Thai giant SCG reaps $1.72 bln in revenue from Vietnam operation in 2022

Thailand’s Siam Cement Group (SCG) posted a revenue of 59.06 billion bhat ($1.72 billion) from its Vietnam operations last year, up 21% year-on-year, according to SCG’s financial statement.

Accounting for 10.37% of SCG’s total revenue last year at 569.61 billion bhat ($16.54 billion), Vietnam was the second-biggest source of revenue for SCG, only after its home country with 311.73 billion bhat ($9.05 billion).

Other major markets were Indonesia with 50.89 billion bhat ($1.48 billion) and China with 22.69 billion bhat ($657.46 million).

In terms of non-current assets, Vietnam was also the second-largest figure with 186.83 billion bhat ($5.43 billion), up 11.38% year-on-year, after Thailand with 216.11 billion bhat ($6.28 billion).

SCG earned an after-tax profit of 21.38 billion bhat ($621.03 million) last year, down 54.7% year-on-year.

SCG is a leading Southeast Asian business in the sectors of cement-building materials, petrochemicals, and packaging, with over 200 subsidiaries and 57,000 staff.

Entering Vietnam in 1992, the giant now has several subsidiaries in the country with over 16,000 staff. One of the most notable is tile-making company Prime Group JSC, which was acquired by the Thai giant in 2013.

Long Son Petrochemicals Co., Ltd. is a major subsidiary in the chemicals business of SCG. Long Son Petrochemicals Complex in the southern province of Ba Ria-Vung Tau could enter commercial operation by mid-2023 with construction 98% complete, Tharna Sanee, general director of LSP said on February 24.

Another chemicals business is Binh Minh Plastics JSC, which was acquired by SCG in 2018.

In the packaging business, SCG reached an agreement to acquire a 70% stake in Duy Tan Plastics Manufacturing Corporation JSC in 2021 for 7.87 billion bhat ($228.58 million) and completed the payment in 2022.