IRPC Shows Weak Results in 3Q as Analysts Look Ahead to THB6.5 Billion of Net Profit by Year’s End

IRPC Public Company Limited (SET: IRPC) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
-2,549.11 2,155.06
Earning Per Share
-0.1200 0.1100
% Change -218.28
9 Months 2022 2021
Net Profit (Loss)
Million Baht
2,785.02 12,310.42
Earning Per Share (Baht) 0.1400 0.6000
% Change -77.38

IRPC reported a net loss of Baht 2,549 million, contrasted to its Baht 2,155 million of profit in 3Q21. The company stated that the loss in this quarter was mainly due to a decline in market GIM and a record of net stock loss.

IRPC’s net sales was up by Baht 25,224 million or 41% attributing to a 44% increase in average selling prices following the higher crude oil price versus a 3% drop in sales volume. The average crude intake was 189,000 barrels per day decreasing by 1%. The Market GIM decreased by Baht 2,731 million or 38% mainly from a drop in Petrochemical products spreads. There was a net stock loss of Baht 4,020 million in 3Q22 compared with the net stock gain of Baht 2,328 million in 3Q21. This led to the lower Accounting GIM of Baht 9,079 million or 95%. Meanwhile, the operating expenses were reduced by Baht 205 million or 6%. Therefore, the loss on EBITDA was Baht 2,798 million compared with EBITDA of Baht 6,190 million in 3Q21.

The company recorded a decrease in depreciation by Baht 116 million and a loss on financial derivatives decreased by Baht 144 million or 64%. However, a rise in the net financial cost of Baht 67 million or 16% and a rise in the loss on foreign exchange from US Dollar.

Still, the company registered net sales of Baht 263,314 million in 9M22, increasing by Baht 95,980 million or 57% from that in 9M21. This was attributed to a 57% increase in average selling prices following higher crude oil prices.


A loss in the third quarter of 2022 was in line with Refinitiv’s consensus for a Baht 2,500 million of net loss. Still, the consensus estimated that IRPC will record Baht 6,459 million of net profit in 2022.