Mitihoon – 30 October 2025, Bangkok: Amid the ongoing global and domestic economic slowdown, SCG has maintained its resilience, as reflected in its Q3/2025 performance, which recorded a Profit excluding inventory loss and restructuring of 774 MB, while the Loss for the Period was 669 MB. For the 9M/2025, SCG reported a strong EBITDA of 44,511 MB. SCG anticipates that global and Thai economic headwinds will persist through 2026 and the company is accelerating efforts to strengthen its overall competitiveness through four key strategies: expanding Low Carbon Cement and ceramic products to capture high demand in Vietnam; broadening its Smart Value Products portfolio to seize opportunities amid weakened consumer purchasing power; continuously reducing costs through AI and robotics integration; and enhancing revenue through solutions with confidence in building the business’s immunity and resilience.
Thammasak Sethaudom, President and CEO of SCG, said that both the global and Thai economies in Q3/2025 remained under pressure from trade wars, U.S. import tariffs, and the prolonged Russia–Ukraine conflict. In addition, the Thai baht appreciated by around 5%, reaching its strongest level in four years, which continuously affected exports, investment, tourism, and domestic consumption.
The International Monetary Fund (IMF) projects global GDP growth to decelerate to 3.2% in 2025 and 3.1% in 2026, while Thailand’s GDP is expected to grow by only 2% in 2025, below the ASEAN average, and may further slow to 1.6% in 2026.
“SCG assesses that the current economic turbulence will be prolonged and marked by significant uncertainty arising from both external and domestic factors. Therefore, the company began adapting since last year by maintaining strict financial discipline, reducing costs, centralizing production to eliminate redundancies, restructuring its business operations, and developing Smart Value Products, HVA, and Green products to meet market needs across all segments while expanding into new markets. These efforts have resulted in strong cash flow and stable business performance,” said Thammasak.
In Q3/2025, SCG maintained a strong EBITDA of 14,191 MB. The company reported a Profit of 774 MB, which does not include 1) the inventory loss of 1,348 MB from SCGC (Chemicals Business), mainly from the Long Son Petrochemicals (LSP) plant in Vietnam, which had recently commenced operations and therefore increased inventory levels to support market demand, and 2) restructuring items. Including these two items, the company recorded a Loss for the Period of 669 MB.
Revenue from sales totaled 121,793 MB, a decrease of 2% from the previous quarter, primarily due to seasonal factors in the cement and construction-related businesses, as well as reduced sales from SCGP.
Key operational highlights by business in Q3/2025. Despite the seasonal slowdown in the construction sector, the Cement and Green Solutions Business reported a profit of 1,583 MB, supported by cost restructuring initiatives and the continuous expansion of Low Carbon Cement markets in Thailand and ASEAN. SCG Decor recorded a profit of 305 MB, with PRIME Vietnam serving as a key production base for exports across ASEAN. The strong performance was driven by effective cost management and a focus on developing High Value Added (HVA) and high-growth products that create added value for the business and meet the needs of modern consumers. Meanwhile, SCG Smart Living and SCG Distribution and Retail achieved a combined profit of 60 MB, driven by accelerated cost reductions through the use of AI and automation systems, along with more efficient raw material management.
SCGC reported a loss of 3,999 MB, as the business continued to face a narrowing spread of chemical product prices. Nevertheless, the company maintained a high production utilization rate of 85–90%, exceeding the industry average. The Long Son Petrochemicals (LSP) plant in Vietnam resumed operations in August 2025, ensuring regular machinery maintenance, sustaining customer relationships, and enabling flexible cost management through the immediate adjustment of feedstock ratios between propane and naphtha according to market conditions. A prolonged shutdown would have resulted in lost business opportunities and significant restart costs in the future.
SCGP reported a profit for the period of 953 MB. The overall packaging industry in ASEAN improved, driven by domestic consumption and the recovery in exports, particularly in daily consumer goods, apparel, and footwear, fueled by advance preparation of goods for the year-end festive season while pulp and paper selling prices declined. In response, the company focused on expanding its consumer packaging businesses, integrating its regional supply chain, and improving cost efficiency through advanced technology. SCGP also increased the proportion of renewable energy usage to 38.6% of total energy consumption.
For the period of 9M/2025, EBITDA was 44,511 MB, an increase of 15% from the same period last year. Profit for the Period was 17,767 MB, an increase of 159%, while Revenue from Sales stood at 370,870 MB, a decrease of 3%.
Over the past twelve months, SCG has consistently implemented measures to strengthen its financial position. Working capital decreased by 21,571 MB, net debt declined by 32,226 MB, and financial costs were reduced by 193 MB, representing a decrease of 2%. The net debt-to-EBITDA ratio stood at 4.7 times, with cash on hand at the end of Q3/2025 amounting to 50,662 MB, reflecting the company’s disciplined and prudent financial management.
Although the global economy remains fragile and unpredictable, SCG is confident that its timely adaptation strategies have proven to be the “right form of immunity.” This is reflected in the company’s strong operating performance and robust EBITDA. SCG continues to advance four key strategies to strengthen business resilience and navigate the prolonged global economic slowdown as follows:
Strategy 1: Maintain continuous financial discipline, manage stable cash flow, and use working capital prudently. Continue to restructure business operations and reduce costs with AI & Robotics. For example, SCG Decor has implemented robotics and AI to assist in product quality inspection, control production processes, and manage its warehouse, reducing costs by over 20% per year. SCG Smart Living uses AI and automation systems to manage raw materials.
Strategy 2: Centralize production to eliminate redundancies, focusing on enhancing asset management efficiency in SCG’s businesses operating in ASEAN to reduce production and export costs. For example, SCG Smart Living has consolidated its concrete roof tile production line at the Lamphun plant, resulting in annual cost savings of 10 MB.
Strategy 3: Penetrate the Vietnamese market, a new production base for global export.
Vietnam has shown outstanding growth, with its GDP expanding by over 7% driven by government stimulus measures and continuous investment, which is conducive to the real estate, construction, and consumer sectors. With competitive advantages in energy, labor, and logistics costs, SCG is accelerating its expansion in Vietnam by increasing its Low Carbon Cement production capacity by 8,000 tons per day for domestic distribution and for export to the Americas, Australia, and Europe. It is also expanding the production and export of ceramics from Vietnam to the global market. Meanwhile, the Long Son Petrochemicals (LSP) plant in Vietnam has adjusted its production plan to increase the proportion of propane feedstock, which offers cost competitiveness amid volatile raw material prices. The LSPE (LSP Ethane Project), which aims to enhance LSP’s ability to utilize ethane feedstock, continues to progress as planned and is expected to be completed by the end of 2027. This will help reduce production costs and increase long-term competitiveness.
Strategy 4: Expanding the Smart Value Products – HVA – Green product and service portfolio.
- Meet consumer demand amid the economic slowdown, SCG is expanding its Smart Value Products and service group, offering “good quality at a valuable price”, which includes both structural products and decorative materials. Examples include: “Dura One” structural cement and plastering mortar, which is strong and easy to use; “SCG Ceramic Roof Tile – Celica SRA” for religious buildings and special design work; “UNIX” flooring and doors; “TOPSTEEL” steel products for wall frames, ceilings, and roofs; and the “SCG Saver Roof Package” roofing service package. Additionally, Home Improvement services from Q-Chang are available, such as indoor flooring installation and home painting services. This product group is expected to gain high popularity amid the continuing economic slowdown.
- Accelerate the production capacity increase for Green Products and High Value Added Products (HVA). Examples include:
The expansion of Low Carbon Cement production capacity by 2 million tons per year at Saraburi Province, along with the development of Low Carbon Cement Generation 3, which aims to reduce carbon dioxide emissions by up to 38% by 2027; CPAC Extra Base Layer, an innovation for road repair and construction that reduces subsidence and provides long-lasting stability against water erosion; UHPC (Ultra High Performance Concrete) Bridges, construction time by up to 50%; 3D Printing Mortar, technology for constructing buildings with complex designs, expanding into markets in Japan, Saudi Arabia, and Malaysia; Upgrading SCG’s comprehensive “Roof Installation” service with integrated Drone AI inspection and 3D structural analysis to detect roof leaks more accurately, ensuring faster, safer, and more precise repairs; SCG Comfort Tile, Thailand’s first cement floor tile utilizing HeatSync Technology, reduces heat accumulation by 3–7°C, providing a cooler and more comfortable surface; DUACT, a water-saving tankless sanitary ware model, and “Eggshell and Snail Shell Glazed” designs that lower greenhouse gas emissions during production; Innovative plastic resins from SMX technology that help reduce product thickness while maintaining strength. These are developed into various products, such as large-scale industrial mining pipes, carbonated drink bottle caps, chemical tanks, and consumer goods packaging; and Recycled plastic innovations, including both mechanical recycling and advanced recycling technologies, which are used to produce safe, Food Grade packaging certified under the ISCC PLUS standard, covering the entire supply chain.
“Amidst the prolonged global economic turbulence, SCG assesses that challenges will persist into next year, driven by unresolved factors such as clearer economic polarization, expanding trade barriers, and the appreciation of the Thai baht beyond fundamental levels, which continue to pressure Thailand’s exports and tourism. Despite increasingly challenging conditions, we remain confident that the decisive measures implemented over the past year are the right course of action. These include strengthening financial discipline, restructuring operations, and expanding into high-potential markets, all of which have established a solid foundation for SCG’s continued strength and resilience,” Thammasak concluded.
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