Star Petroleum Refining Public Company Limited (SET: SPRC) reported a net loss of US$64 million for the third quarter of 2024, compared to a net profit of US$9 million in the prior quarter mainly due to stock loss from declining oil prices.
SPRC’s refinery margin in Q3/2024 was US$4.24/bbl, improved from US$2.36/bbl in Q2/2024. The utilization rate for crude intake was 157 thousand barrels per day, equivalent to 90% of its refining capacity.
SPRC reported a net profit of US$55 million for 9M/2024. Total company revenue for 9M/2024 slightly increased 3% compared to 9M/2023 from higher average oil prices and sale volume increases.
Mr. Robert Dobrik, CEO and Director of SPRC affirmed “Despite various challenges in the market, SPRC is committed to deliver competitive performance and enhance stakeholders’ return for sustainable long-term success through four core strategic focus areas: enterprise margin, reliability and utilization, cost efficiency and smart investment.”
“Leveraging our ‘Enterprise One Team’ approach and cutting-edge technology, SPRC will continue to produce affordable and reliable high-quality products while maximizing stakeholders’ value and contributing positively to society”, said Mr. Dobrik.
