“SPRC” Announces 2019 Performance and Dividend Payment of Baht 0.1827 per share
Mr. Timothy Alan Potter, Director and CEO of Star Petroleum Refining Public Company Limited (“SPRC”), announced the company’s operational and financial results for 2019. Net loss for Q4/2019 was US$ 98 million (Baht 2,975 million) compared with Q3/2019 net loss of US$ 30 million (Baht 925 million).
For 2019, total net loss was US$ 94 million (Baht 2,809 million) compared with net income for 2018 of US$ 74 million (Baht 2,263 million). SPRC’s 2019 performance was impacted mainly from weak market refining margins, the planned refinery shutdown, and capacity increase and reliability projects resulting in lower refinery throughputs and higher expenses in Q4/2019.
Mr. Timothy Alan Potter also added that our strong “One Family” and Incident and Injury Free cultures enabled the successful completion of our Turnaround and Inspection which included the Capacity Increase and other Reliability Enhancement Projects (“The 2019 Event”).
The refinery operated well before and after the Event and was completed without serious injury or incident, within schedule and under the forecasted budget. SPRC Family has completed over 6 years and surpassed 26 million man-hours since our last days away from work injury in 2013. This success was the result of the dedicated and committed 2019 Event team and SPRC Family, including our key business partners and the communities.
SPRC’s Board of Directors at the meeting No. 1/2020 on 21 February 2020, passed a resolution to propose the dividend payment from retained earnings of Baht 0.1827 per share to the 2020 Annual General Shareholders’ Meeting for approval on 9 April 2020. SPRC had made an interim dividend payment from the first half of 2019 company performance of Baht 0.1202 per share on 6 September 2019. The remaining dividend will be at Baht 0.0625 per share.
The record date on which shareholders entitled to the dividend payment will be on 6 March 2020. The dividend payment date will be paid on 7 May 2020, after obtaining approval from the 2020 Annual General Shareholders’ Meeting.
