Mr. Robert Dobrik, CEO and Director of Star Petroleum Refining Public Company Limited (SPRC) reported a net profit of US$ 9 million for Q2/2024, compared to US$ 110 million in the previous quarter. Lower refining margins due to weakened refined product cracks primarily impacted the decline in EBITDA and net profit.
SPRC's financial performance declined in Q2/2024 compared to Q1/2024 primarily due to a combination of lower product crack spreads and reduced sales volume resulting from optimizing crude throughput at 158 KBD (90% CDU utilization rate) and taking opportunity during low margin to do RFCCU maintenance to enhance reliability. The marketing refining margin in Q2/2024 was US$ 2.36/bbl compared to US$ 8.31/bbl in Q1/2024.
Despite challenging market conditions driven by geopolitical tensions, rising oil prices, and reduced demand, SPRC maintained a focus on operational efficiency and cost management. SPRC invested approximately 90 million THB in environmental initiatives, including gas turbine energy loss improvement, continuous emission monitoring, fence-line air quality monitoring, and retail station solar rooftop partnerships. The company also continues implementing social responsibility programs benefiting 38 surrounding communities and 55 registered fishery groups. SPRC?s strong commitment to ESG is further evidenced by its 5-star corporate governance rating from the Stock Exchange of Thailand and the Institute of Directors.
Looking ahead, SPRC is committed to driving long-term growth and creating value for shareholders. The company is investing in refining upgrades, exploring new business opportunities, and expanding its market reach. By leveraging its ?One Team, Right Talent? approach and advanced technology, SPRC aims to produce high-quality products while optimizing its operations.
Today, SPRC Board of Directors has approved the interim dividend of Baht 0.25 per share. The record date is 29 August 2024, and the dividend is scheduled to be paid to shareholders on 11 September 2024.
?Our focus remains on delivering strong financial performance while contributing positively to society. We will continue to adapt to market dynamics and seize opportunities to enhance our business and create value for all stakeholders? Mr. Dobrik concluded