‘Bangchak’ shows for the first half of the year, EBITDA hit a record of more than 9 billion
Date 11 Aug. 2021 time 14:15
Bangchak Group receives support from rising global oil demand, earning 85,000 million baht in the first 6 months, worried about the second half of the year after the COVID-19 mutation smashed the economy, dragging down the oil consumption.
Mr. Chaiwat Kovavisarat, Chief Executive Officer and President of Bangchak Corporation Public Company Limited, disclosed the results of the first half of the year 2021 of the Bangchak Group that the Company and its subsidiaries Revenue from sales and services of 85,006 million baht, an increase of 22%, a record EBITDA of 9,006 million baht, an increase of 737 percent. Net profit attributable to the parent company was 4,048 million baht, an increase of 162% compared to the previous year. same period last year Earnings per share of 2.80 baht due to rising demand for oil in the world market after the Covid-19 began to ease. and global economic stimulus measures resulted in an increase in crude oil and refined oil prices in the world market.
The average Dubai crude oil price in the first half of 2021 was at USD 63.62 per barrel, an increase of 56% from the first half of 2020, resulting in the Group’s inventory gain of 3,773 million baht and the refinery business with a refining margin. Fundamentally stabilized in an improving direction. It also received a share of profit from investment in an associate company OKEA of 371 million baht, the highest since investing in petroleum exploration and production.
The aforementioned supporting factors will help the marketing business and the bio-products business that have been affected by the declining domestic demand for oil. from the spread of COVID-19 that came back to spread again In particular, the demand for jet fuel is still at a low level. to the market such as UCO (Unconverted Oil) with sales volume increased by 2 times from the second quarter of 2020, produces solvents (BCP White Spirit 3040) under the name BCP White Spirit 3040 and plans to expand a variety of products
However, in the second half of 2021, oil demand may be under pressure from COVID-19. The delta strain that has made the epidemic in many countries hit again. especially in Asia causing the governments of each country to return to use strict control measures affect the economic recovery. including an overview of the world economy In addition, the announcement of lockdown measures to control the epidemic. That affects economic activities and the demand for oil throughout the country.
For the operating results of the second quarter of 2021, the Company and its subsidiaries Revenue from sales and services of 43,775 million baht, an increase of 6%, Operating EBITDA of 3,059 million baht, an increase of 28% compared to the previous quarter, an EBITDA of 4,269 million baht, a decrease of 10% compared to the previous quarter, with Inventory Gain 1,299 million baht, net profit attributable to the parent company 1,765 million baht, a decrease of 23% compared to the previous quarter. Earning per share is 1.21 baht.
As for the refinery and oil trading business The operating result was downgraded from the previous quarter. but increased from the same period last year Mainly from this quarter, there was an inventory gain of 1,171 million baht, a decrease from the previous quarter. Because crude oil prices rose at a lower rate than the previous quarter. In the second quarter of 2020, there was an inventory loss, while the core GRM rose to $4.18 per barrel.
Marketing business group Operating results were lower than the previous quarter but increased from the previous year. This was mainly due to lower oil prices, resulting in less inventory gain than the previous quarter. The net marketing margin per unit increased from the previous quarter. From the reduced cost of the B100 product and the policy of effective cost management. The total sales volume of the marketing business decreased from the previous quarter. Due to the impact of the third wave of covids throughout the quarter
For the electric power business group by BCPG Public Company Limited or BCPG, the operating result has been increased due to higher electricity sales. Compared to the previous quarter and the previous year Mainly from the volume of hydroelectric power sales in Lao PDR. with increased rainfall because it enters the production season of the hydroelectric power plant In addition, the investment in new solar power plant projects in Thailand.
However, the natural resource business group better performance Compared to both the previous quarter and the same period of the previous year From the recognition of profit sharing from investments in associated companies OKEA of 371 million baht, which is the highest since the investment in petroleum exploration and production business. and has revenue from crude oil and natural gas prices that have increased
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