SCG posts high revenue figures despite economic recession
EVEN with the coronavirus pandemic affecting business operations worldwide, the Siam Cement Group (SCG) revenue for the Q1 2020 showed similar figures to the previous quarter.
To ensure consumer safety and convenience, the company has turned to digital technology to deliver products, services and solutions along with a strategic preparedness plan to mitigate disruption impacts and capture new opportunities.
The company unreviewed operating results for the first quarter of 2020 registered a revenue from sales of P171,685 million (US$3,379 million), a decrease of six percent year-on-year. However, the figure was similar to the previous quarter with increased revenue from cement- building materials and packaging businesses offset Roongrote Rangsiyopash disclosed.
He assures partners and consumers that the company can face the challenges Covid-19 Meanwhile, to government health brought profit crisis regulations. about while for the by adhering period the US$223 reached million, P11,318 a decline million of 40 or percent year- on- year and two percent quarter-on-quarter due to the decline in the performance of the chemicals business in light of decreased product margins.
As of March 31, total assets of the P1,102,537 Thai company million amounted or US$21,681 to million, with SCG Philippines owning P19,975 million or US$ 393 million worth of total assets, an increase of 53 percent year- on- year, mainly from the packaging business. SCG was able to maintain company operations and production during quarantine by implementing a full-blown business continuity enforcing especially management health social and plan, safety distancing. while measures, The company also leveraged digital infrastructure such as a cloudbased tool to assist employees working from home. To support the fight against Covid-19, SCG and its subsidiaries donated face masks, PPE and sacks of rice for frontliners in Calumpit, Bulacan and Sto. Tomas, Batangas.