Thailand · Delayed Price · Currency is THB Star Petroleum Refining PCL Earnings Call Transcripts
Fiscal Year 2026
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Strong Q2 and H1 2026 results driven by high refining margins, disciplined cost control, and strategic crude diversification. Interim dividend doubled year-on-year, with robust cash position and ongoing investments in infrastructure and retail expansion.
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Q1 2026 saw strong financial performance despite geopolitical volatility and a major turnaround, with adjusted net profit of $51.1M and robust margins. Crude sourcing was diversified, retail and aviation channels grew, and risks from policy interventions and export restrictions were actively managed.
Fiscal Year 2025
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2025 saw strong operational and financial performance, with adjusted net profit of $145 million and EBITDA of $207 million, driven by higher margins, cost efficiency, and robust retail and aviation growth. Strategic investments and a major turnaround position the company for higher utilization and margin expansion in 2026.
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Q3 2025 saw robust financial and operational results, with higher margins, increased domestic sales, and improved cost efficiency. Strategic projects and revised accounting for turnaround costs support future growth, while the outlook remains positive amid ongoing market volatility.
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Q2 2025 results were impacted by $49 million in stock losses, leading to a net loss of $24 million, but adjusted net profit was $15 million. Domestic sales rose to 97%, margins improved, and interim dividends were approved despite reported losses. Turnaround spending and asset depreciation reductions are expected to support future performance.
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Q1 2025 saw lower margins and profits due to weak refining conditions, but strong cost control and high utilization supported results. Major turnaround and value-enhancing projects are planned for 2026, with a continued focus on stable dividends and disciplined investment.
Fiscal Year 2024
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2024 saw a strong recovery with $189M EBITDA and $60M net profit, driven by integration synergies, cost control, and retail expansion. Q4 margins improved on higher demand and lower crude premiums, while the balance sheet strengthened and dividends increased.
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Q3 saw a consolidated earnings loss due to stock loss, but core earnings improved year-to-date from integration and operational gains. Retail growth and synergy benefits offset margin pressures, with higher utilization and margin recovery expected in Q4.
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Q2 2024 saw lower earnings due to weaker refining margins and higher OpEx, but year-to-date profit and sales growth remain strong, supported by integration benefits and a healthy balance sheet. SPM resumption and improving margins are expected to boost H2 results, with continued focus on cost efficiency, selective investments, and dividend policy adherence.