SCC Pays THB6 Dividend despite 42% Decline in 2Q Earnings

The Siam Cement Public Company Limited (SET: SCC) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
9,937.63 17,136.23
Earning Per Share
8.2800 14.2800
% Change -42.01
6 Months 2022 2021
Net Profit (Loss)
Million Baht
18,781.14 32,050.19
Earning Per Share (Baht) 15.6500 26.7100
% Change -41.40

SCC reported a net profit of 9,937 million baht in 2Q22, decreased 42% from a net profit of 17,136 million baht in 2Q21.

On a y-o-y basis, SCG reported 2Q22 Revenue from Sales increased 14% y-o-y from higher sales across all businesses driven by higher product prices in-line with the market. EBITDA declined 22% y-o-y. Profit for the Period dropped 42% y-o-y largely attributable to higher feedstock cost and lower equity income from the Chemicals business.

For the chemical business in 2Q22, volatility continued as Brent crude oil price increased by $15/bbl to $112/bbl, while Naphtha price decreased by $2/ton or 0.2% q-o-q to $875/ton. Crude oil price increased due to prolonged Russia-Ukraine conflict and supply outages amid demand recovery while Naphtha price was pressured from lower production from the producer’s side.

In addition, the company announced an interim dividend payout of THB6 per share to be paid on 26 August 2022 with an ex-dividend date on August 10, 2022.