Mr. Robert Dobrik, CEO and Director of Star Petroleum Refining Public Company Limited (SET: SPRC), reported a net profit of US$ 21 million in 1Q25, an increase from US$ 5 million in the prior quarter, which was primarily driven by stock gains from higher oil prices despite lower refinery product cracks as well as lower operating expenses. Crude intake utilization was improved to 166,000 barrels per day, or equivalent to 95% of its refining capacity, compared to 89% in 4Q24.
SPRC’s enterprise margin at 1Q25 was US$ 5.45/barrel, down from US$ 6.72/barrel in the previous quarter due to the softened refined product cracks which were influenced by uncertainties in the global economy. However, in 1Q25, SPRC continued to focus on feedstocks and products optimization through our Bottom-Line Improvement Program (BLIP) to consistently enhance cost-effectiveness in operational performance.
“Going forward, SPRC is well-positioned to driving strong performance and delivering superior shareholder returns through optimization of our refinery value chain. We are exploring new circular business, deploying “Spot to Street” strategies to optimize and maximize fuel netback margin. We will also continue to explore integration opportunities with refinery and petrochemical partners to capture benefits through the whole value chain. At the same time, our capital management will keep seeking opportunities to maximize returns for our shareholders via 2026 Turnaround & Inspection (T&I) Plan and beyond”, said Mr. Dobrik.
