Bangkok, Bangchak Group of Companies shows record revenue-profit in the first 9 months of 2023 with total revenue of 242,931 million baht, with EBITDA of 31,433 million baht in the 3rd quarter only, the highest profit since the company was founded 39 years ago.
Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and the President Bangchak Corporation Public Company Limited revealed operating results for the first 9 months of 2023 with total revenue of 242,931 million baht and EBITDA of 31,433 million baht, although the refinery and oil trading business received pressure from a decrease in Operating GRM. in the first half of the year from falling oil prices But there is investment and expansion of other businesses that have potential, including natural resource businesses. Electrical energy business and Esso (Thailand) Public Company Limited becoming a subsidiary of the Company. and began to recognize operating results, resulting in the first 9 months of 2023, the company had a net profit attributable to the parent company of 14,210 million baht, equivalent to earnings per share of 10.09 baht.
Operating results in the third quarter of 2023 had the highest profit ever recorded since the company was founded 39 years ago at 11,011 million baht, equivalent to earnings per share of 7.91 baht, with income of 94,528 million baht and EBITDA of 13,813 million baht, an increase of more than 100%. 100 from the previous quarter and increased 20 percent from the same period last year from 1) oil-related businesses where the price of crude oil and products increased, resulting in an inventory gain of 3,598 million baht 2) sales volume of natural resource businesses increased 3) The electric power business has recognized electricity production from hydroelectric power plants in Lao PDR for a full quarter and recognized the amount of electricity production from natural gas power plants in the United States increased by 2 projects, and 4) recognized operating results. Esso (Thailand)'s work in the proportion of 76.34 percent in the consolidated financial statements From September 1, 2023 onwards, including the recording of extra profits from negotiating the purchase price arising from the fair value appraisal of assets (PPA) in the amount of 7,389 million baht.
Summary of the performance of each business group in the 3rd quarter of 2023 is as follows.
-The Refinery and Oil Trading Business Group had EBITDA of 6,306 million baht, an increase of more than 100 percent from the previous quarter. and increased by 53 percent from the same period last year. The basic refining margin in this quarter increased significantly to 14.67. USD per barrel This is higher than the Singapore refining margin of $9.60 per barrel. Refinery Business Group It has an average production rate of 116.4 thousand barrels per day, or 97 percent of production capacity.
-Marketing Business Group had EBITDA of 1,312 million baht, an increase of more than 100 percent from the previous quarter. and compared to the same period last year The sales volume was 1,571 million liters, an increase of 13 percent from the same period last year, with increases in both the retail and industrial markets. It is a result of pushing sales. Expansion of service stations and marketing promotion together with the continued recovery of the jet fuel market following the recovery of the tourism sector
-Esso (Thailand) Business Group has EBITDA of 1,281 million baht. In the 3rd quarter, Esso (Thailand)'s operating results have begun to be recognized in Bangchak's consolidated financial statements since 1 September 2023. In September, 2023 Bangchak Oil Refinery Sri Racha has a 25-day shutdown of production for planned maintenance and installation and connection of equipment for the Euro 5 oil quality improvement project.
-The Electric Power Business Group had EBITDA of 1,330 million baht, an increase of 35 percent from the previous quarter and 10 percent compared to the same period last year, making it the highest EBITDA in the past 3 quarters. Hydropower plants in Lao PDR returned to producing and distributing electricity for a full quarter. and there is recognition of profit sharing from investments in associated companies. (Operation of natural gas power plants in the United States increased by 2 projects.) Including wind power plant projects in Thailand, the amount of electricity sold increased due to seasonal factors.
-Biological products business group had EBITDA of 169 million baht, an increase of 22 percent from the previous quarter. and more than 100 percent Compared to the same period last year The ethanol production and distribution business has increased gross profits. From the increased sales volume according to the sales management plan to maximize the company's benefits.
-The Natural Resources and New Business Development Business Group had EBITDA of 4,873 million baht, an increase of 32 percent from the previous quarter. OKEA's sales volume increased 17 percent from the previous quarter. From the increased sales volume of the Brage and Nova production fields (in the second quarter of 2023, there will be no sales of products from these 2 fields). In addition, the average selling price of oil and liquefied natural gas has increased in line with world market prices. OKEA has received approval from Norwegian government agency to expand investment in the Statfjord field, with the transaction expected to close on November 30, 2023.
“The operating results in the third quarter clearly reflect the ability to conduct business. This resulted from laying the foundation for building Bangchak's capabilities. It is the beginning of a new chapter in the history of business operations. With a stronger standpoint which will facilitate Bangchak in seeking and seizing new business opportunities Towards even more success We still adhere to the principles of responsible business operations and focus on stable and sustainable business growth along with balancing the 3 energy challenges (Energy Trilemma),” Mr. Chaiwat said.
In September, Bangchak approved paying interim dividends for 2023 to shareholders at the rate of 0.5 baht per share, reflecting Bangchak's commitment. In continuously increasing shareholder value.
Source: Thai News Agency