Mr. Robert Dobrick, Chief Executive Officer and Director of Star Petroleum Refining Public Company Limited (SPRC), revealed operating results and financial results for the fourth quarter of 2022 and for the year 2022 that In the fourth quarter of 2022, the Company recorded a net loss of US$ 6 million. Compared to the third quarter of 2022 with a net loss of US$ 137 million.
The reason for the loss in the fourth quarter of 2022 was the main factor from the continuous decline in oil prices. resulting in loss of oil stock In addition, the spread between gasoline prices and crude oil has decreased. This has been pressured by rising exports from mainland China and recession concerns. As a result, the market GRM dropped slightly from $6/bbl in 3Q/2022 to $5.39/bbl in 4Q/2022.
However, the company still maintains the production level in line with domestic demand for maximum benefits. for crude oil refining This quarter was at 163 thousand barrels per day or 93% of the refining capacity. which is higher than the previous quarter
In 2022, the company’s net income was 222 million US dollars. which increased from 2021 to 150 million US dollars The market GRM for 2022, excluding stock gains and losses, is $9.64 per barrel. This is an increase from 2021 at $ 3.66 per barrel. The increase in GRM is due to the rising crude oil price spread over refined oil prices. This was due to the increase in demand for oil due to the relaxation of travel measures.
In this regard, the Board of Directors Meeting No. 1/2023 resolved to propose a dividend payment for the year 2022 in the amount of USD 132.8 million. It will be proposed to the 2023 Annual General Meeting of Shareholders for approval on April 5, 2023, following deducting the $112.8 million interim dividend from the first half of 2022 results. US or 0.96 baht per share, which was paid on 8 September 2022, so the remaining dividend to be paid in addition is 19.9 million US dollars. Or convert to baht equivalent to 0.15 baht per share by converting from US dollars to baht. The average selling rate of the Bank of Thailand for the past 7 banking days will be used. Before the date of the notice of the Board of Directors’ meeting of the Company
The company will determine the names of shareholders who are entitled to receive dividends on March 10, 2023 and the payment date will be on May 3, 2023 following approval from the general meeting of shareholders. year 2023 already
Robert Dobrick said the company continued to maintain a safe, reliable and efficient operation. amid market volatility We continue to seek opportunities to manage cash flow. along with reducing operating costs Including continuing to strengthen our business and recently the company The company recently received shareholder approval to acquire its fuels marketing business, a strategic value chain expansion that will allow the company can serve customers in Thailand better through the marketing and distribution of high-quality fuels of the Company It also drives our business to grow and move forward in the future sustainably.