SCG announces Q2/2022 and H1/2022 operating results with robust financial standing, accelerating 5 strategies to address inflation, soaring energy prices, and climate change
SCG’s Q2/2022 operating results show continuous revenue growth despite energy costs’ effects on profits, maintaining robust financial standing and paying 6 Baht/share dividend with XD-date on August 10th. Deploying 5 strategies to tackle the global economic crisis including 1.) tightening expenses, lowering costs, increasingly use of biomass and solar energy, 2.) consistently push for innovative products and services, 3.) increasing financial liquidity, 4.) Reassessing and carefully prioritizing strategic investments such as LSP (96% progress) and acquiring a major packaging material recycling operator in the Netherlands; and 5.) accelerating ESG with eco-friendly innovations, continuing occupational development programs to help reduce inequality and creating stable income.
Mr. Roongrote Rangsiyopash, President & CEO, SCG discloses that “Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs as well as climate change, SCG continues to adapt, resulting in strong overall business and financial performances. Innovative product and service developments are in full gear, especially eco-friendly items with SCG Green Choice labels and innovations to meet consumers’ demands for safety and convenience, catering to the tourism and service sector’s recovery as borders fully open. Moreover, strategical investments are being prioritized, resulting in the delay of new projects that are unurgent while still going through with quick-return projects and ones that are aligned with the company’s long-term growth plans. This includes the LSP petrochemical complex project in Vietnam and SCGP’s acquisition of Peute, the largest packaging material recycling business in the Netherlands.
The Company’s unreviewed Operating Results for Q2/2022 registered Revenue from Sales of 152,534 MB, a flat q-o-q and an increase 14% y-o-y mainly due to higher sales across all businesses from higher product prices in-line with market prices. Profit for the Period is 9,937 MB, a decrease 42% y-o-y from rising feedstock costs in the Chemicals business following global oil prices as well as lower equity income at Chemicals business. Profit for the Period registered an increase 12% q-o-q due to dividend income from the investments business.