Thai Cement Giant SCG Sees 2016 Profits Up Ahead of Myanmar Plant’s Imminent Opening

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Thai cement compa­ny SCG has posted a 24 percent year-on-year profit increase for the 2016 financial year driven by the perfor­mance of the company’s chemical business.

SCG, which also produc­es packaging and indus­trial chemicals, posted a $1.6 billion profit for 2016 but saw a drop in revenue for the final quarter of the year, according to an an­nouncement by the com­pany.

SCG’s $400 million Mawlamyine cement plant is scheduled to come online early this year and will produce 1.8 million tons of cement per year, said Roongrote Rangsiyopash, President and CEO of SCG.

“In ASEAN, we continue to implement strategies coupled with solidifying the SCG brand,” he said.

“SCG believes that this market holds high prospects with dynamic growth from the govern­ment’s investment poli­cies as well as domestic consumption and trade among ASEAN coun­tries.”

Revenues from sales in SCG’s ASEAN operations fell by 2 percent for the year up until December 31st 2016, with the com­pany citing increased competition and a de­crease in product prices.

Overall, the cement gi­ant also saw a 6 percent dip in final quarter rev­enue for 2016, compared with the same period of the previous year, to $2.78 billion which it puts down to a fall in the price of petrochemicals used in oil and gas processing.

Despite this, SCG in­creased its Myanmar as­sets to $355 million, while SCG-Shwe Me Logistics, the company’s Myan­mar based transport and warehouse storage divi­sion, posted revenues of $7 million for the fourth quarter of 2016, a 96 per­cent increase on the same period last year.

 

Source: Myanmar Business Today

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