Thailand’s Siam Cement Group (SCG) earned a revenue of THB379.03 billion ($10.67 billion) in the first nine months of this year, down 15% year-on-year, including THB31.98 billion ($900.6 million) from Vietnam, down 30%, according to its latest report.
Thailand remained SCG’s biggest source of revenue, accounting for 57% of the total. Among overseas markets, Vietnam was the largest, followed by Indonesia with THB26.93 billion ($758.3 million).
SCG said that demand in the last quarter of 2023 is expected to witness a recovery in most sectors in Thailand, continued growth in Indonesia, and positive progress in Vietnam.
SCG also highlighted its priority of the safe startup of its Long Son Petrochemicals (LSP) project in the southern province of Ba Ria-Vung Tau, also the first fully-integrated cracker in Vietnam.
The $5.4-billion LSP complex has a capacity of 1.35 million tons per annum (MTA) of olefins, including 950 kilotons per annum (KTA) of ethylene; 400 KTA of propylene; 100 KTA of butadiene; and 1.4 MTA of polyolefins, including 500 KTA of high-density polyethylene (HDPE), 500 KTA of linear low-density polyethylene (LLDPE), and 400 KTA of polypropylene (PP).
SCG said the complex can serve 54% of the polyolefin market in Vietnam and increase SCG Chemicals’ overall nameplate capacity by 42%. The factory successfully conducted the startup of a polyolefins line in June 2023, completed the setup of an olefins line in October 2023, is progressing on a test run of the olefins line in November-December 2023, and is scheduled to conduct full operation soon.
SCG stressed that its capital expenditure and investments reached THB27.45 billion ($772.9 million) in January-September, with LSP activities accounting for one-third of the figure.