SCG announces Q3 and 9M/2024 results

SCG announced its Q3 and 9M/2024 results, addressing ongoing economic challenges.

The company has set key targets, including reducing overall organizational costs by 144 million USD by 2025, lowering working capital by 287 million USD by Q1/2025, discontinuing unprofitable businesses, and executing asset divestments.

SCG Management Team
SCG Management Team

SCG is also focused on reducing production costs and accelerating the use of alternative fuels, with a target of 50% usage in cement plants in Thailand. As part of its long-term strategy, SCG is increasing flexibility in its petrochemical operations in Vietnam by investing an additional 700 million USD to enable the use of ethane, thereby reducing raw material costs. This project is expected to be completed by 2027. SCG is also accelerating the development and export of Low Carbon Cement and high-demand green polymers.

Mr.Thammasak Sethaudom, President and CEO of SCG
Mr.Thammasak Sethaudom, President and CEO of SCG

Thammasak Sethaudom, President and CEO of SCG, said, "For the period of 9M/2024, SCG achieved revenue of 10.66 billion USD, close to the previous year, driven by sales volumes from SCG Chemicals and SCGP. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization, including dividends received from associates) amounted to 1.09 billion USD, a decrease of 10% compared to the same period last year. Profit for the Period was 192 million USD, down 75% from the same period last year due to operational expenses for the Long Son Petrochemicals (LSP) project, reduced chemical product price spreads, and a decrease in the share of profits from associates. Excluding extraordinary items, profit decreased by 46% compared to the same period last year. In Q3/2024, revenue was 3.68 billion USD, with EBITDA at 284 million USD. Profit stood at 21 million USD, down 81% from the previous quarter, which was attributed to the foreign exchange effect from the Baht appreciation, the downwards chemicals inventory price adjustment, decreased equity income from associate companies, and seasonal dividend."

SCG expects its revenue for 2024 to increase by 3% from the previous year, despite severe global economic volatility, a prolonged global petrochemical downturn, the Middle East conflict, increased competition from Chinese products in the domestic market, and fluctuations in the Thai baht. These challenges pose obstacles to business operations and are likely to persist for an extended period.

For SCG’s operation in ASEAN (ex-Thailand), the Revenue from Sales in 9M/2024 recorded a 13% y-o-y increase, amounting 2.03 billion USD. This growth was primarily driven by improved market conditions in regional operations, particularly in Vietnam and Indonesia. This contributed to 19% of SCG’s total Revenue from Sales. This figure includes sales from both local operations in each ASEAN market and imports from Thai operations.

As of September 30, 2024, SCG’s total assets amounted to 26.88 billion USD. Of these, the total assets of SCG in ASEAN (ex-Thailand) were 11.99 billion USD, or 45% of SCG’s total consolidated assets.

For SCG in Vietnam, the company reported Revenue from Sales of 1.03 billion USD for 9M/2024, representing a 17% y-o-y increase. This growth was primarily driven by the increased sales from SCG Chemicals (SCGC).

The Long Son Petrochemicals (LSP) project, Vietnam’s first fully integrated petrochemical complex, officially commenced its commercial operations on September 30 and produced 74,000 tons of plastic resins, with sales volume during the trial period. However, in Q3/2024, if excluding a non-recurring financial gain from unwinding the interest rate swap (IRS) at LSP of 61.5 million USD, SCGC’s Loss for the Period was approximately -105 million USD, resulting from the foreign exchange effect from the Baht appreciation, and decreased equity income from associate companies. For LSP, Loss for the Period in Q3/2024 without IRS was approximately -62.9 million USD. During 9M/2024, LSP realized fixed costs of downstream operations, mainly depreciation and interest. In the fourth quarter of this year, additional fixed costs from upstream productions will be realized after commercial operations. Due to the current situation with the continued global petrochemical industry downturn, global oversupply, and low demand for petrochemical products, LSP has made the decision to temporarily shut down its operations. The project will resume its activities once the petrochemical market shows signs of recovery. This strategic decision reflects the project’s ability to adapt to market dynamics and navigate challenging conditions. By temporarily suspending operations, LSP aims to position itself for future success when the petrochemical market rebounds.

In the meantime, SCGC is actively progressing an investment project to improve the production process of LSP. This project aims to enhance the long-term competitiveness of the business by increasing LSP's operational flexibility. It involves importing ethane gas from the United States as a raw material, alongside the current use of naphtha and propane. Ethane has an average price approximately 40% lower than naphtha and propane over the past three years, enabling better cost management and mitigating raw material price fluctuations. Additionally, the increased use of ethane will reduce carbon dioxide emissions and minimize by-products. LSP's core strengths lie in its ability to accommodate gas-based raw materials, with a central utility system ready for ethane gas storage tanks and pipelines. The investment budget of 700 million USD will mainly be used for constructing ethane gas tanks and supporting facilities. The project is expected to be completed by the end of 2027, and once operational, LSP will produce olefins and polyolefins to meet the high demand for consumer goods in Vietnam. The project will be managed to align with raw material prices, product demand, and the global economic situation, ensuring maximum competitiveness and production efficiency across all SCGC’s factories in Thailand and Vietnam.

For SCG Decor (SCGD), the company is advancing its market expansion in Vietnam to achieve continuous growth. Recently, the company has accelerated the conversion of its ceramic tile production line to large-sized porcelain tiles with a production capacity of 2.5 million square meters. Additionally, SCGD is expanding its distribution channels to offer a diverse range of products that meet customer needs. In a recent development, SCGD has partnered with Van Phuc Trading to open the first V-Ceramic store in southern Vietnam, specializing in the sale of ceramic tiles and sanitary ware.

In addition to promoting sustainable economic growth for Vietnam, SCG is dedicated to environmental, social, and governance (ESG) initiatives, in line with its business purpose of “Inclusive Green Growth”. SCG Color Roof has become Vietnam’s first concrete roof company to achieve the Singapore Green Label. To be certified as a green product, SCG Color Roof underwent a rigorous testing and assessment process to meet stringent criteria related to product quality, health, environmental impact, and product life cycle. This recognition highlights SCG’s commitment to ensuring the highest standards of quality while fulfilling its environmental responsibilities for customers’ benefits.

SCG also empowers youth through the Packaging Speak Out 2024 competition by SCGP which has officially launched in Vietnam for the third year.

In terms of reducing social inequality, SCG’s efforts included the 17th SCG Sharing the Dream project, which awarded 100 scholarships in Vietnam worth approximately 59,000 USD, and the Learn to Earn project, which provided opportunities for young people to secure better jobs.

The company also supplied clean water to the community in Quang Nam through the Loving Water for the Future project and donated approximately 82,700 USD to the communities affected by Typhoon Yagi. Through these initiatives, SCG underscores its commitment to sustainable development in Vietnam.

Huong Ngoc

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