Star Petroleum Refining PCL (SET: SPRC) reported its Q3 financial result on 8 November as follows.
| Quarter | 2Q23 | 2Q22 |
| Net Profit (Loss) Million Baht |
4,244.80 | -5,026.81 |
| Earning Per Share (Baht) |
0.980 | -1.160 |
| % Change | 184.44 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
3,359.20 | 7,413.64 |
| Earning Per Share (Baht) |
0.77 | 1.71 |
| % Change | 54.69 | |
In Q3 of 2023, SPRC reported net income at THB 4,245 million which increased by THB 6,349 million or 184.44% YoY. Compared Q3/23 with Q3/22, SPRC’s sales revenue decreased 17%, mainly due to a decrease in sales volume in line with lower intake.
SPRC had positive EBITDA, EBIT and net earnings in Q3/23, while they were negative in Q3/22. There was a significant increase in earnings due to the stock gain in Q3/23, while there was a significant stock loss and LCM in Q3/22 due to the decline in oil price because of the recession fears in the prior year. Excluding stock gain or loss, refining margin in Q3/23 was US$8.36/bbl compared to US$6.00/bbl in Q3/22, mainly from strengthening the middle distillate refined product crack
Sales revenue in Q3/23 increased 11% from Q2/23 mainly from higher average oil prices, but this was partially offset by a decrease in sales volume of 14.3 million barrels in Q3/23 compared to 16.5 million barrels in Q2/23, particularly Diesel and Gasoline from DHTU planned a shutdown for catalyst replacement and RFCCU pit stop.
The total sale amount in Q3/23 also included the sale of 1 million barrels of crude oil. Comparing Q3/23 with Q3/22, sales revenue decreased 17%, which was impacted by a lower sales volume, which decreased from 16.6 million barrels in Q3/22 to 14.3 million barrels in Q3/23.
