Bangkok, 9 Aug-Bangchak Group's performance in the first half of 2023 total revenue was 148,403 million baht, despite lower energy prices due to concerns about the global economy. OKEA's acquisition of an additional stake in Norway from Wintershall Dea and investments in two natural gas-fired power projects in the United States. It helps to support business expansion and increase overall revenue. As a result, the net profit attributable to the parent company was 3,199 million baht, equivalent to 2.16 baht per share.
Mr. Chaiwat Kovavisarach, Bangchak Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, revealed that in the first half of 2023, despite facing challenges and being affected by fluctuating energy prices, The average Dubai crude oil price in the first half of the year was 78.92 USD per barrel, down from 102.17 USD per barrel in the first half of 2022 and had an inventory loss of 2,952 million baht. work and generate continuous income by the Company and its subsidiaries Revenue from sales and services was 148,403 million baht, representing EBITDA of 17,620 million baht. Performance of each business group in the first half of 2023 is as follows:
The Refinery and Oil Trading Business Group recorded a total EBITDA of 5,402 million baht from a decrease in Operating GRM from 15.87 USD per barrel in the first half of 2022 to 8.10 USD per barrel. This was mainly due to the decrease in crack spreads of all products in accordance with the global market situation. In the first half of the year, an inventory loss of 3.23 USD per barrel or equivalent to 2,443 million baht was realized in the fall in crude oil prices. The average production rate remained high at 121,700 barrels per day or 101% of the total refinery capacity.
The Marketing Business Group recorded a total EBITDA of 1,290 million baht, with an increase in net marketing margin per unit. because the retail price can be adjusted to be more in line with the cost of oil Oil sales volume grew higher than before COVID-19 at 3,191 million liters, an 11 percent increase from the same period last year. from the recovery of jet fuel Including pushing up sales of oil through petrol stations.
Electric power business group recorded EBITDA totaling 1,841 million baht, mainly as a result of the gradual termination of adder of domestic solar power plants. and a significant decrease in the performance of hydroelectric power plants in Lao PDR due to the cessation of electricity production in order to prepare to sell electricity to the Electricity Authority of the Social Republic of Vietnam. Invested in 4 natural gas power plant projects in the United States. As a result, the production capacity was increased from 390.7 MW to 968.7 MW.
Bio-Based Products Business recorded total EBITDA of 245 million baht, with the biodiesel production and distribution business having a lower gross profit due to the weak selling prices of biodiesel, crude glycerine and refined glycerine. while the ethanol production and distribution business Sales revenue and gross profit increased from an increase in average ethanol selling price in line with raw material costs. High Value Products (HVP) business recorded an increase in gross profit. from the launch of new products related to care and health promotion under the B nature+ brand
Natural Resources Business Group reported total EBITDA of 9,115 million baht. OKEA's sales volume increased by 93% compared to the same period last year. from increasing sales volume of oil and liquefied natural gas Sales volume significantly exceeded contracted capacity in the first quarter of 2023 and the full performance of the first half of 2023 from sites acquired from Wintershall Dea since the fourth quarter of 2022.
For the operating results of the second quarter of 2023, the Company and its subsidiaries Revenue from sales and services was 68,023 million baht, EBITDA was 6,628 million baht, and net profit attributable to owners of the company was 458 million baht, or earnings per share of 0.24 baht. In the second quarter, oil-related businesses were pressured by crude oil prices and The product has been continuously declining. Due to global demand being pressured and oversupply resulting in an inventory loss of 1,036 million baht, while the natural resources business has production volumes close to the first quarter of 2023, but sales volumes have decreased compared to the first quarter of 2023, which The sales volume was significantly higher than the contracted capacity. clean energy business group Solar power plants in Japan have higher sales volumes due to seasonal factors. And the hydroelectric power plant in Lao PDR started commercial operation and distribution of electricity to the Socialist Republic of Vietnam in June 2023.
The Bangchak Group has organized a project called “Tod No Leaving” to purchase used cooking oil at Bangchak gas stations and various purchase points. To produce the first Sustainable Aviation Fuel or SAF from used cooking oil. and the only one in Thailand with production capacity of 1 million liters per day It is another step that clearly reflects the implementation of the BCP 316 NET plan towards Carbon Neutrality in 2030 and Net Zero GHG Emissions in 2050.
“For the second half of 2023, oil prices are expected to increase due to the pulling supply in the market and recovering oil demand from China. It tends to increase from the second quarter of the year due to the supporting factor from the increasing crude oil market. along with managing and increasing efficiency in production processes and work,” said Mr. Chaiwat.
However, according to the company has announced the purchase of shares in Esso (Thailand) Public Company Limited from ExxonMobil Asia Holding Pte. Ltd. Received a conditional approval from the Office of the Trade Competition Commission to merge the business already. and is in the process of considering the aforementioned conditions in order to consider a guideline for the business merger It is expected to be completed by the end of 2023, when the transaction is completed, will help strengthen the oil business for the Bangchak Group. At the same time, it will have a positive effect on the country. Both creating energy security access to energy and pass on the benefits to both partners and consumers. – Thai News Agency
Source: Thai News Agency