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Siam Cement Group reports 3Q net profit growth of 53% y/y

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World Cement,

Siam Cement Group has reported its 3Q13 results, showing a net profit of THB9.8 billion, up 53% y/y. Taking out the effect of a one-off profit from its Siam Sanitary Ware & Fittings business, core profit is THB8.1 billion, marking a still healthy 26% y/y growth. Cement demand grew by 5% y/y in 3Q13 and prises rose to their highest level since 3Q08 at THB1900 – 1950 per tonne. The forecast for the full year has been revised in light of recent flooding in northeastern and eastern Thailand, which is expected to cause a 3% contraction in demand in the final quarter. Full year demand growth is now expected to come in at around 5% rather than the 6 – 8% predicted at the end of the first half of the year. This, combined with the strengthening currency, is also likely to result in the company missing its annual sales target of THB435 billion by around THB5 billion.

Siam Cement Group has set aside some THB40 – 50 billion for domestic and international investment in 2014 as the company continues to pursue its 5-year, THB200 – 210 billion investment plan, which focuses on the ASEAN region. Rising energy costs and higher minimum wages in Thailand are causing the company to put an emphasis on foreign investments, with Myanmar, Vietnam, Indonesia and Cambodia as the main focus.

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