IRPC Returns to Profit in 2Q21, Booking ฿4.57Bn from Outstanding Sales Volume

IRPC Public Company Limited (IRPC) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 2Q21, IRPC reported net profit of 4,574 million baht against the net loss of 411 million baht in 2Q20, and net sales of 56,858 million baht increasing by 18% from that in 1Q21. This attributed to a 16% increase in average selling prices following higher crude oil price and a 2% rise in sales volume. The average crude intake was 194,000 barrels per day, up by 4%. This was mainly from the ADU1 unit planned maintenance shutdown for 17 days in 1Q21.

The company registered depreciation expenses amounting to 2,209 million baht, increasing by 1%, while the net financial cost was 428 million baht down by 3%. There was a loss on financial derivatives amounting to 74 million baht, dropping by 33%. 

Furthermore, there was a loss on foreign exchange from US Dollar – borrowings of 100 million baht. It dropped by 45% compared to the loss on foreign exchange of Baht 182 million in 1Q21. The company had outstanding USD debt of 140 million at the end of 2Q21. 

Meanwhile, there was gain on investments of 186 million baht, up by 19% from last quarter while there was unrealized loss on oil hedging amounting to 1,076 million baht against unrealized gain on oil hedging amounting to 548 million baht in 1Q21. The Company had a corporate income tax of 600 million baht.