Siam Cement Reports THB16.5 Billion Profit in 1Q23, Up 87% YoY

The Siam Cement Public Company Limited (SET: SCC) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q23 1Q22
Net Profit (Loss)
Million Baht
16,526 8,844
Earning Per Share
13.77 7.37
% Change 87

In 1Q23, Siam Cement reported a net profit of THB16,526 million, increasing 87% from the same period last year and THB16,369 million QoQ mainly from the one-time gain from fair value adjustment of investment in SCG Logistics, following SCGJWD Logistics merger transaction, in cement-building materials business. Profit excluding extra items would have been THB4,516 million, which increased THB3,446 million QoQ, due to higher spreads and sales volume, as well as lower energy cost.

Revenue from sales for the quarter reported at THB128,748 million, up 5% QoQ but down 16% YoY, on the back of higher revenue from sales across all businesses, particularly higher sales volume in chemicals business following the cracker (ROC) restart in early February. 

EBITDA registered THB12,170 million (+20%QoQ, -31% YoY), attributed to better performance from cement-building materials and packaging businesses, as well as higher chemicals spreads and sales volume even the previous quarter was noted by seasonal dividend contribution. 

On a year-on-year basis, profit excluding extra items would have dropped by 42%, largely attributable to lower sales volume and equity income in the chemicals business, as well as higher energy cost compared to the previous year.

Packaging business (SCG Packaging: SCGP) reported 1Q23 revenue from sales of THB33,729 million, a decrease of 8% YoY. EBITDA registered at THB4,474 million, a drop of 9% YoY and Profit for the period reported at THB1,220 million, decreasing 26% YoY.