Thailand · Delayed Price · Currency is THB The Siam Cement PCL Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong financial recovery despite severe supply chain disruptions, with EBITDA and net profit rising sharply year-on-year. Strategic divestments, cost controls, and growth in ASEAN markets strengthened the balance sheet, while ongoing geopolitical risks and overcapacity in China pose challenges.
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Q1 2026 saw strong EBITDA growth and improved profitability across all business units despite global volatility from the Iran war and supply chain disruptions. Strategic focus included energy cost reduction, supply chain resilience, and a new JV study in olefins and polyolefins.
Fiscal Year 2025
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Adjusted EBITDA rose 6% year-on-year to THB 55 billion, with net debt reduced and strong cash flow maintained. Restructuring and divestments yielded recurring savings, while ASEAN, especially Vietnam, drove growth amid global volatility.
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Q3 2025 saw a net loss due to stock adjustments and restructuring, but nine-month EBITDA rose 15% year-on-year. ASEAN markets, especially Vietnam and Indonesia, remain growth drivers amid global volatility, while cost control, divestment, and clean energy expansion are key strategic focuses.
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EBITDA and operational performance improved in the first half, driven by restructuring, cost savings, and efficiency gains. Net profit was boosted by a one-time gain, while net debt and working capital were reduced. Ongoing risks include tariff uncertainties and soft demand in some segments.
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Q1 2025 saw improved EBITDA and net profit, driven by restructuring, cost savings, and strong infrastructure demand, despite revenue declines from LSP shutdown and weak global markets. Ongoing trade tensions pose risks, but flexible strategies and deleveraging continue.
Fiscal Year 2024
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Cost reductions and restructuring drove ongoing savings and strong cash flow, supporting debt reduction and a stable dividend. Cement and green solutions outperformed, while chemicals faced losses due to LSP depreciation. Strategic investments in green energy and recycling expanded, with cautious optimism for 2025.
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Q3 2024 saw flat sales but declining profits, with chemicals deeply impacted by weak China demand and oversupply. Cost-cutting, asset divestment, and green investments are prioritized to maintain stability, while cement and construction segments show signs of recovery.
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Revenue and EBITDA improved sequentially, driven by cost control, green product expansion, and regional growth, though chemical segment losses persist due to Long Son Petrochemicals. CapEx and leverage remain elevated, but cash position is strong and deleveraging is underway.