Balance Sheet Star Petroleum Refining

Equities

SPRC

TH6838010002

Oil & Gas Refining and Marketing

End-of-day quote Thailand S.E. Other stock markets 16/01/2026			5-day change	1st Jan Change
6.500 ^THB	0.00%		-2.26%	+10.17%

11-12	Star Petroleum Refining logs qtrly profit attributable $48.6 mln	RE
11-12	Star Petroleum Refining Public Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI

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Published financial data: STAR PETROLEUM REFINING

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	130B	170B	281B	237B	266B
Other Revenues, Total	565M	2.15B	3.97B	1.43B	4.57B
Total Revenues	130B	172B	285B	238B	271B
Cost of Goods Sold, Total	137B	166B	273B	238B	266B
Gross Profit	-7.01B	6.89B	12.43B	235M	4.79B
Selling General & Admin Expenses, Total	911M	749M	2.79B	1.3B	3.31B
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses, Total	911M	749M	2.79B	1.3B	3.31B
Operating Income	-7.92B	6.14B	9.64B	-1.07B	1.47B
Interest Expense, Total	-177M	-212M	-316M	-367M	-426M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-177M	-212M	-316M	-367M	-426M
Income (Loss) On Equity Invest.	-	-	-	-	157M
Currency Exchange Gains (Loss)	320M	359M	376M	-719M	708M
Other Non Operating Income (Expenses)	214M	-371M	-106M	630M	235M
EBT, Excl. Unusual Items	-7.56B	5.91B	9.59B	-1.52B	2.15B
Insurance Settlements	-	-	-	-	673M
EBT, Incl. Unusual Items	-7.56B	5.91B	9.59B	-1.52B	2.82B
Income Tax Expense	-1.56B	1.17B	1.92B	-294M	587M
Earnings From Continuing Operations	-6B	4.75B	7.67B	-1.23B	2.23B
Net Income to Company	-6B	4.75B	7.67B	-1.23B	2.23B
Net Income - (IS)	-6B	4.75B	7.67B	-1.23B	2.23B
Net Income to Common Incl Extra Items	-6B	4.75B	7.67B	-1.23B	2.23B
Net Income to Common Excl. Extra Items	-6B	4.75B	7.67B	-1.23B	2.23B
Per Share Items
Net EPS - Basic	-1.38	1.09	1.77	-0.28	0.52
Basic EPS - Continuing Operations	-1.38	1.09	1.77	-0.28	0.52
Basic Weighted Average Shares Outstanding	4.34B	4.34B	4.34B	4.34B	4.34B
Net EPS - Diluted	-1.38	1.09	1.77	-0.28	0.52
Diluted EPS - Continuing Operations	-1.38	1.09	1.77	-0.28	0.52
Diluted Weighted Average Shares Outstanding	4.34B	4.34B	4.34B	4.34B	4.34B
Normalized Basic EPS	-1.09	0.85	1.38	-0.22	0.31
Normalized Diluted EPS	-1.09	0.85	1.38	-0.22	0.31
Dividend Per Share	-	0.18	1.11	-	0.4
Payout Ratio	-4.51	-	64.33	-52.88	48.5
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-5.08B	8.78B	12.24B	1.5B	4.68B
EBITA	-7.87B	6.18B	9.69B	-1.03B	1.79B
EBIT	-7.92B	6.14B	9.64B	-1.07B	1.47B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	130B	172B	285B	238B	271B
Effective Tax Rate - (Ratio)	20.57	19.73	20.02	19.28	20.8
Current Domestic Taxes	-	-	996M	-	809M
Total Current Taxes	-	-	996M	-	809M
Deferred Domestic Taxes	-1.56B	1.17B	931M	-294M	-223M
Total Deferred Taxes	-1.56B	1.17B	931M	-294M	-223M
Normalized Net Income	-4.72B	3.7B	6B	-952M	1.34B
Interest on Long-Term Debt	-	-	-	-	-
Non-Cash Pension Expense	12.6M	10.74M	318K	11.79M	12.62M
Supplemental Operating Expense Items
General and Administrative Expenses	911M	749M	2.79B	1.3B	-
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	1.06B	1.05B	1.5B	56.22M	2.11B
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.63B	2.94B	75.53M	471M	575M
Total Cash And Short Term Investments	1.63B	2.94B	75.53M	471M	575M
Accounts Receivable, Total	8.11B	12.25B	11.67B	16.78B	13.37B
Other Receivables	406M	971M	2.66B	505M	1.55B
Total Receivables	8.51B	13.22B	14.33B	17.29B	14.92B
Inventory	9.05B	16.49B	23.76B	23.74B	23.48B
Other Current Assets, Total	121M	80.86M	91.87M	207M	491M
Total Current Assets	19.32B	32.73B	38.26B	41.7B	39.47B
Gross Property Plant And Equipment	69.35B	77.21B	80.01B	80.39B	87.45B
Accumulated Depreciation	-45.2B	-52.99B	-57.27B	-59.15B	-65.15B
Net Property Plant And Equipment	24.16B	24.22B	22.74B	21.24B	22.3B
Long-term Investments	139M	-	-	-	1.81B
Other Intangibles, Total	92.95M	92.86M	113M	138M	360M
Deferred Tax Assets Long-Term	2.44B	1.49B	566M	847M	963M
Other Long-Term Assets, Total	393M	196M	1.62B	1.73B	3.54B
Total Assets	46.54B	58.73B	63.29B	65.66B	68.43B
Liabilities
Accounts Payable, Total	7.22B	13.49B	11.94B	13.4B	15.55B
Accrued Expenses, Total	1.53B	1.38B	655M	1.15B	1.62B
Short-term Borrowings	-	-	6.56B	12.48B	592M
Current Portion of Long-Term Debt	1.38B	4.68B	3.17B	-	394M
Current Portion of Leases	-	-	-	33.21M	268M
Current Income Taxes Payable	-	-	-	-	1.32M
Other Current Liabilities	607M	478M	1.57B	901M	1.59B
Total Current Liabilities	10.74B	20.03B	23.9B	27.97B	20.01B
Long-Term Debt	8.86B	3.68B	-	-	6.61B
Long-Term Leases	-	-	-	529M	1.59B
Pension & Other Post Retirement Benefits	517M	644M	677M	698M	1.08B
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	-	-	-	-	40.26M
Total Liabilities	20.11B	24.36B	24.58B	29.2B	29.33B
Common Stock, Total	30B	30B	30B	30B	30B
Additional Paid In Capital	978M	978M	978M	978M	978M
Retained Earnings	2.89B	7.6B	10.33B	8.45B	9.66B
Comprehensive Income and Other	-7.45B	-4.21B	-2.61B	-2.98B	-1.54B
Total Common Equity	26.43B	34.37B	38.71B	36.46B	39.1B
Minority Interest	-	-	-	5.2M	5.2M
Total Equity	26.43B	34.37B	38.71B	36.46B	39.11B
Total Liabilities And Equity	46.54B	58.73B	63.29B	65.66B	68.43B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4.34B	4.34B	4.34B	4.34B	4.34B
ECS Total Common Shares Outstanding	4.34B	4.34B	4.34B	4.34B	4.34B
Book Value / Share	6.09	7.93	8.93	8.41	9.02
Tangible Book Value	26.33B	34.28B	38.59B	36.32B	38.74B
Tangible Book Value Per Share	6.07	7.91	8.9	8.38	8.94
Total Debt	10.24B	8.36B	9.73B	13.05B	9.45B
Net Debt	8.6B	5.42B	9.66B	12.57B	8.88B
Debt Equivalent of Unfunded Proj. Benefit Obligation	517M	644M	677M	698M	1.08B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-	-	-	5.2M	5.2M
Equity Method Investments, Total	-	-	-	-	1.62B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	691M	803M	766M	731M	700M
Inventories - Finished Goods, Total	8.36B	15.68B	23B	23.01B	22.78B
Land - (BS)	2.22B	2.47B	2.55B	2.52B	2.67B
Buildings, Total	1.76B	1.97B	2.05B	2.03B	2.71B
Machinery, Total	65.32B	72.71B	75.21B	74.46B	77.31B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-6B	4.75B	7.67B	-1.23B	2.23B
Depreciation & Amortization - CF	2.78B	2.6B	2.56B	2.56B	3.27B
Amortization of Goodwill and Intangible Assets - (CF)	49.27M	41.82M	45.68M	39.76M	311M
Depreciation & Amortization, Total	2.83B	2.64B	2.6B	2.6B	3.58B
(Gain) Loss From Sale Of Asset	628K	-	-	1.59M	3.08M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-157M
Provision and Write-off of Bad Debts	-	-	-	-	47.15M
Other Operating Activities, Total	-1.11B	1.3B	1.13B	877M	-951M
Change In Accounts Receivable	-1.42B	-3.58B	-549M	-3.09B	3.24B
Change In Inventories	9.12B	-6.18B	-8.28B	-582M	4.65B
Change In Accounts Payable	-5.86B	5.04B	-1.67B	1.5B	1.05B
Change in Other Net Operating Assets	996M	-195M	-751M	59.3M	-810M
Cash from Operations	-1.45B	3.78B	156M	132M	12.9B
Capital Expenditure	-350M	-103M	-278M	-784M	-1.09B
Sale of Property, Plant, and Equipment	-	-	-	8.04M	1.16M
Cash Acquisitions	-	-	-	-	-4.48B
Investment in Marketable and Equity Securities, Total	-	-	-	-	-1.54B
Other Investing Activities, Total	-	-	-	-	77.47M
Cash from Investing	-350M	-103M	-278M	-776M	-7.04B
Short Term Debt Issued, Total	-	-	6.67B	5.43B	-
Long-Term Debt Issued, Total	10.74B	-	-	-	7B
Total Debt Issued	10.74B	-	6.67B	5.43B	7B
Short Term Debt Repaid, Total	-6.89B	-	-	-	-12.18B
Long-Term Debt Repaid, Total	-226M	-2.84B	-5.03B	-3.75B	-340M
Total Debt Repaid	-7.12B	-2.84B	-5.03B	-3.75B	-12.52B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-271M	-	-4.94B	-650M	-1.08B
Common & Preferred Stock Dividends Paid	-271M	-	-4.94B	-650M	-1.08B
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-	-	-	5.2M	-
Cash from Financing	3.35B	-2.84B	-3.3B	1.03B	-6.61B
Foreign Exchange Rate Adjustments	65.77M	475M	551M	7.8M	-52.43M
Net Change in Cash	1.61B	1.31B	-2.87B	395M	-799M
Supplemental Items
Cash Interest Paid	174M	213M	319M	349M	396M
Cash Income Tax Paid (Refund)	-617M	-156M	2.38B	40.41M	173M
Levered Free Cash Flow	84.87M	137M	-1.42B	-846M	10.86B
Unlevered Free Cash Flow	196M	269M	-1.22B	-617M	11.13B
Change In Net Working Capital	-2.66B	6.11B	9.57B	1.76B	-7.71B
Net Debt Issued / Repaid	3.62B	-2.84B	1.64B	1.68B	-5.52B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-9.81	7.29	9.88	-1.03	1.28
Return on Total Capital	-13.03	9.66	13.22	-1.36	1.75
Return On Equity %	-20.39	15.61	21	-3.27	5.46
Return on Common Equity	-20.39	15.61	21	-3.27	5.46
Margin Analysis
Gross Profit Margin %	-5.38	3.99	4.36	0.1	1.77
SG&A Margin	0.7	0.43	0.98	0.55	1.22
EBITDA Margin %	-3.91	5.09	4.29	0.63	1.73
EBITA Margin %	-6.04	3.58	3.4	-0.43	0.66
EBIT Margin %	-6.08	3.56	3.38	-0.45	0.54
Income From Continuing Operations Margin %	-4.61	2.75	2.69	-0.52	0.83
Net Income Margin %	-4.61	2.75	2.69	-0.52	0.83
Net Avail. For Common Margin %	-4.61	2.75	2.69	-0.52	0.83
Normalized Net Income Margin	-3.63	2.14	2.1	-0.4	0.5
Levered Free Cash Flow Margin	0.07	0.08	-0.5	-0.36	4.01
Unlevered Free Cash Flow Margin	0.15	0.16	-0.43	-0.26	4.11
Asset Turnover
Asset Turnover	2.58	3.28	4.68	3.7	3.76
Fixed Assets Turnover	5.12	7.13	12.15	10.84	11.65
Receivables Turnover (Average Receivables)	17.09	16.74	23.52	16.65	17.57
Inventory Turnover (Average Inventory)	10.2	12.97	13.56	10.02	10.65
Short Term Liquidity
Current Ratio	1.8	1.63	1.6	1.49	1.97
Quick Ratio	0.95	0.81	0.6	0.63	0.77
Operating Cash Flow to Current Liabilities	-0.13	0.19	0.01	0	0.64
Days Sales Outstanding (Average Receivables)	21.42	21.81	15.52	21.92	20.83
Days Outstanding Inventory (Average Inventory)	35.9	28.14	26.92	36.41	34.38
Average Days Payable Outstanding	26.29	21.85	16.57	19.43	21.04
Cash Conversion Cycle (Average Days)	31.03	28.1	25.87	38.9	34.17
Long Term Solvency
Total Debt/Equity	38.74	24.32	25.14	35.78	24.17
Total Debt / Total Capital	27.92	19.56	20.09	26.35	19.47
LT Debt/Equity	33.52	10.71	-	1.45	20.97
Long-Term Debt / Total Capital	24.16	8.61	-	1.07	16.89
Total Liabilities / Total Assets	43.22	41.47	38.84	44.47	42.86
EBIT / Interest Expense	-44.64	28.97	30.47	-2.91	3.46
EBITDA / Interest Expense	-28.67	41.45	38.7	4.17	11.88
(EBITDA - Capex) / Interest Expense	-30.64	40.97	37.82	2.04	9.31
Total Debt / EBITDA	-2.01	0.95	0.79	8.52	1.87
Net Debt / EBITDA	-1.69	0.62	0.79	8.21	1.76
Total Debt / (EBITDA - Capex)	-1.88	0.96	0.81	17.45	2.38
Net Debt / (EBITDA - Capex)	-1.58	0.62	0.81	16.82	2.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-22.91	32.51	65.39	-16.47	1.92
Gross Profit, 1 Yr. Growth %	118.14	-198.29	80.53	-98.11	53.06
EBITDA, 1 Yr. Growth %	117.68	-272.71	39.42	-87.78	75.42
EBITA, 1 Yr. Growth %	62.08	-178.54	56.76	-110.61	-1.01K
EBIT, 1 Yr. Growth %	61.52	-177.52	57.08	-111.07	-427.45
Earnings From Cont. Operations, 1 Yr. Growth %	113.79	-179.04	61.67	-116.03	-338.62
Net Income, 1 Yr. Growth %	113.79	-179.04	61.67	-116.03	-281.71
Normalized Net Income, 1 Yr. Growth %	104.69	-178.21	62.26	-115.88	-240.25
Diluted EPS Before Extra, 1 Yr. Growth %	113.79	-179.04	61.67	-116.03	-281.71
Accounts Receivable, 1 Yr. Growth %	14.88	51.05	-4.71	43.79	-20.92
Inventory, 1 Yr. Growth %	-49.31	82.13	44.14	-0.11	-11.25
Net Property, Plant and Equip., 1 Yr. Growth %	-9.48	0.26	-6.13	-6.57	-7.63
Total Assets, 1 Yr. Growth %	-14.28	26.18	7.77	3.75	-9.44
Tangible Book Value, 1 Yr. Growth %	-18.6	30.17	12.59	-5.9	-8.94
Common Equity, 1 Yr. Growth %	-18.63	30.06	12.62	-5.81	-8.57
Cash From Operations, 1 Yr. Growth %	-61.15	-361.26	-95.89	-14.85	71.75
Capital Expenditures, 1 Yr. Growth %	-86.55	-70.44	169.29	181.6	-6.66
Levered Free Cash Flow, 1 Yr. Growth %	-101.94	60.9	-1.14K	-40.48	-598.87
Unlevered Free Cash Flow, 1 Yr. Growth %	-104.51	37.43	-555.18	-49.61	-697.61
Dividend Per Share, 1 Yr. Growth %	-	-	521.85	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-21.11	1.07	48.04	17.54	-2.6
Gross Profit, 2 Yr. CAGR %	53.54	46.43	33.21	-81.53	-37.96
EBITDA, 2 Yr. CAGR %	3.33	93.89	55.18	-58.73	-38.17
EBITA, 2 Yr. CAGR %	94.62	12.83	10.96	-59.22	-57.07
EBIT, 2 Yr. CAGR %	97.72	11.9	10.35	-58.3	-60.89
Earnings From Cont. Operations, 2 Yr. CAGR %	62.89	30	13.05	-49.1	-46.03
Net Income, 2 Yr. CAGR %	62.89	30	13.05	-49.1	-46.03
Normalized Net Income, 2 Yr. CAGR %	64.2	26.53	12.66	-49.24	-52.67
Diluted EPS Before Extra, 2 Yr. CAGR %	62.89	30	13.05	-49.1	-46.03
Accounts Receivable, 2 Yr. CAGR %	-17.62	31.73	19.97	17.05	7.04
Inventory, 2 Yr. CAGR %	-15.97	-3.91	62.02	19.99	-0.59
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.25	-4.73	-2.99	-6.35	-0.96
Total Assets, 2 Yr. CAGR %	-8.02	4	16.61	5.74	3.99
Tangible Book Value, 2 Yr. CAGR %	-17.17	2.93	21.06	2.93	0.19
Common Equity, 2 Yr. CAGR %	-17.18	2.88	21.02	2.99	0.51
Cash From Operations, 2 Yr. CAGR %	-52.75	0.74	-67.22	-81.28	810.51
Capital Expenditures, 2 Yr. CAGR %	-34.08	-80.06	-10.78	175.38	98.04
Levered Free Cash Flow, 2 Yr. CAGR %	-87.6	-82.32	309.32	148.95	176.38
Unlevered Free Cash Flow, 2 Yr. CAGR %	-81.23	-75.11	150.11	51.45	201.5
Dividend Per Share, 2 Yr. CAGR %	-	-1.16	-	-	-39.97
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-8.61	-6.22	19.1	22.33	16.2
Gross Profit, 3 Yr. CAGR %	-12.35	32.33	57.02	-67.75	-11.42
EBITDA, 3 Yr. CAGR %	-25.49	22.63	73.71	-33.5	-18.92
EBITA, 3 Yr. CAGR %	-6.14	43.82	25.9	-49.26	-33.89
EBIT, 3 Yr. CAGR %	-5.77	44.71	25.29	-48.72	-37.84
Earnings From Cont. Operations, 3 Yr. CAGR %	-12.28	28	39.8	-41.05	-22.2
Net Income, 3 Yr. CAGR %	-12.28	28	39.8	-41.05	-22.2
Normalized Net Income, 3 Yr. CAGR %	-11.55	28.24	37.47	-41.37	-28.63
Diluted EPS Before Extra, 3 Yr. CAGR %	-12.28	28	39.8	-41.05	-22.2
Accounts Receivable, 3 Yr. CAGR %	-12.02	0.83	18.25	27.44	2.97
Inventory, 3 Yr. CAGR %	-14.03	8.74	9.99	37.9	12.51
Net Property, Plant and Equip., 3 Yr. CAGR %	-7.77	-5.5	-5.2	-4.2	-2.71
Total Assets, 3 Yr. CAGR %	-8.01	2.2	5.24	12.16	5.23
Tangible Book Value, 3 Yr. CAGR %	-14.36	-3.7	6.06	11.31	4.16
Common Equity, 3 Yr. CAGR %	-14.38	-3.73	6.03	11.32	4.39
Cash From Operations, 3 Yr. CAGR %	-48.92	-16.44	-65.31	-54.94	50.52
Capital Expenditures, 3 Yr. CAGR %	-11.43	-49.55	-52.52	30.87	119.41
Levered Free Cash Flow, 3 Yr. CAGR %	-78.95	-70.87	-31.22	115.24	330.06
Unlevered Free Cash Flow, 3 Yr. CAGR %	-72.25	-63.55	-34.43	46.62	245.87
Dividend Per Share, 3 Yr. CAGR %	-	-32.97	82.47	-	30.86
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-6.16	2.15	10.84	2.64	9.89
Gross Profit, 5 Yr. CAGR %	-8.83	-9.54	3.62	-39.8	8.3
EBITDA, 5 Yr. CAGR %	-16.73	-8.07	-0.08	-20.68	14.91
EBITA, 5 Yr. CAGR %	-4.56	-10.06	0.36	-13.13	-18.13
EBIT, 5 Yr. CAGR %	-4.38	-10.1	0.37	-12.02	-21.36
Earnings From Cont. Operations, 5 Yr. CAGR %	-6.1	-11.39	-2.91	-11.48	-4.47
Net Income, 5 Yr. CAGR %	-6.1	-11.39	-2.91	-11.48	-4.47
Normalized Net Income, 5 Yr. CAGR %	-6.55	-11.59	-2.56	-11.48	-10.26
Diluted EPS Before Extra, 5 Yr. CAGR %	-6.99	-11.39	-2.91	-11.48	-4.47
Accounts Receivable, 5 Yr. CAGR %	-0.7	1.46	-0.4	7.03	13.63
Inventory, 5 Yr. CAGR %	0.04	6.96	10.78	13.11	5.63
Net Property, Plant and Equip., 5 Yr. CAGR %	-9.14	-7.71	-5.89	-5.84	-3.53
Total Assets, 5 Yr. CAGR %	-5.3	-0.49	1.14	3.6	4.74
Tangible Book Value, 5 Yr. CAGR %	-6.4	-3.77	-1.64	-1.1	3.67
Common Equity, 5 Yr. CAGR %	-6.37	-3.8	-1.67	-1.1	3.78
Cash From Operations, 5 Yr. CAGR %	-41.17	-13.11	-57.22	-54.07	28.19
Capital Expenditures, 5 Yr. CAGR %	-5.67	-28.11	-11.17	-0.53	-15.93
Levered Free Cash Flow, 5 Yr. CAGR %	-63.62	-51.18	-31.02	-31.28	19.97
Unlevered Free Cash Flow, 5 Yr. CAGR %	-57	-43.96	-33.14	-35.57	20.71
Dividend Per Share, 5 Yr. CAGR %	-	-31.49	-0.58	-	16.97