SPRC Reports Positive Financial Results for Q4 and Full Year 2024
Star Petroleum Refining Public Company Limited (SPRC) today announced a net profit of US$5 million in Q4/2024, a strong transition from net loss of US$64 million in the previous quarter, driven primarily by stronger refinery margins.
SPRC’s refinery margin in Q4/2024 was US$6.04/bbl, improved from US$4.24/bbl in Q3/2024. The utilization rate for crude intake was 155,000 barrels per day, equivalent to 89% of its refining capacity, which was slightly lower than the previous quarter due to scheduled maintenance activities.
SPRC and its subsidiaries reported a net profit of US$60 million in 2024 reflecting an increase of US$86 million compared to a US$26 million net loss in 2023. The growth was attributed to improved refining margins, higher crude intake as well as US$29 million in added value capture post the successful acquisition of Chevron’s Fuels and Marketing business in Thailand on 3 January 2024.
“Our new integrated business has delivered significant value through both Caltex retail and sales channel growth, refinery process optimization, effective inventory management, new supply agreements and logistics refinement” said Mr. Robert Dobrik, CEO and Director of SPRC
He added “Though only one year in with our expanded operation, we’re building a strong foundation for continued enterprise value capture. SPRC remains committed to driving strong results in producing reliable and affordable products to meet the everchanging needs of our many customers and stakeholders while driving maximum sustained value for our shareholders.”
On the same day, SPRC’s Board of Directors meeting No. 1/2025 passed a resolution to propose the total dividend payment from 2024 net profit of Baht 0.40 per share to the 2025 Annual Shareholders’ Meeting for approval on 10 April 2025. After deducting the interim dividend payment of Baht 0.25 per share for the first six months of 2024 performance, the remaining dividend is Baht 0.15 per share. The record date on which shareholders are entitled will be 7 March 2025. The dividend payment will be on 9 May 2025, after obtaining approval from the 2025 Annual General Shareholders’ Meeting.
