Stronger sales boost Siam City 1Q net profit, Thailand
Siam City Cement Plc (SCCC) reported a 14.6% YoY increase in net profit, up to THB1.28bn for the first quarter on the back of strong domestic cement consumption, the Bangkok Post reports.
Thailand's second-largest cement manufacturer saw net sales rise 12.4% from the year before to THB6.99bn, the company said in a statement.
"Cement consumption increased in the first quarter, driven by sizeable growth from both public and private construction," it said. "However, cement pricing did not reflect rising energy and transportation costs, negatively impacting the operating margin of the cement business."
SCCC expects domestic cement consumption to grow by 5% this year from 28Mt last year.
"The construction industry should see solid growth driven by investments in infrastructure and flood rehabilitation and prevention works," it noted.