SCG’s Q3 revenue in Vietnam up 18pct

31-Oct-2018 Intellasia | VN Economic Times | 6:00 AM Print This Post

Thai giant releases group operating results for Q3 and 9M of 2018.

The Siam Cement Group (SCG) has announced that revenue from sales amounted to $349 million in Vietnam during the third quarter, an increase of 18 per cent year-on-year and mainly from its chemicals business. Revenue from sales in Vietnam therefore stands at $989 million for the first nine months of 2018.

The LSP Petrochemicals Complex Project, SCG’s latest key project, is progressing as planned, with engineering design, machinery and equipment procurement and site preparation for construction work underway after the signing of a loan agreement in early August with six leading financial institutions, both domestic and foreign. It is expected that commercial operations will begin in time for the first half of 2023.

With a passion to better to support the community, SCG has continued its journey in sports development to support young Vietnamese to enjoy football, through SCG Street Football in Hanoi and HCM City, which saw more than 140 football teams play. The final of the tournament will be held in the pedestrian mall in Hanoi’s Old Quarter during November.

Moreover, to leverage the competencies of its employees, SCG has cooperated with the Asian Institute of Technology in Vietnam (AIT-VN) to customise the learning programme for its Vietnamese staff in a Business Concept Development (BCD) programme, to prepare young managers to broaden their perspectives in both leadership and business management skills.

SCG’s operating results for the third quarter and first nine months of 2018 showed increases in revenue, while profits fell due to rising raw materials and energy costs, the global trade slowdown, and asset impairments.

SCG is well aware of the impacts of the ongoing trade war and uncertainties in the global economy and has launched six directions in a proactive plan, including broadening export opportunities in line with global market flows, managing energy costs, utilising digital technology to boost manufacturing efficiency and reduce costs, developing innovation and high value-added (HVA) products and services, enhancing working capital efficiency, and reviewing its investment portfolio and investment costs, with the aim of maintaining business competiveness.

For SCG’s operation in Asean (ex-Thailand), revenue from sales in the third quarter recorded 15 per cent growth year-on-year to $937 million, or 25 per cent of SCG’s total revenue from sales. This includes sales from both local operations in each Asean market and imports from its Thai operations.

“SCG’s operating results for the third quarter and the first nine months showed an increase in revenue in all business units due to improved overall market conditions, higher demand for cement and building materials from Thailand and from foreign investment projects of the public and private sector, and consistent market demand in chemicals and packaging, though profit fell because of higher raw materials and energy costs together with the global trade slowdown and asset impairment write-downs,” said Roongrote Rangsiyopash, President and CEO of SCG.

http://vneconomictimes.com/article/business/scg-s-q3-revenue-in-vietnam-up-18

 


Category: Business, Vietnam

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