SCG pouring in more investments in SE Asia

MANILA, Philippines - Thai conglomerate Siam Cement Group (SCG) has vowed to continue pouring investments in Southeast Asia after operations in the Philippines and other parts of the region remained strong in the first quarter of the year.

SCG said revenues in the Philippines improved two percent year-on-year in the first three months of 2016 to $42 million, driven primarily by robust packaging business.

Total assets of the group in the country amounted to $208 million as of March.

SCG started operations in the Philippines in 1993 and now has a total of seven subsidiaries and approximately 1,100 employees.

The company offers a variety of premium products and services to building materials and packaging markets.

In terms of its ASEAN operation excluding Thailand, revenues jumped 21 percent year-on-year to $353 million.

SCG said revenue from the region accounted for 11 percent of the group’s total revenue during the first quarter.

“For the ASEAN region, where economic growth continues at a steady pace, SCG’s investment plans are on track, with the cement plants in Indonesia and Cambodia now in commercial operation. Meanwhile, the cement plants in Myanmar and Lao are expected to commence operation in the third quarter of 2016 and mid-2017, respectively,” SCG president and chief executive officer Roongrote Rangsiyopash said.

“These investments are integral in supporting SCG’s business growth within the ASEAN region. The company will continue to expand its regional investments, emphasizing on forging partnerships with established players in the industries in order to develop and grow together” Roongrote added.

In the Philippines, SCG Cement-Building Materials, SCG Chemicals and SCG Paper are the company’s three core businesses.