Siam Cement sees net profit rise 7% in 2020

Thailand’s Siam Cement has reported a nine per cent decline in revenue from sales to THB399.94bn (US$13.3bn) for 2020, compared to THB437.98bn in the previous year.

However, its net profit rose seven per cent YoY to THB34.41bn from THB32.01bn, on the back of an improved performance in all of its businesses.

The company expects its total earnings in 2021 to grow by 5-10 per cent from the THB399bn last year, driven by high value-added product development and the circular economy.

"We have a positive outlook for our businesses because we have strong strategies," said SCG President and CEO, Roongrote Rangsiyopash.

"The company is focused on high value-added products and global trends to support our businesses during the outbreak."

Thammasak Sethaudom, vice president for finance and investment, said the company will allocate a budget of THB60-75bn for new investment projects this year, including mergers and acquisitions domestically and abroad.