and channels with appropriate marketing values. As a result, the total sales volume of the marketing business group weakened slightly. But the marketing margin has increased QoQ.
The bio-products business group , despite increased sales volume, was pressured by a weakening spread between selling price and raw material cost. The natural resources business group experienced a decrease in sales volume due to underlift (selling below contracted capacity) and a planned 60-day maintenance shutdown at Statfjord A. Meanwhile, the clean energy business group recognized after-tax profit of 2,159 million baht from the sale of nine solar power plant projects in Japan, resulting in a net profit attributable to the parent company of 1,824 million baht (-25% QoQ, +>100% YoY), equivalent to 1.23 baht per share.
Summary of financial position as of 30 June 2567, Bangchak Group has cash and cash equivalents of 45,284 million baht and total assets of 353,122 million baht, an increase of 12,693 million baht compared to as of 31 December 2566, total liabilities of 248,715 million baht, an increase. 8,318 million baht and total shareholders' equity was 104,407 million baht, an increase of 4,375 million baht, of which shareholders' equity of the parent company was 75,397 million baht, with the ratio of net interest-bearing debt to shareholders' equity remaining at a level that was still strong. Strong at 0.84 times
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