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Siam City Cement achieves net profit growth of 19.2% in 1H14

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World Cement,

Siam City Cement Plc (SCCC) has reported a 9% y/y and 23% q/q drop in 2Q net profit at THB1.47 billion, blamed on foreign exchange effects and declining equities revenue from associated companies. Though net sales were up 4.4% y/y at THB7.8 billion, they fell 10% from the previous quarter due to seasonal effects. In all, first half net profit was up 19.2% y/y at THB3.38 billion on the back of a 10% increase in sales.

The Bangkok Post reports that CEO Vorathep Rangchaikul attributes the improvement in sales to ‘increased capacity for exports and timely revenue expansion in the building materials product segment’.  He added that high electricity tariffs led to increased production costs.

According to Kim Eng Securities, the first half net profit accounts for 61% of the brokerage’s full year expectations for the company.

Waste-to-energy power generation

Meanwhile, it is also being reported that despite the successes of the Green Industry programme described yesterday, Thailand’s waste-to-energy initiatives are not making great progress due to public opposition. The Ministry of Energy is targeting an increase in renewable energy to 25% of the country’s energy mix by 2021, the equivalent of 9200 MW, but at this point renewable energy accounts for less than 12% of power generation. In particular, waste-to-energy generation has a capacity of just 47 MW, which is partly attributed to a negative reception by local people and NGOs, but is also due to inadequate waste supply chains. 

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