SCC’s 2022 Profit Falls More Than Half Due to Lower Sales, Higher Energy Costs

The Siam Cement Public Company Limited (SET: SCC) has announced its financial statement of 2022 through the Stocks Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
21,382 47,174
Earning Per Share
17.82 39.31
% Change -55

For the fiscal year 2022, SCC recorded a net profit of THB21,382 million, a decrease of 55% on a yearly basic, mainly from the chemicals business. Revenue from sales registered at THB569,609 million, an increase of 7% year-on-year, mainly from packaging and cement-building material businesses, while EBITDA dropped 33% over the year to THB61,912 million.

Packaging business (SCGP) reported 2022 profit of THB5,801 million, a decrease of 30% YoY. Revenue from sales registered at THB146,068 million, an increase of 18% YoY, while EBITDA registered at THB19,413 million, a decrease of 8% YoY. EBITDA margin decreased to 13% for 2022 compared to 17% for 2021.

For the fourth quarter of 2022, SCC had a revenue from sales of THB122,190 million, a 14% drop QoQ, mainly from lower chemicals product prices and volume driven by softer demand. EBITDA increased 9% QoQ to THB10,122 million resulting from seasonal dividend from associates and Investment business (automotive business), while profit for the period reported at THB157 million, decreasing 94% QoQ attributed to lower chemicals spreads and higher energy cost.

On a year-on-year basis, 4Q22 revenue from sales decreased 14% largely attributable to lower chemicals product prices and sales volumes. EBITDA decreased 53% YoY and profit for the period decreased 98% YoY mainly from lower chemicals spreads and higher energy cost. 

In addition, SCC announced a dividend payout from the operational performance during the second half of the year of THB2.00 per unit to be paid on 25 April 2023 with an ex-dividend date on 7 April 2023.