IRPC Public Company Limited (SET: IRPC) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
-4,879.96 | 2,438.30 |
| Earning Per Share (Baht) |
-0.2400 | 0.1200 |
| 9 Months | 9M24 | 9M23 |
| Net Profit (Loss) Million Baht |
-406.77 | 493.53 |
| Earning Per Share (Baht) | -0.20 | 0.02 |
IRPC reported a net loss of Baht 4,880 million. The loss increased by Baht 7,319 million compared to net profit of Baht 2,439 million in 3Q23.
The Company’s net sales decreased by Baht 7,300 million or by 9% from that in the same period last year, mainly due to an 11% decrease in average selling prices versus a 2% increase in sales volume.
For the petroleum business unit, the Market GRM declined mainly from the Refinery group because of a significant drop in the spreads of Diesel and Gasoline compared to Dubai crude oil price.
Meanwhile, the Market PTF for petrochemical business units increased owing to rises in spreads of product prices and raw material prices, especially those of PP and products in Styrenics group, while Power plant and utility business units obtained stable margin. Hence, the Company recorded a drop in the Market GIM by 32%.
In 3Q24, the Market Gross Integrated Margin (Market GIM) was Baht 3,650 million or USD 5.72 per barrel. When compared to 3Q23 Market GIM of Baht 5,373 million or USD 8.87 per barrel, the Market GIM declined by Baht 1,723 million or USD 3.15 per barrel, mainly owing to the significantly declines in petroleum product spreads, especially decreases in Diesel and Gasoline spreads being pressured by concerns over the slowdown in the Chinese economy, the lower demand for refined oil following the monsoon season, and the increase in the import of refined oil from the U.S. to Europe.
There was a net inventory loss of Baht 5,000 million in 3Q24 of which the loss rose by Baht 8,566 million from that in 3Q23. Therefore, there was a loss on Accounting GIM of Baht 1,350 million of which the loss increased by 115% compared to that in 3Q23. These led a to loss on EBITDA amounting to Baht 4,843 million of which the loss was up by 182% from that in the same period last year.
Moreover, the Company recorded the depreciation expense of Baht 2,327 million rising by 7% compared to that in the same period last year owing to an additional asset from Ultra Clean Fuel (UCF) project, along with the net finance cost of Baht 687 million increasing by 28% compared to that in 3Q23.
Meanwhile, the Company recorded a gain on financial derivatives of Baht 763 million, a gain on foreign exchange from U.S. dollar borrowing of Baht 182 million and an unrealized gain on oil hedging of Baht 575 million.
