SIAM CEMENT Group (SCG), a regional conglomerate with subsidiaries in the Philippines, recorded a 26% increase in third-quarter operating profit to P4.81 billion despite registering a decline in revenues.
In a media release on Tuesday, SCG said revenues decreased by 12% in the third quarter to P200.24 billion “due to the slow economic revival in the region.”
“The reduced sales across all business units, petrochemical trough in the chemicals business and the ongoing economic uncertainties were considered the key factors,” SCG said.
Without giving a comparative figure, it said profit for the third quarter of the year was at P3.89 billion.
“The result was that SCG has continuously adjusted its business strategy and has operated with caution and prudence, thereby maintaining financial stability,” the company said.
Roongrote Rangsiyopash, president and chief executive officer of SCG, said the group expects the economy of the Association of Southeast Asian Nations to improve, “especially in Indonesia, which will see increased investment and consumption due to the construction of the new capital ‘Nusantara.’ ”
“Meanwhile, the Thai economy is projected to recover, driven by the real estate and tourism sectors, benefiting from an increase in tourists. Furthermore, electricity costs and diesel prices might adjust downward, leading to better control over energy costs,” the official said, adding that “electricity costs and diesel prices might adjust downward, leading to better control over energy costs.”
In the Philippines, SCG’s marketing unit said it had partnered with the United Architects of the Philippines (UAP) and industry influencers.
“With UAP, SCG introduced a smart pointing system to reward purchase loyalty,” it said.
SCG, which has a presence in the Philippines since 1993, has about 1,400 employees in the country through its seven subsidiaries: United Pulp and Paper Co., Mariwasa Siam Ceramics, Inc., SCG Roofing Philippines, Inc., SCG Trading Philippines, Inc., SCG Marketing Philippines, Inc., Green Siam Resources, Inc., and Green Alternative Technology Specialist, Inc.
It said Mariwasa’s commitment to environmental, social, and corporate governance was through partnerships with a socio-civic organization to facilitate social programs and outreach to the public, and a free online platform that helps nonprofit organizations with building projects and social housing developers.
