Siam Cement Records 21% Profit Growth in 2023 at THB26 Billion

The Siam Cement Public Company Limited (SET: SCC) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
25,914.98 21,382.35
Earning Per Share
21.6000 17.8200
% Change 21.20

SCC reported a net profit of 25,914 million baht in 2023, increased 21% from 2022. Revenue from sales registered at 499,646 million baht, declined 12% YoY mainly from decrease of chemicals product prices and the deconsolidation of SCG Logistics. Similarly, EBITDA dropped 13% YoY to 54,143 million baht. However, Profit for the year registered at 25,915 million baht, increased 21% YoY, as it includes the gains from the fair value adjustments in H1/23 totaling 14,822 million baht.

Meanwhile, packaging business (SET: SCGP) reported FY2023 revenue from sales at 129,398 million baht, decreased 11% YoY. EBITDA registered at 17,778 million baht, a decrease of 8% YoY, and profit for the year reported at 5,248 million baht, a decrease of 10% YoY.

However, its 4Q23 performance faced a net loss of 1,134 million baht due to the shutdown of Long Son Petrochemicals Complex (LSP) and the cement asset impairment in Myanmar (non-cash). Excluding those extra items, SCC would record a net profit of 502 million baht in 4Q23.