The crude oil price in 2022 had extremely increased from USD 69.24 per barrel in 2021 to USD 96.34 per barrel in 2022. This was due to the conflict between Russia and Ukraine while recession concerns following inflation issues rising up around the world pressured the crude oil price at the end of the year. This led to the net inventory loss of Baht 6,348 million or USD 2.82 per barrel including the stock gain of Baht 4,384 million versus Net Realizable Value (NRV) of Baht 2,347 million and realized loss on oil hedging of Baht 8,385 million compared to the net inventory gain of Baht 11,104 million or USD 4.92 per barrel. Therefore, the Accounting Gross Integrated Margin (Accounting GIM) was Baht 17,413 million or USD 7.75 per barrel decreasing by Baht 23,279 million or USD 10.29 per barrel. The operating expenses were Baht 12,813 million decreasing by 6%. These resulted in the earnings before interest, tax, depreciation and amortization (EBITDA) of Baht 3,987 million decreasing by Baht 22,974 million or 85% from that in 2021. The Company recorded the depreciation expenses amounting to Baht 8,059 million, which declined by 6%. The net financial cost was Baht 1,836 million increasing by 8% due to higher interest rate. There was an unrealized gain on oil hedging of Baht 28 million, down by 91%. In addition, there was a gain on investments of Baht 289 million that declined by 60%. However, the Company recorded a gain on financial derivatives amounting to Baht 238 million compared to a loss on financial derivatives amounting to Baht 302 million in 2021. Furthermore, there was a loss on foreign exchange from US Dollar - Borrowings of Baht 171 million decreasing by 64% because Thai Baht was weaker less than that in 2021. The Company had outstanding USD debt of 100 million at the end of 2022. The Company had the corporate income tax benefit amounting to Baht 1,142 million versus the corporate income tax amounting to Baht 2,351 million because of the declining operating results. All previously mentioned resulted in the net loss of Baht 4,364 million compared to the net profit of Baht 14,505 million in the previous year. Petrochemical 22% Petroleum 68% Petroleum 77% Petrochemical 30% Power & Utilities 1% Power & Utilities 2% (Unit: MB) 35% 2022 2021 318,396 235,174 Net Sales 171 Management Discussion and Analysis (MD&A) IRPC PUBLIC COMPANY LIMITED
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