BCP Reports Record High Net Profit of THB13.2 Billion in 2023 with THB1.50 Dividend Payment

Bangchak Corporation Public Company Limited (SET: BCP) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
13,233.28 12,575.16
Earning Per Share
9.2700 8.8900
% Change 5.23

BCP reported a net profit of THB 13,233 million (+5% YoY), achieving the record high performance since its establishment, representing the earnings per share of THB 9.27.  Meanwhile, sales and services revenue of THB 385,853 million (+18% YoY), mainly driven by an improved revenue from petroleum-related businesses, together with the 4-month revenue recognition from Bangchak Sriracha Business in 2023, starting from September 1, 2023, and full-year performance recognition from OKEA’s new petroleum field acquired from Wintershall Dea. 

Accounting EBITDA of THB 41,680 million, declined by 7% YoY, due mainly to the lower contributions from the Refinery and Oil Trading Business Group as Operating GRM plummeted YoY driven by lower crack spreads across all products. The decline was further exacerbated by weakened global oil demand, partially offset by a decrease in crude premium. In addition, for the Natural Resources Business, the average selling price of oil (Liquid Price) plummeted YoY as the global economy has yet to regain full momentum, whereas the oil supply became less constrained than in 2022 when the Russian-Ukraine war broke out. However, the company recorded a gain from derivatives of THB 2,287 million from the forward contracts of crude oil and oil products (including fair value measurement per the accounting standards),owing to the lower crack spread of the products. Selling and administrative expenses increased by 21% YoY, mainly from employee related expenses, marketing, and the acquisition of BSRC.  

Meanwhile, BCP recorded a loss on impairment of assets totaling THB 9,497 million, mainly from the impairment of OKEA’s assets. The company recorded losses from impairment of assets, after tax and based on the shareholding ratio, totaling THB 456 million for Ymefield and THB 2,040 million for Statfjord field in 2023. 

The Board of Directors also approved a dividend payment of THB1.50 per share to be paid on 24 April 2024. The ex-dividend date is 6 March 2024.