Growth in Petro Business and Lower Expenses of BCP Results in a ฿2.2Bn of Earnings in 1Q

Bangchak Corporation Public Company Limited (BCP) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BCP reported a net profit of 2,283 million baht in 1Q21, an improvement from a net loss of 4,660 million baht in 1Q20.

 

Revenue from sales and rendering services was 41,230 million baht, declined by 4% YoY mostly from revenue related to the petroleum businesses declining from the amount of total products sold by 12% YoY due to the new emerging phase of COVID-19 outbreak which escalated during the end of the previous quarter.

 

Concurrently, the average selling price per unit increased by 6%, serving to keep the revenue to not decline at a high degree. However, the Bio-Based Businesses were affected by the lower oil demand, resulting in a decrease in revenue of the Ethanol business in this quarter.

 

Gross profit was recorded at 4,604 million baht, increased by 479% YoY, mainly from the high growth in the gross profit of petroleum related businesses when compared to the same period of the previous year where the company group was affected by the inventory loss of 3,434 million baht (including Net Realizable Value (NRV)), coupled with the higher performance of the power plant businesses, from its investment in new solar power plant projects (PPA 20 MW), and the full quarter realization of the performance of the “Nam San 3B”project.

 

Selling and administrative expenses were recorded at 1,447million baht, declined by 18% YoY, primarily due to personnel related expenses, sales promotion expenses, and maintenance expenses. Moreover, the company group still maintains its cost control measure during the period of the COVID-19outbreak.