SPRC Announces the Company 2016 Net Income of US$ 245 million (Baht 8,688 million) and Dividend Payment of Baht 1.1824 per share
16 February 2017

     Mr. Bill Stone, CEO and Director, Star Petroleum Refining Public Company Limited, “SPRC”, announced the company’s financial and operational performance for Q4/16 and full year 2016. 

 

     Net income for Q4/16 was US$ 79 million (Baht 2,810 million) compared with US$ 33 million (Baht 1,172 million for Q3/16 and US$ 51 million (Baht 1,846 million) for Q4/15.
The increase in net income from Q3/16 was a result of continued strong operational performance and higher product cracks and stock gain from rising market price during Q4/16. 

 

     Net income for 2016 was US$ 245 million (Baht 8,688 million).  Market gross refining margin in 2016 was US$6.68/bbl.  Gross refining margin including stock gain was US$ 7.93/bbl compared with US$ 8.10/bbl in 2015.  Net income for both 2016 and 2015 was US$ 245 million.

 

     During 2016, SPRC achieved 12.9 million man-hours since its last days away from work injury, more than 3 and a half years ago, as well as maintained excellent plant reliability, high utilization, and margin optimization through the Bottom Line Improvement Program.

 

     SPRC’s Board of Directors at meeting No. 1/2017 on 15 February 2017 passed a resolution to propose the dividend payment from the 2016 net profit after deduction of legal reserve of Baht 1.1824 per share to the 2017 Annual General Shareholders’ Meeting for approval on 5 April 2017.  The dividend of Baht 1.1824 per share represents dividend payout at 60% which is in line with the Company’s dividend policy of at least 50% payout.  The Company made an interim dividend payment from the first half of 2016 operations of Baht 0.5378 per share. The remaining dividend of Baht 0.6446 per share will be paid from 2016 net profit.

 

     The record date on which shareholders entitled to the dividend payment will be on 19 April 2017.  Book closing date to gather shareholders’ names under Section 225 of the Securities and Exchange Act B.E. 2535 will be on 20 April 2017.  The dividend payment of Baht 0.6446 per share will be paid on 3 May 2017, after obtaining approval from the 2017 Annual General Shareholders’ Meeting.