Bangchak Group reports first-half performance, 293.43 billion baht, record-high revenue, refining capacity and sales volume over 3 billion baht in synergy recognized.
Bangchak Group reported its first half 2024 performance, recording total revenue from sales and services of 293.43 billion baht and EBITDA of 26.07 billion baht. This resulted in a net profit attributable to owners of the parent of 4.26 billion baht, equivalent to 2.91 baht earnings per share.
The refinery and oil trading business group benefitted significantly from the performance of BSRC. The marketing business group achieved record-high total sales volume across all channels, reaching 6.91 billion baht liters.
The clean power business group reported increased revenue from electricity sales and a full half-year performance recognition of investments in the four natural gas power plant projects in the United States. The Natural Resources Business Group, through OKEA ASA, saw significant increases in production and sales volumes, notably from the Statfjord and Hasselmus fields.
The first-half: Bangchak Group significantly improved performance
Chaiwat Kovavisarach, group chief executive officer and president of Bangchak Corporation Plc announced the first-half performance for 2024. Despite a decline in crack spread across all products due to global market conditions and turnaround maintenance at the Phra Khanong Refinery, Bangchak Group significantly improved its operational performance.
The group generated revenue from sales and services of 293.43 billion baht, a 98% increase from the same period in 2023. This is equivalent to EBITDA of 26.072 billion baht, a 48% increase from the same period in 2023, and net profit attributable to the owner of the parent of 4.26 billion baht, a 33% increase from the same period in 2023, equivalent to 2.91 baht earnings per share.
Through investments in high-potential projects and creating synergy within Bangchak Group, the company recognized accumulated synergy from performance of over 3 billion baht during the first half of 2024, achieving the EBITDA synergy target of no less than 2.5 billion baht in 2024. The company aspires to continue improving to meet the annual EBITDA synergy target of 3 billion baht over the coming years.
In addition to robust growth in operational performance, Bangchak was rank among the Fortune Southeast Asia 500 for the first time in 2024, recognized among Asia-Pacific Climate Leaders 2024 by the Financial Times, and selected for inclusion in the SET50 index from 1 July to 31 December 2024.
The latter half: refining margins are expected to stabilize
For the remainder of 2024, refining margins are expect to stabilize due to an anticipated increase in seasonal demand. The company will closely monitor and manage the situation to establish a stable and resilient foundation for sustainable growth.
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