THAILAND-based Siam Cement Group (SCG) is banking on the government’s infrastructure program to boost its revenue by 10 percent this year from sales on construction materials.
Country Director Anuvat Chalermchai on Monday said SCG is expecting revenue to grow 10 percent this year on the back of stronger sales demand brought about by the government’s “Build, Build, Build” program.
The firm’s revenue for the whole of last year grew 26 percent to P18.53 billion.
Sales of cement and building materials alone were at P7.5 billion, of which 51.6 percent was contributed by local partner and ceramic tile producer Mariwasa.
Chalermchai said SCG is banking on the infrastructure binge to spur demand for construction materials. He added SCG will also ride on the strong macroeconomic fundamentals of the Philippines and the heavy spending during the election period.
However, he identified the trade conflict between the United States and China and the unstable world crude oil prices as possible impediments to hitting their growth target.
“The Philippines has always been a strategic country for SCG due to its dynamic market. I am [looking] forward to develop better collaboration with our partners seamlessly bringing SCG’s products, services and solutions to more Filipinos with better convenience,” Chalermchai said.
Further, he discounted any possibility SCG will see its sales on cement reduced with the import tax in place, as the country is not a strong landing market of SCG cement.
SCG is the largest and oldest cement producer in Thailand and in the entire Southeast Asia. In 2016, it was named the second-largest firm in Thailand and the 604th-largest public company across the world.