ASIAN cement and chemical conglomerate Siam Cement Group (SCG) said on Wednesday its net income in the first quarter of 2017 grew more than 29 percent on the solid performance of its chemicals business and non-recurring gain from the sale of assets.
SCG President and Chief Executive Officer Roongrote Rangsiyopash said net income grew to $495 million in the first three months from $382 million recorded in the same period last year.
Revenue from sales rose 7 percent year-on-year to $3.3 billion. Export revenue, which accounted for 27 percent of total revenue from sales, was also up 7 percent year-on-year at $884 million.
According to the company’s first quarter financial report, total assets of its unit SCG Philippines reached $194 million, an increase of 2 percent year-on-year. However, it said the Philippine unit’s revenues fell by 3 percent in the first three months.
Commenting on its Philippine operations, SCG said it recently expanded its product variety in the cement-building materials business unit by introducing SCG Grey Cement Type 1 to the market during Worldbex 2017, the biggest Philippines World Building and Construction Exposition so far.
In addition, SCG said its cement business has achieved the Philippine Quality Standard guaranteeing the premium quality of its cement products.
Regionally, SCG said it increased its investment in the Long Son Petrochemicals project in Vietnam. It is currently in the final stage of financial investment decision with its Vietnamese partner. Construction time is expected to be over a five-year period with plans for commercial operations in 2022.