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News SCG to cut costs after 2024 nine-month financial results

SCG to cut costs after 2024 nine-month financial results

Written by Global Cement staff 01 November 2024
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Thailand: Siam Cement Group (SCG) plans to cut costs by US$147m in 2025 to address a 75% year-on-year fall in nine-month profit to US$202m. Despite stable revenue of US$11.2bn during the period, earnings before interest, taxation, depreciation, and amortisation (EBITDA) dropped by 10% year-on-year to US$1.15bn.

In the third quarter of 2024, SCG reported revenue of US$3.79bn and EBITDA of US$292m, with profits dropping by 81% to US$21.3m due to currency exchange losses.

SCG aims to boost liquidity by selling assets and enhancing production efficiency, including a 50% increase in alternative fuel use in cement production, according to The Nation newspaper. Non-profitable businesses will be suspended, with further evaluations by mid-2025.

Thammasak Sethaudom, president and CEO of SCG, anticipates only a 3% rise in revenue for the coming year amidst global economic fluctuations and regional market challenges.

Last modified on 06 November 2024
Published in Global Cement News
Tagged under
  • Thailand
  • SCG Cement
  • Results
  • GCW684
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