Thailand · Delayed Price · Currency is THB Star Petroleum Refining PCL Earnings Call Transcripts
Fiscal Year 2026
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Strong Q2 2026 results featured high margins, robust net profit, and improved cost efficiency, despite ongoing geopolitical and market volatility. Dividend was raised to THB 0.5/share, with guidance for sustained payouts and disciplined CapEx.
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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 margin growth, improved cost efficiency, and robust retail and aviation sales, with adjusted net profit at $145M and a total dividend of THB 0.45/share. Strategic projects and operational upgrades position the company for higher utilization and margin 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 amid weak refining conditions, but strong cost control and operational efficiency supported improved earnings. Major turnaround and growth projects are planned, with a focus on stable dividends and further retail expansion.
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 integration benefits and retail growth supported year-to-date results. The company maintains a strong balance sheet, expects margin improvement in H2, and continues to focus on cost efficiency, selective investments, and sustainability initiatives.