IRPC Public Company Limited (SET: IRPC) announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows:
|Net Profit (Loss)
|Earning Per Share
The company reported net profit of THB 1,501 million in 1Q22, which declined by 32% from THB 5,581 million QoQ and 73% from THB 2,194 YoY.
The Company’s net sales on year-over-year basis was up by Baht 28,220 million or 58% attributing to a 57% increase in the average selling prices following the higher crude oil price as well as a 1% increase in sales volume. The average crude intake was 194,000 barrels per day increasing by 4%. The Market GIM declined by Baht 2,860 million or 41% as a drop in almost all Lube Base Oil and petrochemical products spreads. The net stock gain increased by Baht 784 million or 16%. These led to the lower Accounting GIM of Baht 2,076 million or 17%. Meanwhile, the operating expenses reduced by Baht 83 million. Therefore, the EBITDA dropped by Baht 2,183 million or 25%, YoY.
In 1Q22, the Company reported net sales of Baht 76,608 million increasing by 13% from that in 4Q21. This attributed to a 16% increase in average selling prices following higher crude oil price while a 3% decrease in sales volume. The average crude intake was 194,000 barrels per day, down by 2%.
In 1Q22, crude intake was 17.46 million barrels or 194,000 barrels per day (194 KBD). Refinery utilization rate was 90% declining by 2% from that in 4Q21 while rising by 4% from that in 1Q21 owing to a planned maintenance shutdown of ADU 1 unit in 1Q21 taking 17 days.
In a YoY, the net sales of petroleum businesses escalated by Baht 24,409 million or 77%, mainly from a 73% increase in the average selling prices following the rising crude oil price and a 4% improvement in the sales volume being mainly from Naphtha and Diesel. Still, the sales volume of Fuel Oil lessened.
In 1Q22, the net sales of petrochemical businesses amounted to Baht 19,450 million enhancing by Baht 1,137 million or 6%, QoQ. This was mainly due to an increase in sales volume of 24,000 tons, mainly from PS in Styrenics group.
In YoY basis, the net sales of petrochemical businesses improved by Baht 3,734 million or 24% thanks to a 24% increase in the average selling prices being parallel with enhanced market situations.
In 1Q22, the utilization rate of Electricity was 69% being down by 5% from 74% in 4Q21; besides, by comparing YoY, the rate decreased by 4% owing to a planned maintenance shutdown of a power subunit in 1Q22. The utilization rate of Steam in 1Q22 was 61% increasing by 3%, QoQ, while unchanged by comparing YoY.
In 1Q22, the net sales of Power and Utility businesses were Baht 899 million rising by 3%, QoQ, and by 10%, YoY, mainly from the improving average selling prices of Steam.