HoonSmart.com>> “Siam Cement” (SCC) reveals 1Q24 net profit of 2,425 million baht, down 85% from the year-ago period, supported by special items. Sales revenue was 124,266 million baht, up 3% from the previous quarter. Sales grew in almost every business group, helping EBIDA reach 12,623 million baht, a 16% increase from the previous quarter and 4% growth over the previous year, supported by the Cement and Construction business group. 3 brokers showing better results than expected
Siam Cement Company or SCG (SCC) disclosed operating results for the first quarter of 2024, net profit of 2,424.85 million baht, earnings per share of 2.02 baht, down 85% with net profit of 16,525.73 in the same period last year. Million baht, earnings per share were 13.77 baht
In the first quarter of 2024, SCG sales revenue was 124,266 million baht, up 3% compared to the previous quarter. From higher sales in almost every business group, EBITDA was 12,623 million baht, up 16% compared to the previous quarter. This was attributed to the improved performance of the cement and construction business groups. This is the result of green materials and management to increase efficiency. Profit for the period was 2,425 million baht, up 3,559 million baht from the previous quarter. From increased profits in almost every business
However, when compared to the same period last year. SCG's sales revenue declined by 3%, mainly from its cement and construction-related businesses. However, the lower sales volume of the chemicals business increased by 4% compared to the same period last year. From the cement and construction related business group
Meanwhile, profit for the period fell by 85% compared to the same period last year. Because there was a special item from adjusting the fair value of investments in SCG Logistics in the first quarter of 2023, a non-cash item worth 11,956 million baht, the performance of the chemicals business decreased in the quarter.
In the first quarter of 2024, SCG shared a profit of 1,786 million baht from related companies, an increase of 173 million baht or 11% compared to the previous quarter. By sharing the profits of related companies
The chemical business accounted for 26% of the total or 458 million baht, a decrease of 182 million baht from the previous quarter. Profit sharing from partners in other businesses is 74% of the total.
or 1,328 million baht, an increase of 355 million baht from the previous quarter.
SCG has dividend income equal to 207 million baht in the first quarter of 2024, which is 64 million baht higher than the same period last year. This comes from 114 million baht from related companies (SCG owns 20 – 50% shares) and dividends received from other companies. (SCG holds less than 20% stake) 93 million baht.
Regarding capital expenditures and investments for the first quarter of 2024, there is a value of 9,375 million baht, the investment ratio is 60% chemicals business, 19% cement and construction related business, 16% packaging business and other segments. 5%, most capital expenditures and investments Planned capital expenditures and investments for 2024 are approximately 40,000 million baht.
SCC's profit for the first quarter of 2024 is better than 3 brokers' expectations, Dao Securities expects a net profit of 2,000 million baht, DBS Vickers Securities expects a net profit of 1,840 million baht in the year-ago quarter, 89% lower than the previous year and Trinity Securities. Net profit is expected to be 1,700 million baht, down 90% from the year-ago period, while Krungsri Patanasin Securities expects a net profit of 2,489 million baht, down 85% from the year-ago period.
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