Low GRM and Sales Revenue Sink SPRC with a Net Loss of ฿2.8bn, Paying ฿0.0625 Div
Star Petroleum Refining Public Company Limited (SPRC) h …
Low GRM and Sales Revenue Sink SPRC with a Net Loss of ฿2.8bn, Paying ฿0.0625 Dividend.
22 ก.พ. 2563

Star Petroleum Refining Public Company Limited (SPRC) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

SPRC reported a net loss in 2019 at 2,808 million baht, decreased from a net profit of 2,263 million baht. The decrease was mainly due to a drop in sales revenue and lower GRM in 2019.
Compared 2019 with 2018, total crude intake in 2019 of 134 thousand barrels per day decreased from 160 thousand barrels per day in 2018 or 16% decrease, impacted from the reduction in refinery unit’s throughput to optimize the refinery run during low refining margin in the market, end of run condition of some process units and planned refinery turnaround in Q4/19.
This caused sales revenue in 2019 to drop 19% from 2018 which is also due to the lower refinery product price. SPRC had negative EBITDA and net income in 2019 which were impacted from low throughput, low accounting refining margin, despite a slight stock gain, weak market refining margin and planned turnaround expenses. Excluding stock gain, market gross refining margin in 2019 was low at US$3.39/bbl compared to US$5.67/bbl in 2018 impacted from product crack spread declined due to sluggish demand. Baht to US$ remained strong and continued appreciation which resulted to higher exchange gain in 2019 and favorable to 2019 performance.
 
In addition, the Board of Directors of SPRC has approved a resolution for a dividend payment to be paid on May 7, 2020, at a value of ฿0.0625/share with an ex-dividend date on March 5, 2020.