BCP: Solid Refinery Performance Drove 1Q22 Profit to All Time High

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157 Views, 12 May 2022 14:03

EXECUTIVE SUMMARY

BCP reported 1Q22 net profit of Bt4.4bn (+91% YoY, +148% QoQ), an all time high. The result came out better than our expectation.
The earnings spike was mainly supported by improved performance of 1) refinery operations along with a huge stock gain of Bt4.1bn, 2) natural resources business from rise in crude oil
We expect 2Q22 recurring profit continue to grow from better refinery performance backed by rising GRM. The oil retail business should also improve as marketing margin picks up after easing

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