April 28 – SCG announced Operating Results of Q1 of 2016, showing a 23% increase in profit due to better performance of the chemicals business. The company also further committed to continuing its investments in the ASEAN region.
Roongrote Rangsiyopash, President and CEO of SCG, disclosed the company’s unaudited Operating Results for Q1/2016, with registered Revenue from Sales of 3,873 billion Kyats ($ 3,084 million), an increase of 4% quarter on quarter and a flat year on year. Profit for the period reached 480 billion Kyats ($ 382 million), a gain of 19% quarter on quarter. Sales growth on a year on year basis was relatively flat at 3,873 billion Kyats ($ 3,084 million), while profit for the period grew 23% year on year, following strong performances in the chemicals and packaging businesses. Export revenue in Q1/16 accounted for 27% of SCG’s total Revenue from Sales, representing a decrease of 8% year on year to 1,041 billion Kyats ($ 829 million).
Based on Q1/2016 report, SCG in Myanmar owned 422 billion Kyats ($ 348 million) worth of total assets, an increase of 73% year on year. The company reported Q1/2016 revenue from sales at 6 billion Kyats ($ 5 Million), a 2% increase year on year mainly from distribution business.
In Myanmar in the first quarter of this year, SCG has established two entities in Logistics and PVC – Pipe Business under the SCG Cement-Building Materials and SCG Chemicals, respectively. Along with Myanmar’s continuous development, the company has prioritized its preparation for sales and distribution channel, logistics, well-trained workforce, and working system to serve forthcoming commercialization of the cement plant in the third quarter of this year.
