BSRC Reports 9-Month Revenue Increased 17,115 Million Baht, Strengthened Synergy with Bangchak Group
Bangchak Sriracha Public Company Limited (BSRC) announced a consolidated revenue of 187,195 million Baht for the fiscal year ending in 3Q 2024, an increase of 17,115 million Baht compared with the same period of last year. The sales volume of refinery business products increased by 2,587 million liters, more than doubled compared to the previous year.
Mr. Bundit Hansapaiboon, Director and Chief Executive Officer of Bangchak Sriracha Public Company Limited explained, "Global oil price volatility and recent energy price pressures led to a decrease in 3Q revenue to 57,564 million Baht. However, through effective cost management, the Company has consistently reduced selling and administrative expenses. High sales volume throughout the year has also contributed to the significant revenue increase of 17,115 million Baht for the 9-month period. Additionally, with the success of financial risk management, BSRC recorded a gain of 980 million Baht from derivatives by the end of 3Q."
Key Performance Highlights of 3Q 2024
Refinery Business : BSRC's Sriracha refinery processed an average of 137,000 barrels per day in 3Q, slightly down due to a 22-day scheduled maintenance that completed by late September. Nevertheless, the refinery maintained a high run rate of 147,000 barrels per day for the year up to 3Q. The refinery also successfully expanded its product channels to include Marine Gas Oil, addressing diverse customer demands.
Marketing Business : BSRC has progressed in rebranding its service stations to Bangchak, completing 656 stations or 90%, which exceeds the target at the end of September. Additionally, the company has introduced a Direct Sales strategy for lubricants, allowing customers to purchase directly at service stations instead of through distributors, which enhances service efficiency.
Mr. Bundit added, "Despite the challenges in both global and domestic energy landscapes, BSRC remains committed to leveraging its market network integration and the synergy activities with Bangchak Group to meet customer needs. Under our vision, 'Shaping sustainable future with premier energy through innovative solutions', I am confident that the strength of BSRC and its employees will enable us to continue conquering this challenging situation."