Bangchak Corporation Reports Record-breaking 2023 Financial Performance and Unveils Ambitious Growth and Sustainability Initiatives for 2024

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Bangchak Corporation’s revenue from sales and services reached 385.9 billion baht in 2023, marking an 18% increase from the previous fiscal year. The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the year stood at 41.7 billion baht. The profit for 2023 reached a new company record of 13.2 billion baht, resulting in an earnings per share of 9.27 baht.

The revenue in Q4 was 142.9 billion baht with a loss of 977 million baht due to the write-down of OKEA’s assets, losses from Statfjord oil and gas field, and inventory loss.

Chaiwat Kovavisarach, Bangchak’s CEO, expressed his satisfaction with the outstanding results, stating, “The group of companies from Bangchak achieved a new record in 2023 with outstanding operational performance since its establishment, where every business unit experienced significant growth and development.”

Looking ahead to 2024, Bangchak is set to drive further business expansion, building on the significant investments made in 2023. The company aims to create and extend synergies between its refinery and oil trading business group, marketing business group, and Bangchak’s businesses in Sriracha, he said. Strategic adjustments in operational management will leverage resources, technology, and various assets to maximize benefits, creating platforms for robust and sustainable growth, he added.

This comprehensive approach includes managing two oil refineries, transportation, and oil trading, marketing, as well as support services in a shared services system in the back office. The objective is to reduce costs and create overall size efficiencies, with a target EBITDA synergy of not less than 3 billion baht per year.

Meanwhile, other business groups within the conglomerate are expected to continue their expansion plans, and Bangchak remains committed to its focus on the upstream business to ensure energy security, Chaiwat said. The company will explore opportunities for additional growth from other potential petroleum sources as well, he added.

Simultaneously, Bangchak is demonstrating its commitment to mitigating climate change and building a sustainable world, he said. The company aims to be the first and only refinery in Thailand to produce Sustainable Aviation Fuel (SAF) within the first quarter of 2025, with a production capacity of 1 million liters per day, he added.

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