Siam Cement Group's Philippine sales rise 46% July-September 2018

Siam Cement Group's Philippine sales rise 46% July-September 2018
29 October 2018

Siam Cement Group (SCG) of Thailand has reported a cement sales increase between July-September 2018 of 46 per cent, boosted by the government's 'Build, Build, Build' in the Philippines.

SCG’s Philippine sales from July to September expanded by to PHP5.09bn (US$94.8m), from PHP3.48bn during the same period last year. This put its total sales in the Philippines at PHP14.29bn after three quarters, 34 per cent better than the previous year's PHP10.62bn.

SCG's sales in southeast Asia, excluding Thailand, in the 3Q18 amounted to PHP50.12bn, which is 25 per cent of the cement company's total revenue of PHP198.76bn for the period. The figure is representative of its local operations in each southeast Asian economy, as well as imports from its Thailand cement production.

However, SCG President and CEO, Roongrote Rangsiyopash, said profit went down due to rising cost of raw materials, coincided by the escalating trade tension between the USA and China.

"SCG's operating results for (for 3Q18) and (from January to September 2018) showed an increase in revenue in all business units due to improved overall market conditions, higher demand of cement and building materials from Thailand and foreign investment projects by public and private sectors, consistent market demands in chemical and packaging business, though the profit was dropped from higher raw materials and energy costs, together with global trade slowdown and asset impairments write-down," said Mr Rangsiyopash. 

Published under Cement News