Cash flow Star Petroleum Refining

Equities

SPRC

TH6838010002

Oil & Gas Refining and Marketing

End-of-day quote Thailand S.E. Other stock markets 11/03/2026			5-day change	1st Jan Change
7.500 ^THB	-1.96%		+4.90%	+27.12%

03-05	Kasikorn Securities Downgrades Star Petroleum Refining to Neutral from Outperform; Price Target is THB7.70	MT
02-23	Chevron, Exxon Buy Saudi Aramco's Jafurah Condensate Cargoes Ahead of First Export	MT

8191535639a6b98e0e5cd08a.964o657t_kg4PnSzzDBhp3w2wrmfN3hvRuVxkdHUq4c.m_xypNncqHp_axjYvwNYwj9fsPTZaBYiLZUSp6fk_PWS6UeJ09yoe11zJQ

Published financial data: STAR PETROLEUM REFINING

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	170B	281B	237B	266B	241B
Other Revenues, Total	2.15B	3.97B	1.43B	4.57B	615M
Total Revenues	172B	285B	238B	271B	242B
Cost of Goods Sold, Total	166B	273B	238B	266B	236B
Gross Profit	6.89B	12.43B	235M	4.79B	5.56B
Selling General & Admin Expenses, Total	749M	2.79B	1.3B	3.31B	3.2B
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses, Total	749M	2.79B	1.3B	3.31B	3.2B
Operating Income	6.14B	9.64B	-1.07B	1.47B	2.37B
Interest Expense, Total	-212M	-316M	-367M	-426M	-258M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-212M	-316M	-367M	-426M	-258M
Income (Loss) On Equity Invest.	-	-	-	157M	154M
Currency Exchange Gains (Loss)	359M	376M	-719M	708M	609M
Other Non Operating Income (Expenses)	-371M	-106M	630M	235M	242M
EBT, Excl. Unusual Items	5.91B	9.59B	-1.52B	2.15B	3.11B
Insurance Settlements	-	-	-	673M	-
EBT, Incl. Unusual Items	5.91B	9.59B	-1.52B	2.82B	3.11B
Income Tax Expense	1.17B	1.92B	-294M	587M	544M
Earnings From Continuing Operations	4.75B	7.67B	-1.23B	2.23B	2.57B
Net Income to Company	4.75B	7.67B	-1.23B	2.23B	2.57B
Minority Interest	-	-	-	-	-520K
Net Income - (IS)	4.75B	7.67B	-1.23B	2.23B	2.57B
Net Income to Common Incl Extra Items	4.75B	7.67B	-1.23B	2.23B	2.57B
Net Income to Common Excl. Extra Items	4.75B	7.67B	-1.23B	2.23B	2.57B
Per Share Items
Net EPS - Basic	1.09	1.77	-0.28	0.52	0.59
Basic EPS - Continuing Operations	1.09	1.77	-0.28	0.52	0.59
Basic Weighted Average Shares Outstanding	4.34B	4.34B	4.34B	4.34B	4.34B
Net EPS - Diluted	1.09	1.77	-0.28	0.52	0.59
Diluted EPS - Continuing Operations	1.09	1.77	-0.28	0.52	0.59
Diluted Weighted Average Shares Outstanding	4.34B	4.34B	4.34B	4.34B	4.34B
Normalized Basic EPS	0.85	1.38	-0.22	0.31	0.45
Normalized Diluted EPS	0.85	1.38	-0.22	0.31	0.45
Dividend Per Share	0.18	1.11	-	0.4	0.45
Payout Ratio	-	64.33	-52.88	48.5	50.63
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	8.78B	12.24B	1.5B	4.68B	5.36B
EBITA	6.18B	9.69B	-1.03B	1.79B	2.77B
EBIT	6.14B	9.64B	-1.07B	1.47B	2.37B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	172B	285B	238B	271B	242B
Effective Tax Rate - (Ratio)	19.73	20.02	19.28	20.8	17.46
Current Domestic Taxes	-	996M	-	809M	2.52M
Total Current Taxes	-	996M	-	809M	2.52M
Deferred Domestic Taxes	1.17B	931M	-294M	-223M	541M
Total Deferred Taxes	1.17B	931M	-294M	-223M	541M
Normalized Net Income	3.7B	6B	-952M	1.34B	1.95B
Interest on Long-Term Debt	-	-	-	-	-
Non-Cash Pension Expense	10.74M	318K	11.79M	12.62M	26.86M
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	125M
General and Administrative Expenses	749M	2.79B	1.3B	-	-
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	1.05B	1.5B	56.22M	2.11B	1.86B

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.94B	75.53M	471M	575M	976M
Total Cash And Short Term Investments	2.94B	75.53M	471M	575M	976M
Accounts Receivable, Total	12.25B	11.67B	16.78B	13.37B	10.22B
Other Receivables	971M	2.66B	505M	1.55B	1.23B
Total Receivables	13.22B	14.33B	17.29B	14.92B	11.45B
Inventory	16.49B	23.76B	23.74B	23.48B	21.11B
Other Current Assets, Total	80.86M	91.87M	207M	491M	620M
Total Current Assets	32.73B	38.26B	41.7B	39.47B	34.16B
Gross Property Plant And Equipment	77.21B	80.01B	80.39B	87.45B	89.15B
Accumulated Depreciation	-52.99B	-57.27B	-59.15B	-65.15B	-68.12B
Net Property Plant And Equipment	24.22B	22.74B	21.24B	22.3B	21.04B
Long-term Investments	-	-	-	1.81B	1.55B
Other Intangibles, Total	92.86M	113M	138M	360M	363M
Deferred Tax Assets Long-Term	1.49B	566M	847M	963M	373M
Other Long-Term Assets, Total	196M	1.62B	1.73B	3.54B	3.82B
Total Assets	58.73B	63.29B	65.66B	68.43B	61.3B
Liabilities
Accounts Payable, Total	13.49B	11.94B	13.4B	15.55B	13.53B
Accrued Expenses, Total	1.38B	655M	1.15B	1.62B	1.32B
Short-term Borrowings	-	6.56B	12.48B	592M	-
Current Portion of Long-Term Debt	4.68B	3.17B	-	394M	1.36B
Current Portion of Leases	-	-	33.21M	268M	469M
Current Income Taxes Payable	-	-	-	1.32M	2.28M
Other Current Liabilities	478M	1.57B	901M	1.59B	1.77B
Total Current Liabilities	20.03B	23.9B	27.97B	20.01B	18.45B
Long-Term Debt	3.68B	-	-	6.61B	1.75B
Long-Term Leases	-	-	529M	1.59B	2B
Pension & Other Post Retirement Benefits	644M	677M	698M	1.08B	1.12B
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	-	-	-	40.26M	49.7M
Total Liabilities	24.36B	24.58B	29.2B	29.33B	23.38B
Common Stock, Total	30B	30B	30B	30B	30B
Additional Paid In Capital	978M	978M	978M	978M	978M
Retained Earnings	7.6B	10.33B	8.45B	9.66B	10.93B
Comprehensive Income and Other	-4.21B	-2.61B	-2.98B	-1.54B	-4B
Total Common Equity	34.37B	38.71B	36.46B	39.1B	37.92B
Minority Interest	-	-	5.2M	5.2M	5.2M
Total Equity	34.37B	38.71B	36.46B	39.11B	37.92B
Total Liabilities And Equity	58.73B	63.29B	65.66B	68.43B	61.3B
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	7.93	8.93	8.41	9.02	8.74
Tangible Book Value	34.28B	38.59B	36.32B	38.74B	37.55B
Tangible Book Value Per Share	7.91	8.9	8.38	8.94	8.66
Total Debt	8.36B	9.73B	13.05B	9.45B	5.58B
Net Debt	5.42B	9.66B	12.57B	8.88B	4.6B
Debt Equivalent of Unfunded Proj. Benefit Obligation	644M	677M	698M	1.08B	1.12B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-	-	5.2M	5.2M	5.2M
Equity Method Investments, Total	-	-	-	1.62B	1.42B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	803M	766M	731M	700M	634M
Inventories - Finished Goods, Total	15.68B	23B	23.01B	22.78B	20.48B
Land - (BS)	2.47B	2.55B	2.52B	2.67B	2.49B
Buildings, Total	1.97B	2.05B	2.03B	2.71B	2.66B
Machinery, Total	72.71B	75.21B	74.46B	77.31B	76.95B
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	75M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	4.75B	7.67B	-1.23B	2.23B	2.57B
Depreciation & Amortization - CF	2.6B	2.56B	2.56B	3.27B	3.04B
Amortization of Goodwill and Intangible Assets - (CF)	41.82M	45.68M	39.76M	311M	401M
Depreciation & Amortization, Total	2.64B	2.6B	2.6B	3.58B	3.44B
(Gain) Loss From Sale Of Asset	-	-	1.59M	3.08M	1.81M
(Income) Loss On Equity Investments - (CF)	-	-	-	-157M	-154M
Provision and Write-off of Bad Debts	-	-	-	47.15M	21.17M
Other Operating Activities, Total	1.3B	1.13B	877M	-951M	1.16B
Change In Accounts Receivable	-3.58B	-549M	-3.09B	3.24B	2.27B
Change In Inventories	-6.18B	-8.28B	-582M	4.65B	639M
Change In Accounts Payable	5.04B	-1.67B	1.5B	1.05B	-560M
Change in Other Net Operating Assets	-195M	-751M	59.3M	-810M	-1.05B
Cash from Operations	3.78B	156M	132M	12.9B	8.34B
Capital Expenditure	-103M	-278M	-784M	-1.09B	-2.34B
Sale of Property, Plant, and Equipment	-	-	8.04M	1.16M	7.27M
Cash Acquisitions	-	-	-	-4.48B	-
Investment in Marketable and Equity Securities, Total	-	-	-	-1.54B	-
Other Investing Activities, Total	-	-	-	77.47M	240M
Cash from Investing	-103M	-278M	-776M	-7.04B	-2.09B
Short Term Debt Issued, Total	-	6.67B	5.43B	-	-
Long-Term Debt Issued, Total	-	-	-	7B	-
Total Debt Issued	-	6.67B	5.43B	7B	-
Short Term Debt Repaid, Total	-	-	-	-12.18B	-622M
Long-Term Debt Repaid, Total	-2.84B	-5.03B	-3.75B	-340M	-3.99B
Total Debt Repaid	-2.84B	-5.03B	-3.75B	-12.52B	-4.62B
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-4.94B	-650M	-1.08B	-1.3B
Common & Preferred Stock Dividends Paid	-	-4.94B	-650M	-1.08B	-1.3B
Other Financing Activities, Total	-	-	5.2M	-	-520K
Cash from Financing	-2.84B	-3.3B	1.03B	-6.61B	-5.92B
Foreign Exchange Rate Adjustments	475M	551M	7.8M	-52.43M	61.31M
Net Change in Cash	1.31B	-2.87B	395M	-799M	401M
Supplemental Items
Cash Interest Paid	213M	319M	349M	396M	288M
Cash Income Tax Paid (Refund)	-156M	2.38B	40.41M	173M	18.58M
Levered Free Cash Flow	137M	-1.42B	-846M	10.86B	6.01B
Unlevered Free Cash Flow	269M	-1.22B	-617M	11.13B	6.17B
Change In Net Working Capital	6.11B	9.57B	1.76B	-7.71B	-3.59B
Net Debt Issued / Repaid	-2.84B	1.64B	1.68B	-5.52B	-4.62B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.29	9.88	-1.03	1.28	2.28
Return on Total Capital	9.66	13.22	-1.36	1.75	3.21
Return On Equity %	15.61	21	-3.27	5.46	6.67
Return on Common Equity	15.61	21	-3.27	5.46	6.67
Margin Analysis
Gross Profit Margin %	3.99	4.36	0.1	1.77	2.3
SG&A Margin	0.43	0.98	0.55	1.22	1.32
EBITDA Margin %	5.09	4.29	0.63	1.73	2.22
EBITA Margin %	3.58	3.4	-0.43	0.66	1.14
EBIT Margin %	3.56	3.38	-0.45	0.54	0.98
Income From Continuing Operations Margin %	2.75	2.69	-0.52	0.83	1.06
Net Income Margin %	2.75	2.69	-0.52	0.83	1.06
Net Avail. For Common Margin %	2.75	2.69	-0.52	0.83	1.06
Normalized Net Income Margin	2.14	2.1	-0.4	0.5	0.8
Levered Free Cash Flow Margin	0.08	-0.5	-0.36	4.01	2.48
Unlevered Free Cash Flow Margin	0.16	-0.43	-0.26	4.11	2.55
Asset Turnover
Asset Turnover	3.28	4.68	3.7	3.76	3.73
Fixed Assets Turnover	7.13	12.15	10.84	11.65	11.16
Receivables Turnover (Average Receivables)	16.74	23.52	16.65	17.57	20.45
Inventory Turnover (Average Inventory)	12.97	13.56	10.02	10.65	10.6
Short Term Liquidity
Current Ratio	1.63	1.6	1.49	1.97	1.85
Quick Ratio	0.81	0.6	0.63	0.77	0.67
Operating Cash Flow to Current Liabilities	0.19	0.01	0	0.64	0.45
Days Sales Outstanding (Average Receivables)	21.81	15.52	21.92	20.83	17.85
Days Outstanding Inventory (Average Inventory)	28.14	26.92	36.41	34.38	34.44
Average Days Payable Outstanding	21.85	16.57	19.43	21.04	22.68
Cash Conversion Cycle (Average Days)	28.1	25.87	38.9	34.17	29.6
Long Term Solvency
Total Debt/Equity	24.32	25.14	35.78	24.17	14.71
Total Debt / Total Capital	19.56	20.09	26.35	19.47	12.83
LT Debt/Equity	10.71	-	1.45	20.97	9.9
Long-Term Debt / Total Capital	8.61	-	1.07	16.89	8.63
Total Liabilities / Total Assets	41.47	38.84	44.47	42.86	38.14
EBIT / Interest Expense	28.97	30.47	-2.91	3.46	9.18
EBITDA / Interest Expense	41.45	38.7	4.17	11.88	22.52
(EBITDA - Capex) / Interest Expense	40.97	37.82	2.04	9.31	13.47
Total Debt / EBITDA	0.95	0.79	8.52	1.87	0.96
Net Debt / EBITDA	0.62	0.79	8.21	1.76	0.79
Total Debt / (EBITDA - Capex)	0.96	0.81	17.45	2.38	1.61
Net Debt / (EBITDA - Capex)	0.62	0.81	16.82	2.24	1.33
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	32.51	65.39	-16.47	1.92	-10.61
Gross Profit, 1 Yr. Growth %	-198.29	80.53	-98.11	53.06	16.26
EBITDA, 1 Yr. Growth %	-272.71	39.42	-87.78	75.42	14.47
EBITA, 1 Yr. Growth %	-178.54	56.76	-110.61	-1.01K	55.03
EBIT, 1 Yr. Growth %	-177.52	57.08	-111.07	-427.45	60.51
Earnings From Cont. Operations, 1 Yr. Growth %	-179.04	61.67	-116.03	-338.62	14.99
Net Income, 1 Yr. Growth %	-179.04	61.67	-116.03	-281.71	14.97
Normalized Net Income, 1 Yr. Growth %	-178.21	62.26	-115.88	-240.25	44.82
Diluted EPS Before Extra, 1 Yr. Growth %	-179.04	61.67	-116.03	-281.71	14.97
Accounts Receivable, 1 Yr. Growth %	51.05	-4.71	43.79	-20.92	-23.56
Inventory, 1 Yr. Growth %	82.13	44.14	-0.11	-11.25	-10.09
Net Property, Plant and Equip., 1 Yr. Growth %	0.26	-6.13	-6.57	-7.63	-5.66
Total Assets, 1 Yr. Growth %	26.18	7.77	3.75	-9.44	-10.43
Tangible Book Value, 1 Yr. Growth %	30.17	12.59	-5.9	-8.94	-3.07
Common Equity, 1 Yr. Growth %	30.06	12.62	-5.81	-8.57	-3.03
Cash From Operations, 1 Yr. Growth %	-361.26	-95.89	-14.85	71.75	-35.3
Capital Expenditures, 1 Yr. Growth %	-70.44	169.29	181.6	-6.66	113.98
Levered Free Cash Flow, 1 Yr. Growth %	60.9	-1.14K	-40.48	-598.87	-44.67
Unlevered Free Cash Flow, 1 Yr. Growth %	37.43	-555.18	-49.61	-697.61	-44.55
Dividend Per Share, 1 Yr. Growth %	-	521.85	-	-	12.5
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.07	48.04	17.54	-2.6	-4.55
Gross Profit, 2 Yr. CAGR %	46.43	33.21	-81.53	-37.96	33.4
EBITDA, 2 Yr. CAGR %	93.89	55.18	-58.73	-38.17	41.7
EBITA, 2 Yr. CAGR %	12.83	10.96	-59.22	-57.07	276.51
EBIT, 2 Yr. CAGR %	11.9	10.35	-58.3	-60.89	129.25
Earnings From Cont. Operations, 2 Yr. CAGR %	30	13.05	-49.1	-46.03	65.64
Net Income, 2 Yr. CAGR %	30	13.05	-49.1	-46.03	44.53
Normalized Net Income, 2 Yr. CAGR %	26.53	12.66	-49.24	-52.67	42.52
Diluted EPS Before Extra, 2 Yr. CAGR %	30	13.05	-49.1	-46.03	44.53
Accounts Receivable, 2 Yr. CAGR %	31.73	19.97	17.05	7.04	-22.25
Inventory, 2 Yr. CAGR %	-3.91	62.02	19.99	-0.59	-10.67
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.73	-2.99	-6.35	-0.96	-6.65
Total Assets, 2 Yr. CAGR %	4	16.61	5.74	3.99	-9.94
Tangible Book Value, 2 Yr. CAGR %	2.93	21.06	2.93	0.19	-6.05
Common Equity, 2 Yr. CAGR %	2.88	21.02	2.99	0.51	-5.84
Cash From Operations, 2 Yr. CAGR %	0.74	-67.22	-81.28	810.51	5.42
Capital Expenditures, 2 Yr. CAGR %	-80.06	-10.78	175.38	98.04	41.33
Levered Free Cash Flow, 2 Yr. CAGR %	-82.32	309.32	148.95	176.38	66.14
Unlevered Free Cash Flow, 2 Yr. CAGR %	-75.11	150.11	51.45	201.5	82.04
Dividend Per Share, 2 Yr. CAGR %	-1.16	-	-	-39.97	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-6.22	19.1	22.33	16.2	-5.35
Gross Profit, 3 Yr. CAGR %	32.33	57.02	-67.75	-11.42	-23.51
EBITDA, 3 Yr. CAGR %	22.63	73.71	-33.5	-18.92	-24.08
EBITA, 3 Yr. CAGR %	43.82	25.9	-49.26	-33.89	-34.13
EBIT, 3 Yr. CAGR %	44.71	25.29	-48.72	-37.84	-37.39
Earnings From Cont. Operations, 3 Yr. CAGR %	28	39.8	-41.05	-22.2	-30.56
Net Income, 3 Yr. CAGR %	28	39.8	-41.05	-22.2	-30.56
Normalized Net Income, 3 Yr. CAGR %	28.24	37.47	-41.37	-28.63	-31.29
Diluted EPS Before Extra, 3 Yr. CAGR %	28	39.8	-41.05	-22.2	-30.56
Accounts Receivable, 3 Yr. CAGR %	0.83	18.25	27.44	2.97	-4.32
Inventory, 3 Yr. CAGR %	8.74	9.99	37.9	12.51	-3.87
Net Property, Plant and Equip., 3 Yr. CAGR %	-5.5	-5.2	-4.2	-2.71	-2.55
Total Assets, 3 Yr. CAGR %	2.2	5.24	12.16	5.23	-1.06
Tangible Book Value, 3 Yr. CAGR %	-3.7	6.06	11.31	4.16	-0.91
Common Equity, 3 Yr. CAGR %	-3.73	6.03	11.32	4.39	-0.69
Cash From Operations, 3 Yr. CAGR %	-16.44	-65.31	-54.94	50.52	277.14
Capital Expenditures, 3 Yr. CAGR %	-49.55	-52.52	30.87	119.41	103.22
Levered Free Cash Flow, 3 Yr. CAGR %	-70.87	-31.22	115.24	330.06	61.68
Unlevered Free Cash Flow, 3 Yr. CAGR %	-63.55	-34.43	46.62	245.87	71.46
Dividend Per Share, 3 Yr. CAGR %	-32.97	82.47	-	30.86	-25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.15	10.84	2.64	9.89	13.19
Gross Profit, 5 Yr. CAGR %	-9.54	3.62	-39.8	8.3	-4.5
EBITDA, 5 Yr. CAGR %	-8.07	-0.08	-20.68	14.91	1.05
EBITA, 5 Yr. CAGR %	-10.06	0.36	-13.13	-18.13	-18.86
EBIT, 5 Yr. CAGR %	-10.1	0.37	-12.02	-21.36	-21.46
Earnings From Cont. Operations, 5 Yr. CAGR %	-11.39	-2.91	-11.48	-4.47	-15.61
Net Income, 5 Yr. CAGR %	-11.39	-2.91	-11.48	-4.47	-15.62
Normalized Net Income, 5 Yr. CAGR %	-11.59	-2.56	-11.48	-10.26	-16.26
Diluted EPS Before Extra, 5 Yr. CAGR %	-11.39	-2.91	-11.48	-4.47	-15.62
Accounts Receivable, 5 Yr. CAGR %	1.46	-0.4	7.03	13.63	4.74
Inventory, 5 Yr. CAGR %	6.96	10.78	13.11	5.63	18.46
Net Property, Plant and Equip., 5 Yr. CAGR %	-7.71	-5.89	-5.84	-3.53	-2.73
Total Assets, 5 Yr. CAGR %	-0.49	1.14	3.6	4.74	5.66
Tangible Book Value, 5 Yr. CAGR %	-3.77	-1.64	-1.1	3.67	7.36
Common Equity, 5 Yr. CAGR %	-3.8	-1.67	-1.1	3.78	7.49
Cash From Operations, 5 Yr. CAGR %	-13.11	-57.22	-54.07	28.19	41.96
Capital Expenditures, 5 Yr. CAGR %	-28.11	-11.17	-0.53	-15.93	46.2
Levered Free Cash Flow, 5 Yr. CAGR %	-51.18	-31.02	-31.28	19.97	134.43
Unlevered Free Cash Flow, 5 Yr. CAGR %	-43.96	-33.14	-35.57	20.71	99.41
Dividend Per Share, 5 Yr. CAGR %	-31.49	-0.58	-	16.97	-