Bangchak Sriracha (BSRC) Reports First-Half Profit of THB 1,077 Million, Achieving Record-High Refining Utilization Rate with Continuous Sales Growth

Bangchak Sriracha Public Company Limited (BSRC) reported its first-half 2024 performance, recording total revenue from sales and services of THB 129,631 million, EBITDA of THB 3,604 million, and a profit of THB 1,077 million, equivalent to earnings per share of THB 0.31. Refinery Business set new record with a consistently high refining utilization of 154,900 barrels per day in May and an average of 152,200 barrels per day during the first half. Total sales volume reached 4,745 million liters, a 16% increase from the previous year.

Bundit Hansapaiboon, Chief Executive Officer of Bangchak Sriracha Public Company Limited, revealed that despite challenges and pressure from fluctuating energy prices, BSRC's first-half performance in 2024 demonstrated its success in both Refinery and Marketing businesses. The Company reported revenue from sales and services amounting to THB 129,631 million and EBITDA of THB 3,604 million. BSRC’s commitment to enhancing refining utilization has resulted in increased production of gasoline, the highest proportion since the Company’s establishment, along with reduced crude oil costs for refining. This was coupled with a balanced distribution and refining utilization strategy that enabled the Company to maintain consistent operation and revenue growth.

Significant Performance in the First Half of 2024

Refinery Business: In the second quarter, Sriracha Refinery set a new record with a refining utilization of 154,200 barrels per day, marking the highest quarterly refining utilization in the Company’s history. During the second quarter, the refining rate increased to its maximum to optimize business capabilities with Bangchak and supply fuel products to the Phra Khanong Refinery during its scheduled turnaround maintenance in 2024.

Marketing Business: The volume of products distributed at service stations reached 1,759 million liters, attributed to an efficient marketing plan and the accelerated change of service stations to the Bangchak logo. By the end of the second quarter, 488 service stations had successfully completed the logo change to Bangchak.

Bundit concluded by stating, “Additionally, BSRC successfully launched its first debenture at the end of July, reflecting confidence in the Company's performance and capabilities. Since becoming part of the Bangchak Group, BSRC has been steadfast in driving the business under the vision of 'Shaping a sustainable future with premier energy through innovative solutions.' This commitment aims to foster growth and respond to various challenges through enhanced management and efficiency in all aspects, reinforcing new competitive capabilities and consolidating business strengths within the Bangchak Group to propel sustainable and robust growth."