IRPC Reports a Net Loss of ฿6.1Bn in 2020 as Sales Drop 30%, Giving a Div of Bt0.06

IRPC Public Company Limited (IRPC) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, IRPC reported a net loss of 6,151 million baht, plunged further from a net loss of 1,174 million baht in 2019. The decrease was mainly due to a decline in sales by 30% for the year.

 

In 2020, the company reported net sales of 152,319 million baht, decreased by 30%. This was attributed to a 24% decrease in average selling price, following crude oil price together with a 6% decrease in sales volume. The average crude intake was 192,000 barrels per day, down by 3%. This was resulted from the supply chain management to build resilience at the times of the coronavirus (COVID-19) pandemic. However, the utilization rate remained at the high level.

 

IRPC stated that there was loss on foreign exchange from US dollar – borrowings of 2 million baht, while there was gain on foreign exchange of 458 million baht in 2019. Besides, the company recorded 2020 unrealized loss on oil hedging amounting to 961 million baht in accordance with Thai Financial Reporting Standards No.9 Financial Instruments which effective on 1 January 2020.

 

The company recorded loss on impairment and disposal of fixed assets of 535 million baht, mainly attributed to an impairment from the postponement of Maximum Aromatics project (Mars).

 

In addition, the Board of Directors has resolved the resolution for a dividend payment of 0.06 baht per share to be paid on April 20, 2021. The ex-dividend date will be on February 24, 2021.