IRPC Public Company Limited (SET: IRPC) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
-732.29 | -2,245.80 |
| Earning Per Share (Baht) |
-0.0400 | -0.1100 |
| % Change | 67.39 | |
| 6 Months | 6M24 | 6M23 |
| Net Profit (Loss) Million Baht |
812.25 | -1,945.07 |
| Earning Per Share (Baht) |
-0.0400 | -0.1000 |
| % Change | 141.76 | |
In the second quarter of 2024, IRPC reported a 5% increase in net sales, amounting to Baht 3,311 million, driven by a 12% rise in average selling prices despite a 7% decline in sales volume.
The petroleum business unit faced challenges with the Market Gross Refining Margin (Market GRM) decreasing by 17%, attributed to declines in GRM from the Lube Base Oil and Refinery groups.
However, a net inventory gain of Baht 1,404 million in 2Q24 led to an Accounting Gross Implied Margin (Accounting GIM) of Baht 4,869 million, increasing by 52%, resulting in an EBITDA of Baht 1,439 million, an improvement of Baht 1,329 million compared to 2Q23. Despite this, the company recorded a net loss of Baht 732 million in 2Q24, representing a significant 67% decrease in loss compared to the same period last year.
Also, Refinery GRM decreased by USD 0.40 per barrel from the drops in Gasoline and Diesel spreads compared to Dubai prices. Additionally, a net inventory gain of Baht 1,074 million in the petroleum business in 2Q24 contributed to the Accounting GRM which stood at Baht 2,730 million in the same quarter.
In the same quarter, a net inventory gain of Baht 1,074 million in the petroleum business contributed to the Accounting Gross Implied Margin (Accounting GIM) of Baht 2,730 million, representing a significant improvement compared to the previous quarter and the same period last year.
