Bangkok: Star Petroleum Refining Public Company Limited (SPRC) has announced a net profit of US$5 million for the fourth quarter of 2024. This marks a substantial turnaround from a net loss of US$64 million in the prior quarter, attributed to an increase in refining margins and a stable crude oil refining rate. The refining margin improved to US$6.04 per barrel from US$4.24 per barrel in the third quarter, alongside a refining rate of 155,000 barrels per day, which represented 89 percent of the company's refining capacity. This was a slight decrease from the previous quarter due to scheduled maintenance activities.
According to Thai News Agency, SPRC and its subsidiaries achieved a net profit of US$60 million for the entire year of 2024. This represents an increase of US$86 million compared to a net loss of US$26 million in 2023. The improved financial performance is credited to enhanced refining margins, increased refining rates, and a US$29 million boost from the acquisition of the Caltex branded fuel marketing business at the start of 2024.
SPRC Chief Executive Officer and Director, Mr. Robert Dobrik, emphasized the strategic benefits of the business integration. He highlighted the potential for growth through the Caltex retail and distribution channels, as well as improvements in inventory management, refining processes, and logistics, which have collectively contributed to the company's value creation.
Furthermore, at the Board of Directors Meeting No. 1/2568, a proposal was made to distribute a dividend from the 2024 net profit amounting to 0.40 baht per share during the 2025 Annual General Meeting of Shareholders on April 10, 2025. After deducting an interim dividend of 0.25 baht per share, the remaining dividend will be 0.15 baht per share. The list of shareholders eligible for the dividend will be finalized on March 7, 2025, with the payment scheduled for May 9, 2025, pending shareholder approval.