The Siam Cement Public Company Limited (SET: SCC) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share
SCC reported a net profit of 8,843 million baht in 1Q22, decreased 40.70% from a net profit of 14,913 million baht in 1Q21. The decrease was mainly due to higher feedstock costs from Chemicals business in 1Q22 and the absence of winter freeze’s supply shortage in the United States in 1Q21, resulting in better performance in the petrochemicals industry in 1Q21 compared to normal business operations.
SCG reported 1Q22 revenue from sales increased +25% YoY from higher sales revenue across all businesses mainly from higher product prices in-line with the market. EBITDA dropped -26% YoY.
SCG Ceramics Public Company Limited (SET: COTTO) reported a net profit of 211 million baht in 1Q22, increased 13.11% from a net profit of 187 million baht in 1Q21.
Revenue from sales amounted to 3,231 million baht, increased 15 % YoY due to continuous increase in demand which affected sales volume, increased by 13% YoY in both domestic and export while average selling price increased 2% YoY.
Meanwhile, SCG Packaging Public Company Limited (SET: SCGP) reported a net profit of 1,657 million baht in 1Q22, decreased 22.33% from a net profit of 2,134 million baht in 1Q21. The YoY decrease in performance was due mainly to global broad-based increase in raw materials and energy costs.
As for the chemical business of SCG Chemical Public Company Limited in 1Q22,Brent crude oil price increased by $17/bbl to $97/bbl, and Naphtha price increased by $132/ton or +18% QoQ to $877/ton. Crude oil price increased as a result of Russia and Ukraine conflict amidst limited additional supply from OPEC+. Naphtha price increased following crude amidst limited supply from the West. Average HDPE price increased $78/ton or +6% QoQ to $1,330/ton, and average PP price increased $48/ton or +4% QoQ to $1,356/ton following the increased feedstock cost.
Average HDPE-Naphtha spread decreased by $54/ton or -11% QoQ to $453/ton, and average PP-Naphtha spread dropped by $84/ton or -15% QoQ to $479/ton from surge in Naphtha price attributed by Russia and Ukraine conflict. In 1Q22, Chemicals business sold 496,000 tons of polyolefin products (PE and PP), stable QoQ and increased +2% YoY.
In 1Q22, average PVC-EDC/C2 spread dropped by $220/ton or -37% QoQ to $377/ton from soft demand in winter and long holidays in China. In 1Q22, PVC sales volume increased by 23,000 tons or +12% QoQ to 223,000 tons from restocking demand in Thailand and Southeast Asia.
Average BD-Naphtha spread increased to $169/ton due to reduced regional supply from producers that have been negatively impacted by high crude oil price. Average MMA-Naphtha spread decreased -16% QoQ to $1,037/ton due to high feedstock cost.
In 1Q22, revenue from Sales registered 69,162 million baht, an increase of +5% QoQ and +34% YoY attributed to higher product prices. However, EBITDA dropped -32% QoQ and -46% YoY to 5,902 million baht due to rising feedstock cost. EBITDA from Operations decreased to 4,655 million baht or -17% QoQ and -57% YoY. Profit for the Period registered 3,588 million baht, decreased -20% QoQ and -59% YoY due to higher feedstock cost and the absence of winter freeze’s supply shortage in the United States in 1Q21, resulting in better performance in petrochemicals industry in 1Q21 compared to normal business operations. Equity income from associates dropped -9% QoQ to 1,557 million baht due to higher feedstock cost. In 1Q22, Chemicals business realized inventory gain of 1,080 million baht, increased 590 million baht QoQ and decreased 60 million baht YoY