Mitihoon – SCGD Reports 163% Profit Growth in Q3, Driven by Glazed Porcelain Tile Demand in Vietnam; Expands New Product Lines in Thailand with a Focus on SPC and Smart Toilets; Confident of Higher 2026 Profit YoY and on Track for THB 3,500 Million EBITDA by 2028
Bangkok – 27 October 2026: SCGD announced its operating results for the third quarter of 2026, reporting Adjusted profit of THB 308 million, excluding non-cash items. The result was driven by continued growth in regional sales, driven by volume of glazed porcelain tiles in Vietnam rising 32% across both domestic and export markets. The company is also pursuing a proactive plan to accelerate its expansion into New Product Lines in Thailand, such as SPC and Smart Toilets, alongside the consolidation of production bases to enhance efficiency and manage costs. In Vietnam, the company is investing to expand its glazed porcelain tile production capacity. SCGD is confident that its 2026 profit will exceed that of the previous year and is moving forward toward its EBITDA target of THB 3,500 million in 2028.
Mr. Numpol Malichai, Chief Executive Officer and President of SCG Decor Public Company Limited (SCGD), a leader in surface decoration materials and sanitary ware in the ASEAN region, stated: “In the third quarter, the company recorded an Adjusted Profit of THB 308 million, an increase of 163% from the previous quarter, on total sales of THB 5,638 million, up 5% quarter-on-quarter. This was primarily attributable to growth across all regional markets, particularly Vietnam, which benefited from rising domestic demand for construction materials. As a result, PRIME achieved continued growth in glazed porcelain tile sales volume, supported by its export capability underpinned by PRIME’s competitive cost structure under the Regional Optimization strategy. In addition, the company reduced its average cost of debt through the refinancing.
For the first nine months of 2026, Adjusted Profit stood at THB 657 million, a decrease of 8%, while Adjusted Cash EBITDA was THB 2,217 million, a decrease of 10%. This was due to the slowdown in the Thai market, as well as non-recurring cash items recorded in the second quarter of 2026, arising from business restructuring expenses and asset write-offs related to the Plant Consolidation project. Excluding these items, profit would have been THB 808 million and EBITDA THB 2,405 million.”
Mr. Sitichai Sukkitprasert, Chief Financial Officer of SCGD, stated: “SCGD is proactively adjusting its strategy by accelerating capacity expansion in Vietnam to meet continued demand growth, while adapting its plans in Thailand to respond to the market slowdown and volatile energy prices. This is being pursued through two main approaches:
1. Accelerating the expansion of glazed porcelain tile production capacity in Vietnam by an additional 13 million square meters per year, with operations expected to commence within the first half of 2027. Demand continues to grow strongly in both the domestic and export markets, particularly the Philippines, Malaysia, and other high-potential markets. As a result, the PRIME plant operated at full capacity during the third quarter, reflecting the business’s growth potential going forward.
2. Adapting plans in Thailand to address the market slowdown, enhance production efficiency, and drive new products.
2.1 Consolidating ceramic tile production lines in Thailand to enhance efficiency and competitiveness against imported products (Profitability from ASEAN Consolidation). Installation of the main machinery for a new production line is underway to support the production of Big-size Glazed Porcelain tiles, strengthening the company’s ability to compete with imports.
2.2 Expanding New Product Lines, including Stone Plastic Composite (SPC) products, Smart products, other decorative surfaces, and tile adhesives and grouts. In the first nine months of 2026, revenue from new products grew 29% year-on-year. SPC sales volume rose 24% year-on-year, with capacity utilization reaching 85% of current capacity. Consequently, the company is proceeding with investment in a second SPC production line, increasing capacity from 1.44 to 2.88 million square meters per year, scheduled for completion within the second quarter of 2027. Sales volume of Smart products grew 13% year-on-year, and the company continues to expand its Smart Toilet portfolio across multiple price points, including SENSIS and KLIRR, to capture the growing smart sanitary ware market. The company is also establishing a production base for AXENT, a world-class smart sanitary ware brand from China, with commercial operations targeted to begin in the second quarter of 2027, to enhance cost efficiency and support future market growth.
Nevertheless, SCGD is confident that its full-year 2026 profit (excluding non-recurring expenses) will grow from the previous year. This will be driven primarily by sales in Vietnam, which are expected to continue growing during the peak season in the fourth quarter together with accelerated government budget disbursement. Other positive demand were contributed by higher year-end demand in the Philippines and Indonesia and demand for home repair and renovation following the floods in Thailand.”
“Furthermore, the company has maintained robust financial stability, as clearly demonstrated by the reduction in its average cost of debt from 2.4% to 1.7% as of the third quarter, achieved through refinancing at the end of the quarter. This was one of the factors supporting profit growth during the period. The company also maintains a strong financial position, with cash and cash equivalents of THB 8,345 million, a Net Debt to Adjusted EBITDA ratio of 1.2 times, and a Net Debt to Equity ratio of 0.2 times. This preserves financial flexibility and supports investments under the long-term business plan. We are confident that we can successfully deliver on our short-term plan, which targets EBITDA of THB 3,500 million in 2028,” Mr. Sitichai concluded.
ติดตามช่องทางมิติหุ้นเพื่อรับข่าวสารตลาดทุนได้ตามลิงค์ด้านล่าง
Web : https://www.mitihoon.com/
Facebook : https://www.facebook.com/mitihoon
Youtube : https://www.youtube.com/@mitihoonofficial7770
Tiktok : www.tiktok.com/@mitihoon
