BCP’s Refinery Business Buoys 3Q18 Profit to Reach ฿1.85bln.
The high utilization rate and better gross refinery margin from refinery business helps BCP to book 75% more profit than the same period of last year.
11 พ.ย. 2561

Bangchak Corporation Public Company Limited (BCP) has reported its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:

BCP recorded ฿1.85 billion of profit in 3Q18, increased 75% YoY, but decreased 3% in nine months period YoY. The performance vastly improved mostly from the refinery business recorded high utilization rate and better gross refinery margin (GRM), as well as the power plant business realizing the profit from the sales of their solar power plants assets into the infrastructure fund.
 
The Refinery and Trading Business Group recorded an average production rate of 118.82 KBD (99% utilization rate) which is considered as a record all-time high for average production rate in any quarter in the history of the Bangchak refinery. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to the significant increase of production after the turnaround maintenance (TAM), combined with the crude cost that benefited from narrower DTD/DB spread.
Within this quarter there was an inventory gain of ฿241 million from the increase in crude price, but there was a loss from the crude and product oil price hedging contract in the amount of ฿78 million. As for BCP Trading Pte. Ltd., the company recorded more revenue from the amount of trade transaction and the significant increase in oil price.