IRPC Records Loss in 2Q23 as Sales and Market GIM Plunge

IRPC Public Company Limited (SET: IRPC) has reported its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
-2,245.80 3,833.04
Earning Per Share
-0.1100 0.1900
% Change -158.59
6 Months 2023 2022
Net Profit (Loss)
Million Baht
-1,945.07 5,334.13
Earning Per Share (Baht) -0.1000 0.2600
% Change -136.46

IRPC reported a net loss of Baht 2,246 million, compared to the net profit of Baht 3,833 million in 2Q22.

The company stated that its net sales decreased by Baht 28,640 million or by 29% from that in 2Q22 due to a 35% decrease in average selling prices following lower crude oil price versus a 6% increase in sales volume.

The average crude intake was 194,000 barrels per day dropping by 2%. The Market GIM decreased by Baht 8,394 million or by 67%, mainly from the significant decrease in petroleum products spreads while a decline in the cost of crude premium.

There was a net inventory loss of Baht 961 million in 2Q23 diminishing by Baht 337 million. These led to Accounting GIM decline by Baht 8,057 million or by 72%. Meanwhile, the operating expenses increased by 1%. Therefore, EBITDA was Baht 110 million reducing by Baht 7,911 million or by 99%.

Furthermore, the company recorded an unrealized loss on oil hedging that decreased by Baht 500 million or by 91%, while a gain on investment dropped by Baht 65 million or by 36%. Offsetting with a corporate income tax benefit of Baht 580 million.


The Market Gross Integrated Margin (Market GIM) in 2Q23 was Baht 4,168 million or USD 6.81 per barrel moving down by Baht 2,916 million or USD 4.99 per barrel from that in the prior quarter. By comparing with 2Q22 of Baht 12,562 million or USD 20.15 per barrel, the Market GIM shrank by Baht 8,394 million or USD 13.34 per barrel, mainly owing to drastically dropped spreads of petroleum products, especially those of Diesel spread and Gasoline spread. This was because petroleum products spreads in 2Q22 were uncommonly high due to energy sanctions on Russia tightening the supply. Nevertheless, in 2Q23, the supply from China and Russia entered the market more than in 2Q22, hence pressured petroleum products prices, despite significantly lower cost of crude premium.