SCG announces operating results in Q3

Wednesday, Nov 15, 2023 14:06

SCG Executives. — Photo courtesy of the firm

Southeast Asian conglomerate SCG has announced operating results for the third quarter of this year that has demonstrated a slowdown due to a stagnant regional market, a petrochemical trough, shrinking exports, and high interest rates.

SCG President and CEO Roongrote Rangsiyopash said his company's operating results in Q3 slowed down compared to the same period last year and decreased from the first half of the year. That was due to the regional economy not yet recovering, resulting in revenues of US$3.57 billion, a yearly decrease of 12 per cent.

The company's profit for the period hit $69 million, closely similar to the same period of the previous year. Its operating profit stood at $86 million, reflecting an increase of 26 per cent year-on-year.

Over the past nine months of this year, SCG reported revenue from sales of $10.97 billion, down 15 per cent year-on-year. This decrease was primarily attributed to the reduced sales across all business units due to the market situation in the region.

However, its profit for the period totalled $769 million, a yearly increase of 27 per cent.

In Việt Nam, the Thai company reported the nine-month revenue from sales at $926 million, a year-on-year decreased of 28 per cent. This drop across all businesses mainly resulted from lower sales in LSP petrochemical complex, TPC VINA Plastic and Chemical Corporation, cement-building materials, and reduced exports from Thailand.

As of September 30, SCG's total assets amounted to $26.28 billion. Of these, the total assets of SCG in ASEAN (ex-Thailand) reached $11.91 billion or 45 per cent of SCG’s total consolidated assets. — VNS

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