BCP’s Earnings Return to Profit in 2021 as Sales and EBITDA Rise, Resulting in Gain of THB7.6 Billion

Bangchak Corporation Public Company Limited (SET: BCP) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;

Yearly 2021 2020
Net Profit (Loss)
Million Baht
7,623.790 (6,967.070)
Earning Per Share (Baht) 5.25 (5.50)
% Change 209.43


BCP reported a net profit of THB7,624 million in 2021, increasing from a net loss of THB6,967 million in 2020 as revenue from sales and rendering services surged 46% over the year due to the increase in crude oil price. While recorded EBITDA of THB9,363million, an increase of THB 11,532million when compared to 2020


Revenue from sales and rendering services was THB199,417 million, an increase of 46% YoY. OKEA’s contribution to revenue increase was 16%. Excluding OKEA’s revenue, the company group’s revenue increased from petroleum related business. The company’s revenue increased 32% YoY, from the rise in average selling price due to the increase in crude oil price in line with economic recovery and expansion of oil demand as COVID-19 vaccination progressed globally. In addition, total sales volume for oil products increased 4% YoY, mainly attributed to export of low-sulfur fuel oil and UCO. Moreover, BCPT realized an increase in sales revenue with main factors being the rise in average selling price per unit and increase in sales volume of external customers outside the company group.

Other income was recorded at THB1,279 million, an increase of 140% YoY. OKEA’s contribution to the increase was 27%. The remaining amount mainly came from construction delay claims which were received from the contractor.

Gain from fair value adjustment of investment was recorded at THB614 million, resulting from recognized profit from changing investment status from investment in associate to other investment.


The Bangchak refinery’s average production in Q4/2021 was 112.2KBD or 94% utilization rate, which is slightly higher than the previous quarter, due to the recovery in domestic demand after improvements in COVID-19 situation led to the loosening of restrictions. This led to recovery of the economy and increase in consumers’ travels. During this quarter, the refinery’s Total Gross Refinery Margin (Total GRM) was recorded 9.97$/BBL, an increase of 4.43$/BBL when compared to the previous quarter.


In addition, the Board of Directors passed a resolution to pay the dividend from the year 2021 at the rate of THB1.00 per share. The Ex-dividend date (XD) is set for 2 March 2022. The payment of the interim dividend will be made on 22 April 2022.