SCG Packaging Public Company Limited (SET: SCGP) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share
|Net Profit (Loss)
|Earning Per Share (Baht)||0.8200||1.0200|
SCGP’s 2Q22 performance, total revenue from sales registered at 37,982 million baht (+27% YoY), mainly due to revenue growth of the integrated packaging business in customer segments of consumer-linked products, especially in Vietnam along with the commercial start-up of new packaging paper production line in the Philippines (UPPC 3) while the product prices were adjusted to reflect broad-based costs increase.
Growth in revenue of Fibrous business was due to the surge in pulp price and the improved demand of foodservice packaging and paper. EBITDA was 5,478 million baht (-2% YoY) with EBITDA margin of 14%.
Profit for the period recorded at 1,856 million baht (-18% YoY) with net profit margin of 5%. The YoY decrease in profit was mainly attributed to the rise in overall costs and higher depreciation from the consolidation of the completed M&Ps and organic expansions in 2021. On a QoQ basis, revenue from sales grew 4%, while EBITDA increased 12% and the profit for the period increased 12% in 2Q22. The QoQ improvement was due mainly to better performance of Fibrous business across all product categories.
For packaging industry during 2Q22, regional consumer’s demand has gradually improved following the easing of COVID-19 prevention measures. In addition, the export sector continued to expand specifically in frozen & canned food, pet food, clothing and footwear exports to USA and Europe markets. Nevertheless, on a QoQ basis, demand in Thailand and Indonesia was affected by national long holidays.
In addition, SCGP’s board of directors approved an interim dividend payment of THB0.25 per share to be paid on August 24, 2022. The ex-dividend date is August 8, 2022.