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MarketScreener Homepage  >  Equities  >  Stock Exchange of Thailand  >  IRPC    IRPC   TH0471010Y04

IRPC

(IRPC)
  Report
End-of-day quote. End-of-day quote Stock Exchange of Thailand - 07/13
2.7 THB   -1.46%
07/03IRPC PUBLIC : Appointment of Subcommittee Members
PU
07/03IRPC PUBLIC : Shareholders meeting's resolution
PU
06/22IRPC PUBLIC : Update Meeting Rooms for 2020 Annual General Meeting of Shareholders
PU
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Thai refinery IRPC delays $1 billion chemical project amid coronavirus outbreak

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04/28/2020 | 09:03am EDT

Thai oil refiner and petrochemical producer IRPC has delayed a 32.4 billion baht ($1 billion) petrochemical investment and cut run rates by 20% as demand for petroleum and petrochemical products falls amid the coronavirus outbreak, the company's president said on Tuesday.

"We are delaying the paraxylene project for now because demand is slowing and it uses a lot of capital ? it is good project, but should be delayed given the current situation," IRPC President, Noppadol Pinsupa, told Reuters in an interview.

The project was slated to begin this year and add 1.3 million tonnes paraxylene, used to manufacture industrial chemicals that make plastic bottles and fabrics, and about 400,00 tonnes of benzene to IRPC's capacity in 2024.

"We have to focus on liquidity and manage investments including holding off projects that are not immediately necessary or not suitable for the situation," he said.

However, IRPC would press ahead with a 9 billion baht clean fuels project, he said, because it was a strategic investment and in step with government regulation to improve diesel quality, he added.

The company also slowed down crude oil refining after demand for petroleum products dropped.

"After the crisis started, we reduced crude runs by 20% on average and it will stay at this level in second quarter," Noppadol said.

It had planned to refine 205,000 to 210,000 barrels of oil per day (bpd) this year, but has reduced that number to 180,000 bpd. IRPC is Thailand's third largest refiner with a capacity of 215,000 bpd.

The coronavirus outbreak has dampened demand for its petroleum products such as jet fuel and gasoline, which account for 4% and 10% of production respectively, but the company has been able to rebalance some production to diesel and naphtha to produce petrochemicals used in packaging.

To fight the virus Thailand declared a state of emergency and curbs on movement between its provinces, as well as a nationwide night-time curfew, along with a ban on incoming international passenger flights.

IRPC, part of state-owned PTT, expects prices to bottom out by end of the second quarter and recover in the second half of the year, but run rates would were unlikely to return to previous targets.

Thailand has recorded a total of 2,938 cases and 54 fatalities from the new coronavirus, and on Tuesday was planning to lift some restrictions as the number of new cases slowed.

By Chayut Setboonsarng

Stocks mentioned in the article
ChangeLast1st jan.
IRPC -1.46% 2.7 End-of-day quote.-26.63%
LONDON BRENT OIL -0.76% 41.92 Delayed Quote.-35.04%
PTT -1.96% 37.5 End-of-day quote.-14.77%
THE NEW HOME COMPANY INC. 6.95% 3.54 Delayed Quote.-28.97%
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Latest news on IRPC
07/03IRPC PUBLIC : Appointment of Subcommittee Members
PU
07/03IRPC PUBLIC : Shareholders meeting's resolution
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06/22IRPC PUBLIC : Update Meeting Rooms for 2020 Annual General Meeting of Shareholde..
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06/12Thai energy group PTT cuts 2020 investment by up to $1.2 billion
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06/09Refineries around Asia join Chinese peers in ramping up oil output
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06/04IRPC PUBLIC : Publication of Invitation Letter for 2020 Annual General Sharehold..
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05/11Thailand's PTT books losses and cuts investment amid coronavirus outbreak
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05/07IRPC PUBLIC : Management Discussion and Analysis Quarter 1 Ending 31 Mar 2020
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05/07IRPC PUBLIC : Reviewed financial performance Quarter 1 (F45)
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05/07IRPC PUBLIC : The appointment of auditors
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Financials
Sales 2020 169 B 5 383 M 5 383 M
Net income 2020 -5 075 M -162 M -162 M
Net Debt 2020 54 969 M 1 750 M 1 750 M
P/E ratio 2020 -10,4x
Yield 2020 2,32%
Capitalization 55 109 M 1 757 M 1 754 M
EV / Sales 2019
EV / Sales 2020 0,65x
Nbr of Employees 6 409
Free-Float 47,6%
Chart IRPC
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Technical analysis trends IRPC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 2,88 THB
Last Close Price 2,70 THB
Spread / Highest target 55,6%
Spread / Average Target 6,73%
Spread / Lowest Target -35,2%
EPS Revisions
Managers
NameTitle
Sukrit Surabotsopon President & Executive Director
Chansin Treenuchagron Chairman
Nidcha Jirametthanakij Senior Executive VP-Accounting & Finance
Pravet Assavadakorn Executive VP-Innovative Product Center, R&D
Woravuth Sivapetranart Executive VP-Technology & Operational Excellence
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