BCP Makes a Turnaround to Book ฿251Mn on 4Q20, Offering a Dividend of Bt0.40

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

In 2020, BCP reported a net loss of 6,967 million baht, dropping from a net profit of 1,731 million baht in 2019.

BCP recorded revenue from selling of goods and rendering of service of THB 136,450 million (-28% YoY), with EBITDA of THB 4,104 million (-53% YoY), and recorded Operating EBITDA of THB 8,874 million (-10% YoY). The decline was mainly due to the escalation of the global COVID-19 pandemic, pressures from the Saudi Arabia – Russia oil price war. The company group recorded Inventory Loss of THB 4,743 million.

In 2020, the company was able to lower expenses by THB 900 million from its budget. While making adjustments to investment structures, and utilizing suitable financial instruments. Along with the aforementioned activities to maximize company benefit in preparation for events that will transpire in 2021. As a result, cash flow was THB 21,651 million as of the end of 2020.

 

However, the company recorded a net profit of 251 million baht in 4Q20, increased 139% QoQ, but decreased 59% YoY. The turnaround was due to the adjusted upward price of crude oil with support from the progress in the development of the COVID-19 vaccine. This caused the company group to record an Inventory Gain of THB 144 million, and the Refinery Business saw an increase in Operating GRM by 1.41 $/BBL due to the Crude Premium declining with significance.

 

The Board of Directors of BCP has resolved to approve a resolution to pay a dividend of ฿0.40/share on April 22, 2021. The ex-dividend date is March 3, 2021.