Philippines: Siam Cement posts 12% revenue growth in the Philippines

Bymc2008

Updated Mon, 18 May 2015 10:53:09 GMT

Siam Cement posts 12% revenue growth in the Philippines

Philippines: The Philippine operations of Thailand's Siam Cement Group (SCG) recorded a double-digit growth in revenues in the first quarter of 2015 due to stronger demand. SCG's products being sold in the Philippines include building materials, ceramic tiles, sanitary wares, and paper.

SCG said that its revenues reached US$43m in the first quarter of 2015, 12% higher than the US$38m in the same period of 2014. The rise was attributed to growing demand in the sanitary wares and paper market in the Philippines.

"SCG in the Philippines currently focuses on penetrating the market as well as building the SCG brand to strengthen its position and recall among Filipino consumers," said SCG president and CEO Kan Trakulhoon.

For the Southeast Asian region, SCG's total revenues reached US$3.35bn in the first quarter of 2015, down by 10% year-on-year due to lower chemical prices as a result of declining oil prices. In line with its aim of developing more high-value added products and services to meet customer needs, SCG has set aside US$147m for investments for research and development in the Southeast Asian region in 2015.

Given the overall positive economic outlook in the region, SCG intends to continue to expand investments. "We are confident that the region's overall economy is continuing on an upward trend and is extremely favourable. Thus, SCG's investments regionally will continue to grow," said Trakulhoon.