Thai SCG Q3 net profit grows 53% on strong chemicals earnings

30 October 2013 08:59  [Source: ICIS news]

Thai SCG Q3 net profit grows 53% on strong chemicals earningsSINGAPORE (ICIS)--Siam Cement Group (SCG) posted a 53% year-on-year growth in third-quarter net profit to Thai baht (Bt) 9.79bn ($315m), backed by a strong performance from its chemicals business, the Thai conglomerate said on Wednesday.

Group revenue for the September quarter increased by 9% to Bt113.9bn, with earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 33% to Bt15.3bn, SCG said in a filing to the Stock Exchange of Thailand.

EBITDA from operations in July-September also rose by 33% to Bt15.1bn, it said.

SCG attributed the strong profit growth to continued recovery of chemicals margins and volume, growths in the domestic cement demand, along with a one-off gain of Bt1.7bn.

Its chemicals segment generated a third-quarter profit of Bt3.79bn, accounting for about 40% of the group total profit and representing an increase of 67% compared with the same period last year, the company said.

Sales from chemicals for the September quarter 2013 grew by 7% to Bt55.8bn, with EBITDA margins nearly doubling to 11% from 6% in the same period last year, SCG said.

In the first nine months of 2013, SCG recorded a 71% surge in net profit to Bt28.5bn, with sales up 7% to Bt329.8bn.

EBITDA for the period was up by 34% year on year to Bt45.5bn, while EBITDA from operations increased by 40% to Bt43.0bn, SCG said.

Profit from chemicals for January-September 2013 more than tripled to Bt9.06bn as EBITDA margins surged fourfold to 8%, it said.

SCG sold 7% more polyolefins products in the first nine month of 2013 at 1.37m tonnes compared with the same period last year, a third of which or 463,000 tonnes were sold in the third quarter, it said.

($1 = Bt31.03)

Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections

By: Pearl Bantillo
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