Thailand’s Siam Cement Group Public Co ltd (SCG) recorded a 7 percent growth in Cambodian sales revenue during the first quarter of 2020, derived from cement manufacturing and building materials, according to the company’s quarterly report.
Based on the Q1 2020 report, SCG’s Cambodian business arm owned $373 million in total assets, an increase of 5 percent year-on-year and had sales of $67 million, an increase of 7 percent compared with the previous quarter.
Globally, the company registered sales revenue of $3.379 billion, dropping 6 percent on a year-on-year basis, the drop was attributed mainly to lower chemical prices because of weak global demand. Overall profit was badly hit for the period, reaching only $223 million, a decline of 40 percent year-on-year and 2 percent quarter-to-quarter because of the decline in the performance of the company’s chemical business in the light of decreased product margins.
Roongrote Rangsiyopash, president and CEO of SCG, said that amid the hostile environment and global economies being affected by COVID-19 pandemic, SCG is putting its best efforts into maintaining the operating results of Q1 2020 close to the previous quarter. He said, that the company has a strong dedication to proactively and promptly keep the business up and running with a solid business continuity management plan, along with a prepared disruption response plan and strict adherence to the government’s health and safety measures.
“The company has leveraged digital technologies to assist more than 90 percent of employees at the office to work from home and streamlined end-to-end supply chain management ensures the delivery of products, services, and solutions to customers in a convenient and safe manner,” Rangsiyopash said.He added the company is seeking new opportunities to serve evolving needs, for instance shifting sales to online platforms or considerably catalysing the use of Blockchain for procurement, invoicing, and payment with partners.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.