Bangkok, May 10-Bangchak Group in Q1/2023 revenue from sales and services was 80,380 million baht, EBITDA was 10,992 million baht, the refinery set a new record, refining more than 124,700 barrels per day, OKEA ASA made the highest revenue record. Preparing for 2Q GRM Volatility
Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and President of Bangchak Corporation Public Company Limited disclosed the results of the first quarter of 2023 that the performance in the first quarter This is considered to be in line with the target and reflects the results of the business operation of the Bangchak Group, which emphasizes quality business growth. 5 percent from the previous quarter but increased by 16% compared to the same period of 2022, representing a total EBITDA of 10,992 million baht, an increase of 58% from the previous quarter, a decrease of 20% from the same period last year. And profit for the period attributable to the parent company was 2,741 million baht, an increase of more than 100 percent from the previous quarter, a decrease of 37 percent from the same period of 2022, representing an earnings per share of 1.91 baht.
Bangchak Refinery Maintaining a high average production capacity A record high of 124.7 thousand barrels per day. in this quarter Realized gains from crude oil and product futures contracts. (Including fair value measurement according to accounting standards) increased from the previous quarter due to crack spreads of contracted products tending to decrease.
Core GRM decreased from $14.68 per barrel in the fourth quarter of 2022 to $11.44 per barrel, or a decrease of $3.24 per barrel, mainly due to lower crack spreads of diesel products in line with market conditions. word Diesel fuel is a product at the Bangchak refinery. produce the most And in this quarter, there was an inventory loss of 4.41 USD per barrel or equivalent to 1,687 million baht, decreased from the previous quarter. This is because crude oil prices in the world market declined at a lower rate than the previous quarter.
Marketing Business Group Increased marketing margin per unit This was due to an appropriate adjustment in fuel market rates and a reduction in the contribution to the fuel oil fund for diesel fuel according to the resolution of the Energy Policy Executive Committee (PAF). In addition, selling and administrative expenses decreased from the last quarter. of the year, which will be the period of marketing promotion expenses. However, the total sales volume decreased due to seasonal factors.
Electric Power Business recorded total EBITDA of 852 million baht, a 15% decrease from the previous quarter. and decreased by 72 percent from the first quarter of 2022. In the first quarter of 2023, the amount of electricity generated from solar power plants in Japan and Thailand increased. (an increase of 17% and 4% from the previous quarter, respectively) due to seasonal factors Hydro power plant project in the PDR. Laos has stopped electricity production this quarter. to prepare to sell electricity to the Electricity Authority of the Socialist Republic of Vietnam
Bio-Based Products business recorded total EBITDA of THB 107 million, a decrease of 26% from the previous quarter. and decreased by 69% from the first quarter of 2022, with the ethanol business decreasing in sales revenue. from the decrease in sales volume according to the sales management plan. energy cost and reduced chemicals
The Natural Resources and New Business Development Business Group recorded total EBITDA of THB 5,414 million, a 44% increase from the previous quarter. and a 27 per cent increase over the first quarter of 2022 as OKEA ASA's sales volume increased significantly by more than 100 per cent compared to the previous quarter. With sales volumes exceeding contracted capacity from the sale of 2 Cargoes at the Draugen field and the recognition of full quarterly revenue from the Bage facility transferred from Wintershall Dea, OKEA recorded its highest revenue for the quarter. Recently, OKEA signed a purchase agreement for the Statfjord petroleum field on the Norwegian Continental Shelf (NCS) (28%), bringing its total production capacity to 40,000 barrels. crude oil equivalent per day from 20,000-25,000 barrels, the transaction is expected to be completed in the last quarter of 2023.
“In the second quarter of this year, crude oil prices will continue to be pressured by concerns about the economic slowdown. especially in Europe But there are also concerns about tight supply that are increasing. After OPEC Plus (OPEC+) decided to cut oil production. The refining margin tends to decline from the first quarter, so the Company continues to monitor energy prices closely. Along with managing and increasing efficiency in the production process, ”said Mr. Chaiwat.
However, last April Shareholders' meeting of Bangchak has approved the acquisition of shares of Esso (Thailand) Public Company Limited, which is considered an important progress of the transaction. Two of the three conditions precedent (CP) have been completed. Implementation of various processes as planned Once the transaction is completed, it will extend business growth and increase competitiveness of the Bangchak Group, while creating benefits for consumers, communities and the environment.-Thai News Agency
Source: Thai News Agency