Siam Cement Group has announced its results for FY14 results with a 12% increased in revenue from sales, thanks to the group’s strategy to replace flagging domestic business with exports. The company reports in a statement that it is confident that it is on the right path and that 2015 will be the golden year for ASEAN economies.
Mr. Kan Trakulhoon, President and CEO of SCG, announced the unaudited consolidated financial statements for SCG and its subsidiaries for fiscal year 2014, which showed an 8% y/y decrease in profit, attributed to the non-recurring gain in the cement and building materials business, and an inventory loss adjustment in the chemicals business in 4Q14 due to lower oil prices. The revenue from export sales increased by 26% y/y, and made up 30% of total revenue from sales.
The cement business achieved a 6% increase in revenues from sales, driven largely by ASEAN operations. Profit for the year fell 18% due to a non-recurring gain in 3Q13.
Mr. Kan states: “SCG is very confident in ASEAN’s economic potential. We expect that 2015 will be the golden year for the region, with all our ASEAN investment plans in place, the company will be able to supply to the increase market demands as scheduled. For example, the cement plants in Indonesia and Cambodia will start commercial operations by this year while the cement plants in Myanmar and Laos will start commercial operations in 2016 and 2017, respectively. Also, the petrochemical complex in Vietnam is progressing according to the plan. These important investments will play significant roles supporting the expanding markets and growing demands of ASEAN consumers.”
Adapted from press release by Katherine Guenioui