SPRC Omits a 2020 Dividend after Booking a Loss of ฿6Bn from Sharp Oil Price Fall-Off

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

SPRC’s 4Q20 operating results made a turnaround to book a profit of 862 million baht compared to a net loss of 2,975 million baht in the same period of last year as the consequence of an increase in oil and petroleum product price led to the increase in total revenue for the period. EBITDA, EBIT and net earnings in 4Q20 increased from the prior quarter primarily due to the higher gross refining margin. 

 

SPRC reported a net loss of 6,005 million baht for the year 2020, reflecting a further decrease compared to a net loss of 2,808 million baht in 2019, mainly due to a significant impact from a sharp fall-off in oil price since the first quarter of the year which caused loss in EBITDA and net earnings. 

 

Accounting gross refining margin in 2020 was negative which impacted from the oil price fall and resulted in a significant stock loss for the year 2020 while a slight stock gain in 2019. Despite the increase in the total crude intake in 2020, the total revenue decreased 23% as a result of lower average selling price.