Siam Cement has posted a record-high quarterly net profit for the first quarter this year, thanks to strong showings of most its core businesses, particularly petrochemical and cement. The company’s first quarter net profit surged to THB7.36bn from THB5.53bn a year earlier.
Siam Cement should benefit from the country’s continued economic growth as its core products rely heavily on local consumption, analysts said. The government has set an economic growth target of 7-8 per cent this year. In the first quarter alone, economic growth is expected to exceed seven per cent.
Net sales in the quarter came to THB43.72bn, up from THB36.50bn a year earlier, due to a sharp rise in petrochemical prices and higher demand for cement and construction materials on the back of the growing economy, the company said in a filing with the Stock Exchange of Thailand.
In a separate filing, Siam Cement said its 75 per cent -owned unit CPAC Roof Tile Co. will invest THB721m to set up a new plant for premium color tiles, ceramic tiles and roof fittings. The plant, with a combined production capacity of 6.8Mm2 a year, is expected to commence operations in July next year.
