The Long Sơn petrochemicals complex in Bà Rịa-Vũng Tàu Province. — Photo courtesy of SCG

Thai conglomerate SCG has announced its operating results for 2023, demonstrating robustness and resilience despite a decrease in sales due to the global economic slowdown.

The company's revenue reached US$14.47 billion in 2023, a decrease of 12 per cent year-on-year due to the downturn in chemical product prices and the exclusion from its logistics sales.

Revenue from operations outside of Thailand, including export sales from Thailand, topped $6.24 billion in 2023, or 43 per cent of total revenue from sales.

Its profit, however, saw a yearly rise of 21 per cent to $750 million thanks to the profit from the fair value adjustment of investments in the first half of 2023.

As of December 31, 2023, SCG's total assets amounted to $25.55 billion million. Of these, the total assets of SCG in ASEAN (ex-Thailand) were $11.7 billion or 46 per cent of its total consolidated assets.

"The ASEAN market is expected to gradually improve, especially in Indonesia and Việt Nam," the company said in a statement.

"In 2024, SCG is gearing up for full-scale growth in both Thailand and the ASEAN markets across all business groups.

"This includes the introduction of low carbon cement innovations, smart living solutions, green polymers, sustainable packaging solutions that are reusable and recyclable, end-to-end clean energy solutions, and high-quality polymers from the Long Sơn petrochemicals complex."

Currently in its machinery testing phase, the complex in the southern province of Bà Rịa-Vũng Tàu aims to produce 1.35 million tonnes of olefins and 1.4 million tonnes of polyolefins annually for the global market. — VNS