| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss) Million Baht |
11,011.04 | 2,470.05 |
| Earning Per Share (Baht) |
7.9100 | 1.7300 |
| % Change | 345.78 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
14,210.09 | 12,102.60 |
| Earning Per Share (Baht) | 10.0900 | 8.6400 |
| % Change | 17.41 | |
Bangchak Corporation PCL (SET: BCP) reported its Q3/2023 financial result with all-time-high net profit of THB 11 billion, which is over +100% QoQ and +100% YoY, which raised its Earning per Share (EPS) to THB 7.91. BCP generated revenues from sales and services of THB 94,528 million (+39% QoQ, +26% YoY) and EBITDA of THB 13,813 million (more than 100% QoQ, +20% YoY).
This was due to oil-related business performance which is backed by the rise in crude and refined products prices, as market concerns over tighter crude oil supply, given the production cut extension of Saudi Arabia and Russia until the end of 2023.
As the price rose in Q3, BCP recorded an inventory gain of THB 3,598 million and Operating GRM at US$14.67/BBL, which is higher than the Singapore GRM of US$9.60/BBL. This was due to the widening crack spreads of major products and BCP’s unique Production Yield.
BCP’s Sales volume from the National Resource Business also increased as well as performance of the Clean Power Business Group, which driven by a full-quarter of revenue realizing from the hydropower plants in Lao PDR, and the realizing of profit sharing from additional 2 combined cycle power plants in the US, namely Hamilton Liberty and Patriot, in July 2023.
In addition, the operating results of ESSO, of which BCP has a stake of 76.34%, began to be incorporated into BCP’s consolidated financial statements from September 1, 2023, as BCP recorded gain on bargain purchase resulted from the fair value assessment of assets (PPA) amounting to THB 7,389 million.
