Siam Cement’s 3Q Profit Drops 64% to THB2,444 Million amid Higher Energy Costs

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

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
2,443.99 6,817.07
Earning Per Share
2.04 5.68
% Change -64
9 Months 2022 2021
Net Profit (Loss)
Million Baht
21,225.12 38,867.25
Earning Per Share (Baht) 17.69 32.39
% Change -45

SCC reported 3Q22 net profit of THB2,444 million, decreasing 75% QoQ and 64% YoY, largely attributable to lower chemical’s spreads, higher energy cost, together with lower seasonal dividend.

Revenue from sales was THB142,391 million, dropping 7% QoQ but increasing 8% YoY, mainly from lower chemical’s product prices driven by softer petrochemical’s demand due to the trough of chemicals business. 

EBITDA registered at THB9,322 million, decreasing 62% QoQ and 37% YoY. 

For the period of 9M22, revenue from sales registered at THB447,419 million, an increase of 15% YoY due to higher sales across all businesses mainly from higher product prices in-line with the market. EBITDA dropped 26% YoY to THB51,790 million and profit for the period registered at THB21,225 million, a decline of 45% YoY largely driven by higher feedstock and energy cost, as well as lower equity income at chemicals business.