SCG Cleanergy, an end-to-end clean energy electricity trading provider. — Photo courtesy of SCG

HÀ NỘI —  Thai conglomerate SCG witnessed a business recovery in the second quarter of this year due to swift adjustments to operational plans amid a slowing ASEAN and Chinese economy, the company announced on Wednesday. 

In Q2 alone, SCG reported revenue from sales of US$3.7 billion and its profit excluding extra items of $154 million, up 14 per cent quarter-on-quarter, largely due to dividend income from the investment business.

However, SCG's revenue from sales saw a year-on-year decrease of 17 per cent to $7.5 billion in the first half of this year due to a reduction in all business groups' sales due to softened demand. 

Despite this, the company's profit for the period increased by 31 per cent year-on-year to $726 million, primarily due to the one-time gain from fair value adjustment of investment. Profit excluding extra items hit $289 million), down 49 per cent year-on-year.

For SCG’s operation in ASEA, the revenue from sales in H1 recorded a 24 per cent decrease year-on-year, amounting to $1.3 billion.

The company attributed this decline to factors such as reduced export activities and lower business performances across strategic markets within the region.

 As of 30 June 2023, SCG's total assets amounted to $26.5 billion. Of these, the total assets of SCG in ASEAN (ex-Thailand) were US$ 11.9 billion, or 45 per cent of SCG’s total consolidated assets.

SCG said it is prepared to seize opportunities from the global market recovery by accelerating four business strategies that address global mega-trends including the largest integrated petrochemical complex in Việt Nam, a strategic production base in the ASEAN region with high potential; partnering with global business leaders in sustainable advancements to further enhance green innovations in line with global market demand and ESG trends.

Others are investing in technology for thermal media that stores heat from clean energy and preparing SCG Decor to enter the stock market. 

With a total of 26 companies across Việt Nam driven by more than 15,500 employees, SCG offers a variety of premium products and services to markets. — VNS