IRPC’s 1Q24 Earnings Rise 4 Folds to THB1.5 Billion with Surge in Inventory Gains

IRPC Public Company Limited (SET: IRPC) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
1,544.55 300.72
Earning Per Share
0.0800 0.0100
% Change 413.61

IRPC’s 1Q24 net profit was Baht 1,545 million rising by 413% from that in the same period last year.

Net sales decreased by Baht 1,116 million or by 1% from that in 1Q23 due to an 8% decline in sales volume following the lower crude run versus a 7% increase in average selling prices. For the petroleum business unit, the Market GRM declined mainly in the Lube Base Oil group owing to a decrease in the spread between Asphalt price and Fuel Oil. While the Market GRM of Refinery group raised because of the spread between Fuel Oil and Dubai crude oil price and the lower utility cost.

In addition, the Market PTF for petrochemical business units decreased owing to the remaining softened petrochemical product demand as a result of the global economic slowdown. Power plant and utility business units obtained stable margins. Hence, the Company recorded a drop in the Market GIM by 21%.

However, there was a net inventory gain of Baht 2,284 million in 1Q24. Therefore, the Accounting GIM was Baht 7,902 million rising by 48%. Moreover, the EBITDA amounted to Baht 4,680 million improving by 132% compared to that in 1Q23.