Thai construction materials producer Siam Cement Group (SCG) reported a dip in revenue from sales in the fourth quarter of last year, marred by the spread of Covid-19 and seasonal flooding.
According to the company’s unaudited operating results for 2020, SCG’s total consolidated assets amounted to $24.970 billion, of which $9.451 billion or 38 per cent were in ASEAN outside of Thailand.
Revenue from sales from non-Thai ASEAN operations logged an 11 per cent year-on-year drop to $838 million, accounting for 26 per cent of total revenue from sales. This, it said, “includes sales from both local operation in each ASEAN market and imports from Thai operations”.
In its fourth quarter report, SCG in Cambodia said its total assets rose 18 per cent year-on-year to $409 million.
The company reported $59.7 million in revenue from sales in the Cambodian market for the fourth quarter, down three per cent year-on-year, which it said includes sales of all operations – mainly from its cements manufacturing business and building materials. That figure was $252.3 million for the entire year 2020.
“In this quarter, Cambodia’s economy had been hit by the worst flooding in decades and the first community outbreak of Covid-19. The flooding caused many roads to be damaged and disconnected, the logistics of cement and building materials were severely affected.
“As a result, construction in flooded areas had to stop. Moreover, with the [first case] of local transmission, most Phnom Penh projects had to stop construction.
“These had a direct impact on Cambodia’s construction and real estate sectors. However, with the decrease in demand in the residential, commercial and industrial segments, the government is attempting to boost the economy by investing more in infrastructure.”
SCG president and CEO Roongrote Rangsiyopash said operating performance remained resilient last year amid challenges posed by the Covid-19 pandemic, due to the “collective effort” of company staff, who he said “placed great priority on safety and business continuity”.
He said: “The team adopted new strategies and introduced a series of agile business approaches from modifying business plans, altering sales proportions and developing the Active Omni-Channel to meet changing customer behaviours.
“With proactive measures and determination from all of SCG’s people, I believe SCG will once again overcome the uncertainties raised by the new wave of the Covid-19 pandemic.”