IRPC Public Company Limited (SET: IRPC) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
-5,193.03 | -2,923.17 |
| Earning Per Share (Baht) |
-0.250 | -0.140 |
| % Change | -77.65 | |
In 2024, the company’s crude intake for the year stood at 71.60 million barrels, reflecting a 2% increase from the intake in 2023, while total sales amounted to Baht 314,833 million, marking a 1% decrease from the previous year.
Net sales for 2024 reached Baht 281,711 million, showing a 6% decrease compared to 2023. This decline was mainly driven by a 4% decrease in sales volume and a 2% drop in average selling prices attributed to lower crude oil prices during the year.
Market GIM for the year was reported at Baht 18,355 million, down by 5% from 2023, while the accounting GIM amounted to Baht 17,691 million, reflecting a 3% decrease from the prior year. This was mainly from softened Market GRM owing to the decrease in petroleum product spreads, especially Diesel and Gasoline spread, pressured by new supplies of refineries in the Middle East and Africa.
Due to these results, the company faced a net loss of Baht 5,193 million in 2024, surpassing the net loss in 2023 by 78%. Notably, the net loss in the fourth quarter of 2024 was Baht 1,125 million, 77% lower than the loss in the third quarter of the same year.
Operational Performance by Business Units:
- Petroleum Business Unit: Experienced a decline in Market GRM due to reduced spreads between petroleum product prices and Dubai crude oil prices, particularly for Diesel and Gasoline, influenced by increased refining capacities in the Middle East and Africa.
- Petrochemical Business Unit: Witnessed an improvement in Market PTF margin driven by higher spreads between petrochemical product prices and Naphtha prices, following the economic stimulus policy of the Chinese government.
- Power Plant and Utility Business Units: Contributed to the company’s stable margin through the sales of electricity and steam.
In 4Q24, the company recorded an unrealized loss on oil hedging of Baht 694 million compared to the gain of Baht 575 million in 3Q24 and the gain of Baht 16 million in 4Q23.
Additionally, the company recorded the operating expenses of Baht 12,912 million increasing by Baht 429 million from that last year, mainly from employee expenses. Meanwhile, depreciation expense was Baht 9,140 million, an increase by Baht 474 million from that last year. This was mainly from the additional asset from Ultra Clean Fuel (UCF) project, which started commercial operation in April 2024.
