SPRC’s Earnings Boom in 1Q22 on Soaring Oil Prices

Star Petroleum Refining Public Company Limited (SET: SPRC) has reported its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
5,284.37 2,005.68
Earning Per Share
1.22 0.46
% Change 163.47

SPRC reported a net profit of THB5,284 million in 1Q22, up 163.47% from a net profit of THB2,005 million in 1Q21. Total revenue was THB65,404 million, up THB28,460 million from the same period of last year.

In US dollar term, 1Q22 sale revenue increased 62% from a year earlier, which was impacted by both of significantly higher oil prices and increase in sale volume which increased from 13.7 million barrels in 1Q21 to 15.8 million barrels in 1Q22.

Average Dubai price for the period was US$96.21/bbl, which significant increased from US$78.27/bbl in 4Q21. The crude oil market continued rally on a bullish run during 1Q22 following Russia’s invasion of Ukraine since late Feb 2022 which cause severe disruption to Russian oil exports.