IRPC Reveals a Profit of THB3.83 Billion in 2Q22, Down by 16% YoY

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

In 2Q22, IRPC reported a net profit of Baht 3,833 million, declined by 16% from that in 2Q21, while net sales in this period was at Baht 99,395 million.

The net sales was up by Baht 42,537 million or 75% attributing to a 72% increase in average selling prices following the higher crude oil price as well as a 3% increase in sales volume. The average crude intake was 198,000 barrels per day increasing by 2%. The Market GIM increased by Baht 3,835 million or 44% as an increase in petroleum products spreads, especially Diesel and Gasoline spreads. There was the net stock loss of Baht 1,298 million in 1Q22 compared with the net stock gain of Baht 3,507 million in 2Q21. These led to the lower Accounting GIM of Baht 970 million or 8%. Meanwhile, the operating expenses reduced by Baht 416 million or 12%. Therefore, the EBITDA was down by Baht 874 million or 10%, YoY.

IRPC also recorded a decrease in the depreciation by Baht 194 million and a decrease in the unrealized loss on oil hedging by Baht 528 million or 49%. However, loss on financial derivatives increased by Baht 88 million or 119%. There was a rise in loss on foreign exchange from US Dollar – borrowings by Baht 180 million or 180% because the Thai Baht was weaker than that in 2Q21. Also, there was a decrease in the gain on investments by Baht 7 million, while the corporate income tax increased by Baht 327 million or 55%.