Star Petroleum Refining (SPRC) Q4 2024 earnings summary

Executive summary

• Achieved $189 million EBITDA and nearly $60 million net profit for 2024, driven by higher production, enterprise margin, cost efficiencies, and strong Q4 recovery after operational improvements.

• Integration of refinery and marketing businesses generated $29 million in incremental value, with focus on channel, logistics, and cost optimization.

• Operational availability reached 97.4% with successful SPM resumption since July 2024, supporting lower transportation costs and higher margins.

• Retail network expanded by 96 stations to 527, with same-store sales up 15.1% year-over-year and market share rising to 5.4%.

• Focused on maximizing shareholder returns through reliable dividends, strong balance sheet, and targeted investments.

Financial highlights

• Total revenue for 2024 was $7,626 million, up $33 million year-over-year.

• EBITDA rose to $188.8 million in 2024 from $83.2 million in 2023.

• Net income improved to $59.9 million in 2024 from a loss of $25.8 million in 2023.

• Q4 2024 EBITDA reached $36 million, reversing negative results from prior quarters and Q4 2023.

• Net IBD/Equity ratio improved to 0.23 at end-2024 from 0.30 in 2023.

Outlook and guidance

• No major shutdowns planned for 2025; next major turnaround scheduled for early 2026.

• Market fundamentals expected to improve in 2025 due to lower Chinese exports and regional refinery shutdowns.

• Focus on maximizing refinery value through upgrading projects and integration with petrochemical partners.

• Continued focus on cost control, digitalization, and selective high-return investments.

• Preparing for circular business opportunities and further value chain expansion.