Star Petroleum Refining Public Company Limited (SET: SPRC) reported its 6-month operating results in 2025 with a consolidated enterprise value capture of US$27.9 million. SPRC’s enterprise margin was US$6.33/barrel in Q2/2025, up from US$5.45/barrel in Q1/2025, driven by stronger product cracks and continued efforts to optimize the value chain through integration of refinery and fuels marketing businesses. The Bottom-Line Improvement Program (BLIP) also contributed US$0.92/barrel in this quarter, primarily from crude and product optimization as well as higher retail volumes.
Despite improved refinery product cracks, the company recorded a net loss of US$24 million in Q2/2025, primarily attributed to the negative impact of stock losses due to falling oil prices. This was compared to US$21 million net profit in the previous quarter. As a result, the company’s year-to-date earnings stood at a net loss of US$3 million. In the face of this short-term volatility, SPRC remains committed to delivering a stable and reliable dividend, which continues to be the company’s top financial priority and reflects SPRC’s dedication to maximizing total shareholder returns over the long term.
SPRC Board of Directors has today approved the payment of an interim dividend of Baht 0.15 per share, from the retained earnings. The record date is 22 August 2025 and the dividend is scheduled to be paid to shareholders on 5 September 2025.
“As we navigate a dynamic and competitive market”, Mr. Herbert Matthew Payne II, SPRC’s CEO and Director, shared that “Our priority remains on operational excellence, safety and responsible growth through strategic investments. We are reinforcing our financial discipline, emphasizing our financial priorities and actively reducing operational costs. In addition, we will continue to study and explore new circular business opportunities to serve the future trends and demands while looking for new rooms to integrate with petrochemical and refinery partners to capture benefits throughout the entire value chain”.
“Moving forward, our focus is on unlocking the full potential of our world-class refining asset while driving strong sustainable cash flow through the smart growth of our product marketing businesses. These approaches will strengthen our financial position and allow us to strategically invest and put SPRC in a strong position to lead in the energy landscape of the future”, concluded Mr. Matthew Payne.
