Siam Cement Group (SCG) delivered a "headwind turnaround" report card in the third quarter of 2025. Despite the global and Thai economic slowdown, its cement and building materials sectors remained resilient: net profit of Bt774 million (about US $23.9 million) and EBITDA cash flow of Bt14.19 billion in the quarter, excluding inventory impairment and one-time restructuring items; If we look at the cumulative EBITDA in the first three quarters, it has reached 44.51 billion baht, an increase of 15% over the same period last year, which has injected a shot in the arm into the market.
The profit engine comes from the "Cement + Green Solutions" division. The sector made a profit of 1.58 billion baht in the third quarter, turning from a loss to a profit compared with the same period last year. The key is not the surge in demand, but the internal "three fires": the drastic restructuring of production capacity, the cost reduction of the whole process, and the rapid distribution of low-carbon cement in Thailand and ASEAN. Although the quarterly revenue slightly decreased by 2% to 121.79 billion baht compared with the previous quarter due to the low season of construction in the rainy season, the significant recovery of profit margin proves that the upgrading of product structure has achieved initial results.
Facing a longer cycle, SCG has written "carbon reduction" into its growth strategy. The third generation of low-carbon cement newly launched by the company can reduce carbon emissions by 38% compared with traditional products, and plans to expand the capacity of Saraburi plant to 2 million tons/year by 2027; at the same time, a new 8,000 tons/day low-carbon clinker line will be added in Vietnam, aiming at the export market by taking advantage of local energy, labor and logistics costs. The dual-base layout not only locks in ASEAN's infrastructure needs, but also builds a wall for future carbon tariffs in advance.
Short-term headwinds remain: a strong Thai baht erodes export earnings and weak global construction activity depresses volume and prices. SCG's response is to "exchange technology for profit, exchange efficiency for space"-the production side introduces AI and robots, and merges many old lines into the intelligent center; the product side launches the "Smart Value" series, which focuses on cost performance, and is designed for contractors with tight budgets and rural self-built houses. Company executives bluntly said that these measures are to enable the cement business to "maintain body temperature even if the external cold wind continues to blow" by 2026.
浙公网安备33010802003254号