2023-05-09 07:51:19
IRPC Public Company Limited or IRPC reports operating results for the first quarter ended March 31, 2023.
In Q1/2023, the company had net sales revenue decreased by 848 million baht or 1% due to a 13% drop in average selling price following a drop in crude oil price. While sales volume increased by 12 percent. The refinery has a refining rate of 196,000 barrels per day. an increase of 1% Market GIM increased by 2,979 million baht or 73%, mainly due to a decrease in the cost of Crude Premium, together with
Petroleum product price spreads increased. The company had a Net Inventory Loss of 1,742 million baht compared to Q1/2022 with a Net Inventory Gain of 5,786 million baht, resulting in a decrease in Accounting GIM of 4,549 million baht or 46%. Operating expenses decreased by 9 percent.
In addition, the company There was an unrealized oil hedging gain of 61 million baht, compared to the unrealized oil hedging loss of 2,699 million baht in 1Q22. While there was a decrease in investment profit of 119 million baht or 92 percent following deducting income tax of 70 million baht.
Krungsri Capital Public Company Limited expects IRPC to have a profit in the first quarter of 246 million baht, down 84% from the same period last year. but recovered from a net loss of 7,149 million baht in 4Q/2022 due to no refinery shutdown, recovering demand for Chinese resins, supporting u-rate petrochemicals, improving profit margins for both refineries (declining crude premium) and petrochemicals (decreasing and the stock loss is reduced. We maintain our buy recommendation with a target price of 3.80 baht per share.
Mr. Krit Imsang, Chief Executive Officer and President of IRPC, said earlier that The 1Q23 earnings outlook has a loss from lower oil stocks. While the GRM (GRM) has been down since the month. Last Jan. But there was a positive factor in the recovery of tourism. As a result, the volume of oil sales increased. But in the second quarter of 2023, the amount of oil sales will grow. comes from increasing demand from the tourism sector Including the Esso refinery planned to close for maintenance during the second quarter of 2023, resulting in a relatively tight domestic oil supply. It is expected that the IRPC refinery have more sales
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