Siam Cement Group (SCG) Philippines registered P16.241 billion in revenues last year on the back of the double-digit growth in its topline in the fourth quarter.
In a recent statement, the cement manufacturer reported that its revenue from sales surged by 31 percent to P3.966 billion in the fourth quarter of 2021.
The group’s total assets in the country grew by 6 percent year-on-year to P19.752 billion in the fourth quarter.
The group was able to book an income growth “despite inflationary pressures, rising energy and raw materials costs, and the economic impact of the Covid-19 pandemic,” SCG said.
SCG Marketing Philippines introduced in the past year The Decormart, a one-stop shop for interior and exterior decorations.
Mariwasa Siam Ceramics Inc. also launched a tile ground product and a new vinyl tile collection.
The group’s overall full-year revenues last year improved by 33 percent to $16.756 million (P816.782 billion) as all its businesses performed better, particularly the prices and sales volume of chemical products.
As a result, profits in 2021 rose by 38 percent year-on-year to $1.475 billion or P72.684 billion.
In implementing environmental, social and governance (ESG) initiatives, SCG said it adopted a four-target approach that includes efforts in reducing carbon footprint, promoting green measures, reducing inequality and furthering collaboration.
SCG said it has committed an initial investment of 70 million baht ($2.17 million) by 2030 to improve its production process and develop low-carbon businesses. This is in line with its goal of achieving net-zero greenhouse gas emission by 2050.
The group said its greenhouse gas emissions declined by 1.3 million tons of carbon dioxide last year.
“At the same time, SCG increased the proportion of SCG Green Choice product sales from 33 percent in 2020 to 41 percent.”
Meanwhile, SCG President and CEO Roongrote Rangsiyopash warned businesses that their operational costs could rise.
“Businesses should be prepared for higher energy and raw material costs due to inflation. As purchasing power begins to recover, market forces drive up the prices of goods and services,” he said.
“Thus, business strategies in each industry must be appropriately optimized and businesses must have the financial discipline to cope with rising interest rates.”