Bangchak Earnings Soar 91% to THB4.4 Billion in 1Q22 on Excellent Revenue Growth

Bangchak Corporation Public Company Limited (SET: BCP) announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
4,356.32 2,283.50
Earning Per Share
3.12 1.59
% Change 91

In 1Q22, BCP reported a net profit of THB 4,356 million, an increase of 148% QoQ and an increase of 91% YoY or basic earning per shares of THB 3.12.

Revenue from sale of goods and rendering of services THB 69,055 million, an increase of 3% QoQ mainly from petroleum related business. The company’s revenue increased from the rise in average selling price per unit by 12% QoQ as global crude oil price increased. OKEA’s sales revenue from crude and gas declined 9% QoQ, mainly from lower sales volume due to the planned maintenance of Gjøa field and no sales from Ivar Aasen. As such, when compared to 1Q21, revenue increased 67% YoY, an increase attributed to OKEA of 20%. Excluding sales from OKEA, the company group’s recorded revenue increase in petroleum related business from both the increase in average selling price and total sales volume.

The rest of the increase came from the Refinery and Trading Business Group which was benefited from the significant increase in crude oil and finished product prices in the global market as worries over Russia-Ukraine tensions. This led to many countries avoid buying Russian oil, resulting in tighter energy supply conditions. On the demand side, oil price was supported by the progress on COVID-19 vaccination and the gradual easing of social restrictions around the world.