SCG Q1 sales revenue up 25 per cent

Wednesday, May 11, 2022 00:11

SCG leaders met Vietnamese Prime Minister Pham Minh Chinh in February. — Photo courtesy of the agency

SCG, a conglomerate in the ASEAN region, has announced a sales revenue of US$ 4.6 billion in the first quarter of 2022, an increase of 7 per cent quarter-on-quarter thanks to higher sales across all businesses.

During the period, the Thai company's profit also saw a quarter-on-quarter rise of 6 per cent to $268 million, driven by the improved business performance of the cement-building materials business and higher non-chemical equity income.

On a year-on-year basis, its revenue from sales increased by 25 per cent from higher sales revenue across all businesses, mainly from higher product prices in line with the market.

However, its profit for the period fell by 41 per cent, mainly due to rising feedstock costs from the chemical business in Q1/2022, along with the fact that the chemical industry had better performance in Q1/2021 thanks to the winter freeze, resulting in supply shortages in the US.

Notably, SCG's revenue from outside of Thailand, together with exports from Thailand, amounted to $2 billion, up 30 per cent year-on-year or equivalent to 44 per cent of the total revenue from sales in the three months.

As of March 31, 2022, SCG's total assets stood at $26.7 billion, of which 45 per cent of its assets are represented in ASEAN.

SCG began its business operations in Viet Nam in 1992 with a trading business and gradually expanded its investment in diversified businesses in cement-building materials, chemicals, and packaging. It now has 23 companies across the country, recruiting more than 15,000 employees.

The company is striving to put the Long Son Petrochemicals Complex in the southern province of Ba Ria-Vung Tau Province into commercial operations in the first quarter of 2023. — VNS

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