-Translation-
Ref. Ngor Nor Por. 012/2025
May 8, 2025
Subject: Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month ended March 31, 2025
To: President,
The Stock Exchange of Thailand
IRPC Public Company Limited ("the Company") would like to submit the financial statements and the consolidated financial statements for the 3-month ended March 31, 2025, which was reviewed by independent auditor, and was endorsed by the Company's Audit Committee. The consolidated financial statements can be summarized as follows:
In the first quarter of 2025 (1Q25), the Company registered net sales of Baht 62,224 million decreasing by
Baht 813 million or by 1% from that in the fourth quarter of 2024 (4Q24). This attributed to a 4% decrease in sales volume versus a 3% increase in average selling prices following higher crude oil price. For petroleum business
unit, the Market Gross Refining Margin (Market GRM) dropped being caused by a decrease in most spreads between petroleum product prices and Dubai crude oil price as a result of the softened demand following the economic conditions and the effect on the U.S.' trading policy to partner countries. Moreover, Market Product to Feed (Market PTF) margin for petrochemical business unit decreased because of lower sales volume in Olefins group owing to unrecovered purchasing demand. Meanwhile, power plant and utility business units contributed a stable margin from sales of electricity and steam. Hence, the Company recorded the Market Gross Integrated Margin (Market GIM) of
Baht 3,886 million or USD 6.34 per barrel decreasing by 31% from that in 4Q24. However, the crude oil situation
in 1Q25 was volatile due to several factors including concerns on the conflict in the Middle East, concerns on Chinese economy that has not recovered as much as it should, along with the abortion of OPEC and its allies (OPEC+)'s voluntary production cuts, and the U.S. tariff measures against trading partners. These factors caused an increase in Dubai crude oil prices from that in the previous quarter leading to a stock gain of Baht 626 million
1/3
or USD 1.02 per barrel. Meanwhile, the Company recorded a Net Realizable Value (NRV) of Baht 108 million or USD 0.18 per barrel versus a gain from realized oil hedging of Baht 114 million or USD 0.19 per barrel. All previously mentioned resulted in a net inventory gain of Baht 632 million or USD 1.03 per barrel. Therefore, the Accounting Gross Integrated Margin (Accounting GIM) was Baht 4,518 million or USD 7.37 per barrel decreasing
by 28% compared to the prior quarter. Moreover, there was the earnings before interest, tax, depreciation and amortization (EBITDA) of Baht 1,596 million slumping by 50% from that in 4Q24. In 1Q25, the Company recorded the depreciation expense of Baht 2,328 million declining by 4% from that in the prior quarter, along with the net finance cost of Baht 591 million decreased by 6% compared to that in 4Q24 due to the short-term and long-term loans
payment during 1Q25. While, there was a loss on investment amounting Baht 657 million that was affected from a loss sharing of UBE Chemicals (Asia) Public Company Limited (UCHA), an associate of the Company, which recognized a loss on impairment from some assets in 1Q25 compared to the gain on investment of Baht 223 million in 4Q24. Therefore, the Company recorded a net loss of Baht 1,206 million in 1Q25 being more than 4Q24 net loss by 7%.
When compared to the first quarter of 2024 (1Q24), the Company's net sales decreased by Baht 12,420
million or by 17%, mainly due to a 13% decrease in average selling prices following the lower crude oil price as well
as a 4% decrease in sales volume. For petroleum business unit, the Market GRM decreased owing to a drop in the spread between Gasoline and Diesel prices compared to Dubai crude oil price following economy conditions. In addition, the Market PTF decreased because of a drop in sales volume and product spreads in Olefins group following softened purchasing demand. Power plant and utility business units obtained a stable margin. Hence, the Company recorded the decreased Market GIM by Baht 1,732 million compared to that in the same period last year.
However, the Company recorded the lessened net inventory gain by Baht 1,652 million compared to that in 1Q24. Therefore, the Accounting GIM in 1Q25 was Baht 4,518 million decreasing by Baht 3,384 million compared to
that in the same period last year. Moreover, there was an EBITDA of Baht 1,596 million in 1Q25 diminishing by Baht 3,084 million compared to that in 1Q24. However, the Company recorded a 9% increase in the depreciation owing to the additional asset from Ultra Clean Fuel (UCF) project. Furthermore, there was a rise in the net finance cost by 18% from the same period last year as a result of an increase in the borrowings from financial institutions
2/3
during 2024. Moreover, the Company recorded a loss on investment amounting Baht 657 million, as previously mentioned, compared to 1Q24 gain on investment of Baht 140 million. Consequently, the Company's 1Q25 net loss was Baht 1,206 million while the net profit in 1Q24 amounting Baht 1,545 million.
As of March 31, 2025, the Company had total assets of Baht 185,592 million, total liabilities of Baht 116,685 million and shareholders' equity of Baht 68,907 million.
Please be informed accordingly.
Sincerely yours,
- Phichin Aphiwantanaporn -
(Mr. Phichin Aphiwantanaporn)
Senior Executive Vice President, Corporate Accounting & Finance
Finance & Investor Relations Department Tel. 02-765-7380
3/3