Bangchak Sriracha (BSRC)’s Demonstrates Strong Performance in First Quarter 2024, Achieving Record-High Refining Capacity Reflecting Bangchak Group’s Efficiency and Synergy

Bangchak Sriracha Public Company Limited (BSRC) reported its first quarter 2024 performance, with revenue from sales and services of THB 63,583 million and profit of THB 855 million, equivalent to earnings per share of THB 0.25. The Refinery Business set a new record high refining capacity of 150,300 barrels per day, while the average retail sales volume through service stations reached 887 million liters.

Bundit Hansapaiboon, Chief Executive Officer, Bangchak Sriracha Public Company Limited (BSRC), unveiled the performance of Q1 2024, which reflected Bangchak Group’s efficiency and Synergy. The Company recorded revenue from sales and services of THB 63,583 million, a 7% increase from the previous quarter and a 6% increase from the same period in 2023. It recorded an EBITDA of THB 2,117 million and a profit of THB 855 million, a 198% increase from the previous quarter and a 263% increase from the same period in 2023, equivalent to earnings per share of THB 0.25.

The Refinery Business achieved a significant milestone by setting a new record refining capacity of 150,300 barrels per day, marking the highest in the company’s history (equivalent to 85% of its nameplate capacity). The refining margin increased by USD 5.8 per barrel from the same period in 2023, mainly due to the reduced inventory impact.

The Marketing Business recorded a 4% increase in product sales volume at service stations compared to the previous quarter, with average retail sales volume through service stations reaching 887 million liters. This is attributed mainly to effective marketing strategies and the recovery in sales volume of service stations that have transitioned to the “Bangchak” brand. At the end of the first quarter, the Company accomplished its plan to change the logo of 332 service stations to Bangchak from 829 service stations operated by the Company.

Bundit concluded by affirming, “The Company’s Refinery and Marketing businesses are poised to advance in line with a robust growth strategy, ready to promptly respond to any challenges that will arise. We will closely monitor the energy prices, coupled with effective management and production efficiency enhancements. We will consolidate and leverage synergies within Bangchak Group to foster new business competitiveness. This will lead to sustainable growth under the vision of “Shaping sustainable future with premier energy through innovative solutions.”