The Siam Cement Public Company Limited (SET: SCC) reported a loss of THB 669 million for the third quarter of 2025 (Q3/25), despite a 44% year-on-year (YoY) surge in consolidated EBITDA driven by efficiency gains and dividend income.
Consolidated revenue from sales fell 5% YoY to THB 121,793 million, reflecting softer demand in the Cement and Construction Materials business, lower product prices in SCG Chemicals (SCGC), and weaker sales in both SCG Packaging (SCGP) and SCG Decor (SCGD).
Conversely, consolidated EBITDA rose to THB 14,191 million, a 44% YoY increase, supported by higher seasonal dividend income from SCG Investment, internal efficiency improvements at SCG Cement and Green Solutions, and stronger performances from SCGP and SCGD.
The quarterly loss was mainly attributed to several non-recurring factors impacting profitability:
Inventory Loss:
SCG Chemicals (SCGC) recorded an inventory loss of THB 1,348 million, primarily linked to the Long Son Petrochemicals Complex (LSP) in Vietnam, following inventory accumulation during its restart phase.
LSP Depreciation and Interest (D&A):
The LSP complex incurred ongoing depreciation, interest, and startup expenses in Q3/25. As LSP achieved its Commercial Operations Date (COD) on 30 September 2024, it did not bear the full D&A burden in Q3/24, resulting in a significantly higher comparative impact this quarter.
Restructuring Expenses:
SCG recognized THB 95 million in restructuring costs related to the Cement and Construction Materials business.
Excluding the SCGC inventory loss and restructuring expenses, adjusted earnings stood at THB 774 million for Q3/25.
