Accounting Loss Pressure SPRC’s 2023 Results to Contract THB1.2 Billion

Star Petroleum Refining Public Company Limited (SET: SPRC) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)

Million Baht

-1,229.93 7,673.80
Earning Per Share


-0.2800 1.7700
% Change -116.03


SPRC reported net loss at US$34 million (Baht 1,230 million), decreasing by US$257 million (Baht 8,904 million), from weak refining margin in Q4/23 and noncash items of US$98 million (Baht 3,477 million).

Compared 2023 with 2022, sales revenue decreased 16%, which was impacted by lower average oil prices, while sales volume slightly increased from the prior year. NIAT loss in 2023 was US$34 million, compared to gain of US$222 million in 2022. Excluding stock gain (loss), the market gross refining margin fell from US$9.64/bbl in 2022 to US$4.39/bbl in 2023 due to a lower crack spread of main products from the fear of global economic recession and impact from the unplanned shutdown, while the market and refining margin was strong in the prior year due to tight supply from the Russia-Ukraine conflict.

Cost of sales in 2023 decreased 12% from 2022. The decrease in cost of crude oil on weighted average inventory was in line with the decrease in oil price compared with the prior year.

There were expenses relating to the oil spill incident in early 2022 of US$48.8 million in 2022 while it was down to US$4.3 million in 2023. This decrease caused lower administrative expenses in 2023 compared to the prior year.

Operating loss in 2023 resulted in deferred tax asset in operating loss in this period of US$12 million.

Non-current assets decreased US$24 million (Baht 1,070 million) mainly due to a decrease in property, plant and equipment of US$37 million (Baht 1,495 million) due to depreciation expenses in 2023 but partly offset by additional a right of use from the land lease and deferred tax asset from operating loss.