SPRC

Editorial Staff

SPRC confirms its dividend payment at 0.15 baht per share

Star Petroleum Refining Public Company Limited (“SPRC”) organized the 2023 annual general meeting of shareholders, through electronic media (e-AGM) to inform its shareholders of the company’s operational and financial results for 2022, dividend payment, and future business direction.

Mr. Robert Dobrik, director and CEO of SPRC, reported that the total net profit for 2022 of US$ 222.5 million. Excluding stock gain or loss, the market gross refining margin was US$ 9.64 per barrel, due to high crack spread of main products as a result of strong demand from the relaxation of travel restrictions.

In light of this success, the shareholder meeting approved the annual dividend payment for 2022 of US$ 132.8 million, or equivalent to 1.11 baht per share, which amounts to 60% of the 2022's net profit.

After deduction of the interim dividend payment for the first half of 2022 performance of Baht 0.96 per share and has been paid on September 8, 2022, the remaining dividend to be paid is 0.15 baht per share. The record date for shareholders entitled to the dividend payment is March 10, 2023, and the dividend payment will be on May 3, 2023.

“SPRC has been focused on safe, reliable, and efficient operations during this period of high market volatility and has continued to find more potential opportunities and initiatives on cash flow management as well as cost optimization. We also continue to strengthen our core business to expand into the fuels marketing business,” Mr. Robert added.

In line with this strategy, SPRC believes that the investment in the fuels marketing business offers a number of cost and value optimization opportunities positioning SPRC for future growth.

“Our commitment to efficient operations and strategic investment in the fuels marketing business demonstrate our dedication to generating near term value as well as positioning us for long-term growth and success,” Mr. Robert concluded.