Bangchak Group reported its 2024 operating results, achieving a record high in revenue from sales and services. Total revenue reached THB 589,877 million, reflecting a growth of over 53% from the previous year, with an EBITDA of THB 40,409 million. The company also recorded an all-time high in both revenue and total sales volume, reaching 13.8 billion liters. Additionally, synergy recognition amounted to THB 6,071 million, more than double the target. This resulted in a total profit attributable to owners of the parent of THB 2,184 million, equivalent to earnings per share of THB 1.30.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited (SET: BCP), stated that despite 2024 being a year of volatility in oil prices and weak refining margins, which led to lower profits compared to the previous year, Bangchak Group achieved a record high in revenue from sales and services, reaching THB 589,877 million—an increase of over 53% year-on-year. The company reported an EBITDA of THB 40,409 million and a core profit (excluding extraordinary items) of THB 6,120 million. This success was driven by Bangchak’s five core businesses, particularly the Marketing Business Group, which recorded a total sales volume of 13,814 million liters—an impressive 61% year-on-year growth, the highest in the company’s history. Additionally, synergy recognition amounted to THB 6,071 million, far exceeding the initial target of THB 2,500 million, following the acquisition and full-year revenue recognition of Bangchak Sriracha Public Company Limited (SET: BSRC). This strong performance underscores the effectiveness of Bangchak Group’s strategic initiatives, reinforcing its resilience, market leadership, and commitment to sustainable growth.
In terms of profit for 2024, the diversified structure of Bangchak Group effectively mitigated some of the pressure from weaker refining margins and inventory losses. As a result, the total profit attributable to the owners of the parent amounted to THB 2,184 million, equivalent to earnings per share of THB 1.30.
Simultaneously, the diversified structure of Bangchak Group enabled the company to maintain its competitiveness and enhance its financial stability in a volatile economic environment. The company has a robust financial structure, reaffirmed by TRIS Rating Company Limited, which upgraded Bangchak’s corporate credit rating to A+, the highest rating the company has ever received.
Additionally, Bangchak has received the highest global assessment for environmental, social, and governance (ESG) criteria, ranking in the Top 1% of the Oil & Gas Refining and Marketing industry in the S&P Sustainability Yearbook 2025 by S&P Global Corporate Sustainability Assessment (CSA), the evaluator of the Dow Jones Sustainability Indices (DJSI). This recognition reaffirms Bangchak’s leadership in sustainability on an international level.
Amidst the uncertainties of the global economy and politics in 2025, Bangchak Group is accelerating the implementation of its sustainable growth strategy through the continuous expansion of synergy while carefully and prudently enhancing asset utilization efficiency. The Refinery and Oil Trading Business Group is set to commence sustainable aviation fuel (SAF) production in the second quarter, with a production capacity of 1 million liters per day. The Marketing Business Group will continue expanding its service station network, adding over 100 new stations to solidify its position as the second-leading player in the market. The Bio-Based Product Business Group is preparing to establish Thailand and Southeast Asia’s first biotechnology facility (CDMO). The Clean Power Business Group is advancing its Clean Power Business and Green Energy Infrastructure through investments in high-potential clean power projects. In 2025, three power plant projects will gradually commence commercial operations (COD), including a 99 MW wind power project in Vietnam, a 290 MW wind power project in Lao PDR, and a solar power project in Taiwan. Additionally, the company is expanding investments in the Natural Resources and New Business Group, leveraging its expertise in petroleum exploration and production from Norway to extend investments into the Asia-Pacific region. Bangchak plans to utilize crude oil from these sources in both of its refineries, strengthening synergy within the Group while enhancing national energy security.
Ms. Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported the significant performance in 2024 of each business group as follows:
The Refinery and Oil Trading Business Group reported an EBITDA of THB 5,006 million, a decline of 62%, despite a significant increase in the average crude run to 258,000 barrels per day, representing a growth of over 16% from the previous year. Although the Bangchak Phra Khanong Refinery underwent turnaround maintenance in May 2024, the first in three years, the increased capacity from Bangchak Sriracha Refinery helped sustain overall production. The Sriracha Refinery’s throughput increased to 147,800 barrels per day, up from 101,900 barrels per day in 2023, ensuring continued growth in Bangchak Group’s production capacity amid volatile oil prices driven by concerns over the global economic downturn. However, a decline in Operating GRM, resulting from a decrease in the crack spread of key products, contributed to a drop in Operating GRM from 2023. Additionally, the company recognized an Inventory Loss (including NRV) of THB 6,940 million, or USD 2.08 per barrel.
Moreover, BCPT has benefited from the expansion of the Refinery and Oil Trading Business, leading to a significant increase in crude oil and refined oil product trading transactions, which rose by 63.3 million barrels to reach 112.7 million barrels—more than doubling from the previous year. BCPT is also accelerating the expansion of its Out-Out trading network for both crude oil and refined oil products to support business growth and enhance trading flexibility.
The Marketing Business Group reported an EBITDA of THB 5,577 million, a 22% increase from the previous year, with total sales volume reaching 13.8 billion liters—an impressive 61% year-on-year growth, marking an all-time high. This growth was primarily driven by the expansion of the service station network and the effective enlargement of the customer base. Additionally, the completion of the nationwide integration of BSRC service stations at the end of 2024, along with continuous improvements in service station quality, enhanced customer confidence and fueled significant sales growth. As a result, market share through service stations rose to 28.9%. At the end of 2024, there were 2,163 service stations for non-oil businesses, 1,028 Inthanin stores, 365 EV charging stations, and 2,050 FURiO lubricant sales points.
The Clean Power Business Group, operated by BCPG Public Company Limited (SET: BCPG), reported an EBITDA of THB 4,817 million, a 14% increase from the previous year. This growth was driven by higher revenue from electricity sales and a full-year contribution from investments in four USA-based natural gas power plants. Additionally, the hydropower plant in Laos showed significant performance improvement compared to the previous year, when electricity production was halted for six months in preparation for selling electricity to Vietnam Electricity (EVN). This improved performance helped offset the impact of the expiration of Thailand’s Adder program for solar power plants. Furthermore, the company recognized an after-tax profit of THB 2,159 million from the sale of solar power plant projects in Japan in June 2024.
The Bio-Based Product Business Group, operated by BBGI Public Company Limited (SET: BBGI), reported an EBITDA of THB 972 million, a 46% increase from the previous year. The Biodiesel Business (B100) experienced higher gross profit, driven by a 63% increase in biodiesel sales volume compared to the previous year. This growth was supported by strong demand within Bangchak Group, following the integration of BSRC, which led to a higher utilization rate throughout the year compared to other producers in the market.
The Natural Resources and New Businesses Group reported an EBITDA of THB 24,815 million, a 26% increase from the previous year. This growth was driven by the continuous expansion of investments and the performance recognition of the Statfjord field, acquired on 29 December 2023, as well as the Hasselmus field, which commenced commercial operations in October 2023, contributing to a 33% increase in sales volume from the previous year. Additionally, the Brage field, acquired from Wintershall Dea in the fourth quarter of 2022 and now operated by OKEA, has continued to increase its production capacity.
In the fourth quarter of 2024, the Company’s revenue from sales and services totaled THB 142,246 million, with an EBITDA of THB 7,167 million. The Company recognized a loss from derivatives of THB 806 million and an Inventory Loss (including NRV) of THB 2,258 million as oil prices weakened. The core profit (excluding extraordinary items) was THB 1,799 million.
On 20 February 2025, the Board of Directors approved the dividend payment proposal for the second half of 2024 at THB 0.45 per share. Combined with the interim dividend for the first half of 2024 at THB 0.60 per share, the total dividend payment will amount to THB 1.05 per share, with the Record Date scheduled for 14 March 2025 and the Payment Date scheduled for 24 April 2025.
