BCP 25.75 THB - (-%)

Q3/2019:

  • Refinery and Oil Trading Business Group recorded a significant improvements in Operating GRM QoQ, due to the increment of every finished product and crude oil price crack spreads. Utilization rate was recorded at 110.8 KBD due to the planned maintenance of the Hydrocracking Unit to replace its catalyst from during July-August. However, as crude oil price volatility during the quarter, there was an Inventory Loss.

Refinery Crude Run

Unit : KBD

Q3/2019 THB Million $/BBL
Market GRM 2,416 7.68
GRM Hedging 6 0.02
Inventory Gain / Loss -1,163 -3.70
Total GRM 1,258 4.00

GRM Performance

Unit : $/BBL

Bangchak boasts a complex refinery with a capacity of 120,000 barrel per day based on sophisticated hydro cracking technology. The Company took assorted measures to raise its outputs and manage its refining margins.

Q3/2019:

  • Marketing Business Group recorded 5% higher total sales volume YoY, especially retail market sales which increased 9% from the Company’s policy which continues to prioritize retail market expansion. Nonetheless, sales volume slightly declined QoQ due to this quarter being a part of the low season. Net Marketing Margin lowered QoQ as the company was unable to adequately adjust retail prices to keep up with the increasing product cost which rose during the quarter.

Marketing Sales Volume

Unit : Million Litre

Total Marketing Margin

Unit : Baht/Litre

Market Share (Retail Channel)

Most of finished products from Bangchak’s refining processes were sold through the retail network of over 1,188 Service Station Nationwide Under brand “Bangchak”

BCPG Q3/2019:

  • Power Plant Business Group earned lower sales revenue both for projects in Thailand and Japan due to seasonality from shift to the rainy season. However, electricity sold increased both QoQ and YoY, from the COD of the Thailand based wind power plant project “Lom Ligor” in full quarter, and acquisition of hydro power plant project in Laos PDR, “Nam San 3A”

Total Electricity Sale

Unit : Million kWh

Diversified source of earnings to a stable visibility earnings businesses. In so doing, The establishment of BCPG Co., Ltd. (BCPG), to run and invest in power plants fueled by renewable energy.

Q3/2019:
Biodiesel business

  • Biodiesel business reported production and sales volume increased from the government sector policy to support the higher usage of Biodiesel (B100) in the energy sector; both for B20 and B10 Diesel, and has caused the company’s gross profit to improve from the previous quarter. However, within this year the company is still affected by the situation of the crude palm oil price which was still at a low level, and the global market price of Glycerin that has adjusted downwards.

Q3/2019:
Ethanol Business

  • Ethanol business, its production and sales volume increased YoY, from the plant at Kanchanaburi province which increased their production capacity by 100,000 liters per day, and an increase QoQ after plants resuming operating after its scheduled maintenance. Gross profit increased from the higher amount of Ethanol sold, and an improved raw material cost management, as well as adjustments to lower molasses cost in accordance to the announcement regarding average price of molasses sold in the country

Biodiesel business: Production and Sales Volume

Unit : Million Litre

Ethanol business: Production and Sales Volume

Unit : Million Litre

Bangchak promotes ethanol and biodiesel for blending in gasoline and diesel. Its products in this category include Gasohol 91, Gasohol 95, Gasohol E20, Gasohol E85, and Hi-diesel for national energy security by reducing trade deficits from oil imports.

Q3/2019 :

  • Natural Resources Business Group recorded its performance softened due to the previous quarter recording gains from changes in investment interest at THB 94 million from OKEA’s IPO, and also THB 82 million gain on foreign exchange forward contract, whereas, this quarter the gain on foreign exchange forward contract was only THB 1 million. Moreover, within this quarter the company realized share of loss from its associated company, OKEA, of which performance retracted as crude oil sales from the Draugen field consisted of only 1 cargo and Gjøa field’s average production declined due to its scheduled maintenance in August.

Average Production (Net to OKEA)

Unit : KBD

Bangchak holds holds 46% shareholding in OKEA AS, a norwegian Petroleum E&P company, as an associated company, and realize a profit sharing from OKEA.