SCG announced Q1/2019 Operating Results and is ready to exponentially accelerate growth strategy, especially the Packaging Business and retail offshoot of Cement-Building Materials Business which display a consistent growth track. The overall operating results show an increase in profits of 11% quarter on quarter (q-o-q) but dropping 6% year-over-year (y-o-y), primarily due to oil price fluctuations and global economic slowdown.
Roongrote Rangsiyopash, President and CEO of SCG, disclosed that the company’s unaudited operating results for Q1/2019, with registering revenue from sales of 5,429 Billion Kyats ($ 3,554 Million), a decrease of 4% quarter on quarter (q-o-q) and 5% year-over-year (y-o-y), mainly from lower chemicals product prices due to weak global demand. Meanwhile, profit for the period reached 563 Billion Kyats ($ 369 Million), an increase of 11% q-o-q chiefly thanks to all businesses performed better than the previous quarter but decreased 6% y-o-y mainly due to the decline in performance of Chemicals Business in light of decreased product margins.
SCG’s revenue of high value-added products and services (HVA) sales for Q1/2019 reached 2,196 Billion Kyats ($ 1,438 Million), close to that of the previous year, and accounting for 40% of the total revenue from sales. The company’s spending on innovation research and development totaled 70 Billion Kyats ($ 46 Million), or 1.3% of total revenue from sales.
