Bangchak Corporation Public Company Limited (SET: BCP) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q24 | 1Q23 |
| Net Profit (Loss)
Million Baht |
2,436.78 | 2,740.98 |
| Earning Per Share
(Baht) |
1.6800 | 1.9100 |
In 1Q24, BCP reported a net profit of THB 2,437 million (+>100% QoQ, -11% YoY), representing the gain per share of THB 1.68, declined from 1.91 in Q1/2023.
Meanwhile, the company recorded a total revenue from sales and services of THB 135,382 million (-5% QoQ, +68% YoY). The decline on a quarterly basis was driven by petroleum-related businesses as average selling prices of refined products dropped, while the increase on a yearly basis was due to higher contributions from oil-related business resulting from an improved sales volume of oil products, together with the performance recognition from BSRC.The Natural Resources business also reported a record high sales volume, thanks to an increase in production volume.
BCP’s EBITDA was at THB 15,308 million (+48% QoQ, +39%YoY). The increase on a quarterly basis was driven by the Refinery and Oil Trading Business Group as Operating GRM improved QoQ, as well as higher contributions from Sriracha refinery resulting from a significantly increased production rate. The Natural Resources Business Group also reported record high sales volume and higher shared profits from the investment in natural gas power plants the USA bolstered the EBITDA of the Clean Power Business. Apart from that, Inventory Loss and Selling and administrative expenses were lower in this quarter.
Moreover, the increase on a yearly basis was primarily attributed to the full quarter performance realization from Statfjord field in Q1/2024. Also, the Refinery and Oil Trading Business and Marketing Business recorded higher production and sales volume after acquiring BSRC.
Bangchak Group is developing a new unit for producing Sustainable Aviation Fuel (SAF) from used cooking oil, which is set to begin commercial operation in Q2/2025, with a production capacity of 1 million liters per day. Bangchak is the first company in Thailand to invest in a UCO-SAF facility, with an investment budget of approximately THB 10,000 million. To secure a stable raw material supply for SAF production, the company initiated the ‘Fry to Fly’ (Tod Mai Ting) campaign to purchase used cooking oil through 162 Bangchak’s service stations, with plans to expand the coverage across Thailand.
Furthermore, regarding SAF sales, Bangchak Group signed a cooperative framework agreement with Cosmo Oil and Sumitomo Corporation to purchase SAF produced by Bangchak. The company also partnered with Sumitomo Corporation for the procurement of used cooking oil to strengthen the UCO-SAF supply chain for sustainable and efficient future production.
