The Market Gross Integrated Margin (Market GIM) was Baht 29,588 million (USD 13.12 per barrel) rising by 52% following an increase in both petroleum and petrochemical products spreads as the COVID-19 pandemic continued to unwind after widespread vaccination as well as lockdown lifts in several countries, while the crude premium rose. The crude oil price extremely increased from USD 42.21 per barrel in 2020 to USD 69.24 per barrel in 2021 as the tight crude oil market situation. The occurrence was mainly caused by loosening pandemic-related restrictions. Plus, OPEC and allies cooperated to control oil production, especially an additional crude oil output cut of 1 million barrel per day by Saudi Arabia at the beginning of the year. Meanwhile, the U.S. crude oil production slightly rose. Hence, the Company had the net stock gain of Baht 11,104 million or USD 4.92 per barrel involving the stock gain of Baht 13,112 million while the loss on Lower of Cost or Market (LCM) of Baht 54 million and the realized oil hedging loss of Baht 1,954 million compared to the net stock loss of Baht 1,589 million or USD 0.72 per barrel in 2020. Therefore, the Accounting Gross Integrated Margin (Accounting GIM) was Baht 40,692 million or USD 18.04 per barrel increasing by Baht 22,867 million or USD 9.98 per barrel. The operating expenses were Baht 13,594 million decreasing by 2%. These led to the earnings before interest, tax, depreciation and amortization (EBITDA) of Baht 26,961 million increasing by Baht 22,269 million or 475%. The Company recorded the depreciation expenses of Baht 8,587 million declining by 4%. The net financial cost was Baht 1,699 million decreasing by 8% because of lower interest rate. The loss on financial derivatives amounted to Baht 302 million declining by 28% and the loss on foreign exchange from US Dollar-Borrowings was Baht 474 million increasing by Baht 472 million owing to the Thai Baht depreciation. The Company had outstanding USD debt of 140 million at the end of 2021. Meanwhile, there was the unrealized gain on oil hedging of Baht 313 million compared to the unrealized loss on oil hedging of Baht 961 million. The gain on investments was Baht 719 million rising by 112%. The Company had the corporate income tax amounting to Baht 2,351 million compared to the 2020 corporate income tax benefit of Baht 1,554 million because of the significantly improving operating results. All previously mentioned resulted in the 2021 net profit of Baht 14,505 million against the net loss of Baht 6,152 million in 2020. The operating results in 2021 compared to those in 2020: In 2021, the Company registered net sales of Baht 235,174 million increasing by 54% from those in 2020. This attributed to a 55% increase in average selling prices following higher crude oil price versus a 1% decrease in sales volume. The average crude intake was 192,000 barrels per day, similar with that in 2020. 152,319 235,174 Power & Utilities 2% Power & Utilities 2% Petrochemical 31% Petrochemical 30% Petroleum 67% Petroleum 68% Net Sales (Unit: MB) 54% 2021 2020 162 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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