Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept

Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.

According to the group's performance review for the period, Vietnam was its biggest market in ASEAN, excluding Thailand as its home market.

Other major ASEAN markets were Indonesia with a revenue of THB29.84 billion ($880 million) and Cambodia with THB9.41 billion.

Thailand was SCG’s biggest market, accounting for 55% of its total revenue at THB380.66 billion ($11.2 billion).

SCG said its Long Son Petrochemicals Complex (LSP) made an earning of negative THB2.19 billion ($64.6 million) in Q3/2024, following negative THB2.2 billion in Q2/2024 and negative THBB2.62 billion in Q1/2024.

The figure did not include a non-recurring financial gain from unwinding the interest rate swap (IRS) at THB2.18 billion ($64.4 million).

Long Son, located in Vietnam’s southern province of Ba Ria-Vung Tau, is a $5.2-billion facility invested by SCG’s subsidiary SCG Chemicals (SCGC).

Also in its quarterly review, SCG said “The LSP plant has temporarily halted operations to manage overall business costs, with plans to reassess operations when conditions are more favorable.”

However, SCG affirmed it would invest an extra $700 million in LSP to diversify its production. It will utilize ethane imported from the United States as raw material for the complex, in addition to propane and naphtha.