The Siam Cement Public Company Limited (SET: SCC) has reported a robust financial performance for the first quarter of 2026, highlighted by a massive 466% year-on-year (YoY) surge in net profit. Despite a slight dip in overall revenue, the company successfully leveraged internal efficiency programs and favorable inventory adjustments to navigate a volatile global landscape.
SCC’s profit for the period reached 6,223 million baht, a significant leap from the 1,099 million baht recorded in Q1/2025. This bottom-line growth was supported by a 36% YoY increase in reported EBITDA, which climbed to 17,499 million baht. However, Revenue from Sales saw a marginal decline of 1% YoY, totaling 123,327 million baht. This slight contraction was primarily due to softer sales volumes in the packaging (SCGP) and smart living segments, even as the chemicals business (SCGC) saw a 6% revenue uptick.
The primary catalyst for the profit jump was an inventory gain of 4,172 million baht within the SCG Chemicals (SCGC) segment. Furthermore, performance was bolstered by higher cement prices and the continued market penetration of Low Carbon Cement, which now boasts a penetration rate of over 80% in Thailand. Internal efficiency improvements and lower production costs in the cement and packaging units also contributed to the resilient margins.
Expense Management and External Headwinds SCC demonstrated strong financial discipline, reducing its net finance and interest costs to 2,506 million baht, down from 2,829 million baht in the same period last year. The average interest rate dropped to 3.1% from 3.4% YoY.
Challenges remain, particularly in the petrochemical sector. The ROC cracker in Thailand was temporarily shut down in March 2026 due to feedstock shortages stemming from geopolitical tensions in the Middle East. While the vinyl chain saw tightened spreads, the olefins chain benefited from supply tightness that widened product spreads. Moving forward, SCC remains focused on its “deleveraging efforts” and maintaining high cash-on-hand, which stood at 67,137 million baht at the end of the quarter.
