Bangchak Corporation’s first-quarter earnings grow 91% year-on-year

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Bangchak Corporation Plc (BCP), one of Thailand’s leading energy firms, announced a jump of 91 per cent year-on-year in its quarterly earnings on Wednesday, driven by surging global energy prices.

BCP reported its first-quarter profit of 4.36 billion baht, up from 2.3 billion a year earlier. Compared to the previous quarter, the results were also up 148 per cent. 

Despite strong financial results, BCP shares traded at 34.00 baht, down 2.16 per cent from its prior closing, as of the afternoon session.

However, the BCP’s share price had rallied to a 52-week high of 35.25 baht on Monday as investors anticipated strong earnings in light of higher global energy prices prompted by the war in Ukraine. BCP shares have rallied by 33 per cent year-to-date.

BCP is a holding company engaged in oil refinery, biofuels, green power plants, retail, and natural resources. Its biofuel unit (BBGI) and power unit (BCPG) are also listed on the Thai exchange. 

President and chief executive Chaiwat Kovavisarach said in a statement that the refinery and trading unit has benefited from a spike in the prices of crude oil and other finished products. The Russia-Ukraine conflict has sparked “tighter supply conditions,” he noted. 

According to the report, BCP’s refinery and trading unit secured revenues of 5 billion baht in the first quarter, up 108 year-on-year, while the power plant unit saw 3 billion baht of revenues, an increase of 214 per cent year-on-year. 

The company said the spike in its power plant unit was due to gains from the disposal of its investment in Star Energy Group Holdings in Singapore worth 2 billion baht. 

As of the end of March 2022, the number of BCP service stations in Thailand stood at 1,292, up from 1,277 at the end of 2021. 

Looking forward, BCP expects the rise in oil prices to help its businesses, since tensions between Russia and Ukraine are likely to continue, placing further pressure on global oil supplies. 

“In Q2/2022, the operating gross refinery margin is expected to remain at high levels,” the company added.  

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