Displaying items by tag: Thailand
SCG to cut costs after 2024 nine-month financial results
01 November 2024Thailand: 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.
Siam Cement Group to invest US$6bn in sustainability initiatives
18 September 2024Thailand: Siam Cement Group (SCG) will allocate US$6bn between 2025 and 2030 to improve the sustainability of its businesses. The investment focuses on SCG Chemicals and SCG Cleanergy, with the latter increasing its renewable power capacity to 3500MW by 2030 and constructing a new heat battery unit for energy storage at the SCG cement plant in Saraburi. The company is also looking to expand into Vietnam, Indonesia and the Philippines.
President and chief executive Thammasak Sethaudom said “We focus on these businesses as they promise sustainable growth, in line with our inclusive green growth mission.”
Ratanarak Group increases stake in Siam City Cement
20 August 2024Thailand: The Ratanarak Group, through its subsidiary Sunrise Equity, has increased its stake in Siam City Cement to 71.88% by acquiring a 25.54% share from Singapore-based Jardine Cycle & Carriage for US$354m. This move consolidates the Ratanarak Group's position as the sole major and controlling shareholder.
Philippines: Thailand-based producer Shera announced that its upcoming fibre cement plant in Mabalacat, Pampanga, has reached 60% completion and is on schedule to commence commercial operations by January 2025. The plant will be the company’s first production facility outside Thailand, capable of producing 0.24Mt/yr of fibre cement. The Mabalacat facility will also export to Taiwan, South Korea and parts of North Asia and Oceania and will create jobs for up to 150 people.
Ongek Taechamahaphant, chair and director, said “Our Mabalacat plant is a major step in Shera’s plan to expand further in the Philippine market. We know that once this facility is fully operational by 2025, more Filipinos will easily be able to access our eco-friendly and durable fibre cement products.”
Siam Cement reports first half results
25 July 2024Thailand: Siam Cement has reported its results for the first half of 2024. Sales stood at US$13.9bn, slightly down from US$14bn previously. Net income declined threefold to US$340m compared to US$1.36bn a year ago.
For the quarter ending 30 June 2024, the company recorded sales of US$3.5bn compared to US$3.45bn in June 2023, and a net income of US$102m compared to US$223m.
Thailand: Siam Cement Group has awarded JGC Corporation the pre-feasibility study for a carbon capture and utilisation (CCU) facility at a cement plant in Thailand. The study will determine the technology license, assess the required production capacity for CO₂ capture facilities and evaluate the economic feasibility of constructing a CCU facility, which will capture and convert CO₂ from SCG's cement plant emissions into new chemical products.
Canadian government sets out priorities for decarbonising the global cement and concrete sectors
07 June 2024Global: Ministers from Canada and the UAE have established priority actions to decarbonise the global sector. The announcement follows the initiative's launch at the United Nations Climate Change Conference (COP28) in December 2023.
The plan outlines sector-specific actions across themes such as education, innovation and environmental coordination. These efforts aim to make ‘near-carbon neutral’ cement production the preferred option globally by 2030.
In addition, the government of Canada and the United Nations Industrial Development Organisation (UNIDO) have announced a new partnership aimed at accelerating decarbonisation in Thailand’s cement and concrete sectors. The collaboration was unveiled in conjunction with the CEO Gathering and Leaders Conference in Bangkok, hosted by the Global Cement and Concrete Association (GCCA). The partnership will provide technical assistance and investment support to develop policies, a regulatory framework and a national net-zero roadmap.
Global: Policymakers, including those from the governments of Canada, the UAE and Thailand, are meeting cement industry CEOs in Bangkok to discuss how to further advance the decarbonisation of the cement industry. Thailand’s Minister of Industry, Pimphattra Wichaikul, opened the conference.
Wichaikul said “Thailand is one of the first countries in the word with a credible national roadmap for delivering on the cement industry’s net zero commitments. Key to success is innovation, cross-sectorial cooperation, strong leadership with clear targets and international collaboration to drive policy and implementation.”
Fernando González, CEO of Cemex and President of the GCCA, said “We have strong commitments and are already delivering the goal of building a more sustainable industry, and by working with governments, policymakers, built environment experts and other key players we have the opportunity to accelerate our progress in this important ‘decade to deliver’.”
The UN’s Industrial Development Organization (UNIDO) also unveiled a new package of investment, technical and other support, to help Thailand decarbonise its own cement industry.
Thailand: B.Grimm Power has partnered with Siam City Cement (SCCC) to establish a joint venture named ‘Insee B.Grimm Solar.’ This collaboration aims to develop a solar rooftop project and a ground-mounted solar photovoltaic (PV) project within SCCC’s plant located in Saraburi province.
This project is expected to contribute to Thailand’s clean energy goals by reducing reliance on fossil fuels and integrating renewable energy sources into industrial operations. Specific details regarding the project’s capacity and timeline are not yet available.
Thailand: Siam Cement Group (SCG) has begun construction of a commercial heat battery supplied by Rondo Energy at its cement plant in Saraburi Province. It will be the first heat battery in Southeast Asia and the first heat battery deployed at a cement plant, according to the company. The project is a collaboration between Rondo Energy and SCG Cleanergy, a wholly owned subsidiary of SCG. Rondo Heat Batteries capture intermittent electricity and store energy as high temperature heat in bricks, to deliver continuous industrial heat and power on demand. This installation will convert local solar power into continuous zero-carbon heat and power for cement production.
President of Rondo Energy, Eric Trusiewicz, said "Electrification of cement production requires a large-scale and low-cost energy storage solution, as renewables are not available 24/7 but cement production needs to be."