Star Petroleum Refining (SPRC) Q1 2025 earnings summary

Executive summary

• CEO transition announced: Robert Dobrik to step down July 1, succeeded by Matthew Payne, an experienced refining executive and current SPRC director.

• Focused on maximizing enterprise margin and shareholder returns through operational excellence, cost efficiency, and smart investments.

• Maintained resilient operations and cash preservation during a low margin and uncertain economic environment.

• Delivered strong operational availability and significant domestic market share in gasoline and diesel.

• Total revenue for Q1 2025 was $1.88 billion, with a gross profit of $44.9 million, and net profit attributable to owners of the parent at $20.7 million, down from $110.2 million in Q1 2024.

Financial highlights

• Q1 2025 EBITDA was $54 million, up from $35.9 million in Q4 2024 but down from $165.7 million in Q1 2024.

• Net profit for Q1 2025 was $20.7 million, a recovery from $4.6 million in Q4 2024 but significantly lower than $110.2 million in Q1 2024.

• Equity sales volume exceeded 17 million barrels; refinery operated at nearly 98% utilization.

• Enterprise OPEX dropped to $2.9/bbl from $3.9/bbl in Q4 2024, reflecting cost control and timing of activities.

• Retail market share increased to 5.6%, with further growth expected through integration with Pure Thai Energy.

Outlook and guidance

• Cautiously optimistic for margin recovery in Q2 and stabilization through year-end, with gasoline and jet cracks expected to strengthen, while gas oil may soften.

• Emphasis on financial discipline, cash preservation, and readiness for refinery upgrades in 2026.

• Planned refinery turnaround and inspection in Q1 2026, with a focus on safe execution, reliability, and value-enhancing projects, budgeted at $120–150 million.

• Continued prioritization of stable, reliable dividends, supported by a strong balance sheet and low leverage.