• Star Petroleum Refining posted 1Q26 net income of US$228.6 million, more than doubled from 4Q25, as gross profit climbed to US$302.1 million from US$60.7 million.
• Revenue fell 8.5% quarter-on-quarter to US$1.63 billion, while finance costs narrowed to US$1.4 million from US$1.8 million.
• Adjusted net income declined 34.5% from 4Q25 to US$51.1 million, excluding net stock gain of US$177.5 million.
• Crude utilization rate was 63.2%, while enterprise sales volume dropped 28.3% year-on-year to 12 million barrels with domestic sales mix at 93.7%.
• Management highlighted a “Spot to Street” push to lift fuel netbacks, with retail volume up 10% year-on-year to 3 million barrels and jet sales up 21% to 2 million barrels as customer base expanded.

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