The Long Sơn Petrochemicals Company Limited (LSP) in the southern province of Bà Rịa-Vũng Tàu. — Photo tapchicongthuong.vn

Southeast Asian conglomerate SCG reported its operating results for the first quarter of this year, showing improvement compared to the previous quarter driven by green innovations, effective cost management, rebounds in tourism and signs of economic recovery in the country.

Despite global economic fluctuations and the downturn of the petrochemical industry, SCG effectively managed costs and consistently delivered green innovations to the market, resulting in a revenue of VNĐ85.52 trillion (US$3.48 billion), an increase of 3 per cent quarter-on-quarter.

Additionally, the company's earnings before interest, taxes, depreciation, and amortisation stood at $354 million, up 16 per cent quarter-on-quarter, with the profit for the period reaching $68 million.

This encouraging result was attributed to the development of green innovations that resonate with customers by fulfilling functional needs and contributing to carbon reduction, such as low-carbon cement, green polymers, and sustainable packaging, the company said in a statement.

For SCG’s operation in ASEAN (ex-Thailand), the revenue from sales in Q1 recorded a 12 per cent increase year-on-year, amounting to $693 million. This growth was primarily driven by improving market conditions in regional operations, especially in Việt Nam, largely attributed to sales from Long Sơn Petrochemicals Company Limited (LSP) in the southern province of Bà Rịa-Vũng Tàu. This contributed to 20 per cent of SCG’s total revenue from sales.

SCG is reinforcing confidence in the Long Sơn Petrochemicals (LSP) project through additional factory testing. This will ensure readiness for the production of high-quality plastic pellets in the third quarter of this year.

As of March 31, 2024, SCG’s total assets amounted to $25.77 billion, of which 46 per cent represented assets in ASEAN (excluding Thailand). — VNS