Siam Cement Group (SCG) Philippines more than doubled its revenues in the second quarter, thanks to robust packaging, ceramics, and export sales.
The cement firm reported that its Philippine unit booked P4.55 billion in revenues for the period, 128 percent higher than last year’s figure.
SCG’s total assets in the country, meanwhile, grew by 5 percent to P19.9 billion on the back of its cement building material business.
The company said the local unit has been implementing hybrid workforce arrangement and exploring new solutions amid the pandemic to cope with the challenges.
“The company plans to diversify and increase its product portfolio to address the recent upturn in home improvement as spending on home renovations and repairs is expected to stay strong in the coming quarters,” it said in a statement.
While the operations of United Pulp and Paper Co. Inc. (UPPC) have continued, SCG flagged the rising costs of raw materials because of supply chain disruptions. UPPC, despite the restrictions, continues to provide service for manufacturers of food and beverage, personal care, pharmaceuticals and other industries.
Mariwasa, SCG said, has been expanding its product line with the goal of enhancing manufacturing process and addressing growing demand.
For its Asean operations, excluding Thailand, SCG said its revenues grew by 48 percent year-on-year to $1.13 billion in the second quarter. Of the figure, sales accounted for 26 percent. The company’s sales came from both local operations in each Asean market and imports from Thai operations.
Total assets of SCG stood at $25.34 billion as of June 30.
“Many countries have reinstated stringent measures aimed at curbing the spread of the virus. SCG has accordingly stepped up its health and safety protocols to serve all stakeholders and maintain business continuity,” SCG Chief Executive Officer Roongrote Rangsiyopash said.
SCG said it has “adapted its business strategies to drive sales to markets less impacted by the COVID-19 pandemic as well as increase its reliance on e-commerce.”
The company also ventured into the automation industry to boost productivity.