IRPC Records a Huge Rebound in 1Q21 Earnings at ฿5.5Bn from a Significant Stock Gain
IRPC announced a net profit of 5.5 billion baht, a significant increase due to stock gain, compared to a net loss of 8.9 billion baht in 1Q20.
IRPC Public Company Limited (IRPC) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
IRPC made a significant improvement in 1Q21, recording a net profit of 5,581 million baht, compared to a net loss of 8,904 million baht in 1Q20.
The company’s net sales was up by 4,771million baht or 11%, attributed to a 15% increase in average selling price following higher crude oil price whilea 4% decrease in sales volume. The average crude intake was 186,000 barrels per day, slightly decreased by 1%. The Market GIM rose by 3,300 million baht or 90%as an increase in almost all products spread.
When compared with the same period last year, the products spread was pressured by the crude oil price waras well as the COVID-19 outbreak. The net stock gain was 5,002 million baht when compared with the same period last year of the net stock loss amounting to 6,811 million baht. These led to the higher of accounting GIM by 15,113 million baht. Meanwhile, the operating expenses reduced by 294 million baht. Therefore, the EBITDA had improved by 15,219 million baht YoY.
IRPC recorded a decrease in the depreciation by 47 million baht.The net financial cost was down by 23 million baht or 5%. The loss on financial derivatives was down by 448 million baht. The losson foreign exchange from US Dollar -Borrowingsdecreased by 318 million baht as the Thai Baht appreciation.
Moreover, there was an unrealized gain on oil hedging of 548 million baht, compared to unrealized loss on oil hedging of 993 million baht in 1Q20.
Furthermore, there was an increase in gain on investment amounting to 107 million baht. While, there was corporate income tax amounting to 972 million baht in 1Q21 compared with the corporate income tax benefits amounting to 2,246 million baht in the same period last year. These resulted in the net profit of 5,581 million baht this period against the net loss of 8,905 million baht in 1Q20.