Bangchak Sriracha Public Company Limited (BSRC) reported its first-half 2024 performance, with 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. The refinery business set a new record with a consistently high refining utilisation 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 litres, a 16% increase from the previous year.
Bundit Hansapaiboon, CEO of BSRC, revealed that despite challenges from fluctuating energy prices, BSRC's first-half performance in 2024 demonstrated success in both the Refinery and Marketing businesses. BSRC’s commitment to enhancing refining utilisation resulted in increased production of gasoline, the highest proportion since the company’s establishment, along with reduced crude oil costs. This was coupled with a balanced distribution and refining utilisation strategy that enabled 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 utilisation of 154,200 barrels per day, marking the highest quarterly refining utilisation in the company’s history. During the second quarter, the refining rate increased to optimise 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 litres, 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, “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, reinforcing competitive capabilities and consolidating business strengths within the Bangchak Group to propel sustainable and robust growth."
