A Stock Loss and Fluctuation in Oil Price Cause BCP to Record 2019 Profit Lower at ฿1.7bn

Bangchak Corporation Public Company Limited (BCP) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

BCP recorded a net profit of 1,731 million baht in 2019, decreased 29.69% from a net profit of 2,462 million baht in 2018. The decrease was mainly due to the average selling prices which significantly declined with respect to global oil price. However, the company’s total product sales volume rose by 4% YoY.

Moreover, BCP’s gross profit was recorded at THB 10,232 million, a decline of 10% YoY, mainly from total GRM which was USD 4.55 per barrel, compared to USD 5.61 per barrel in 2018 due to the crack spread of every category of finished product and referenced crude oil price declining. Also in 2019 the refinery business incurred inventory loss of THB 1,253 million (including a reversion lower of cost or market (LCM) THB 689 million), which declined from the previous year which recorded inventory loss of THB 1,489 million (including lower of cost or market (LCM) THB 689 million).

In addition, the Board of Directors of BCP has approved a resolution for a dividend payment to be paid on April 24, 2020, at a value of ฿0.30/share with an ex-dividend date on March 4, 2020.