Specifically: Revenue in the quarter reached VND85.48 trillion (USD3.57 billion), down 12% year-on-year. The main reason was that the revenue of all member companies decreased, along with the bottom cycle of the petrochemical industry and the regional economy has not recovered.
Meanwhile, profit after tax reached VND1.66 trillion (USD69 million) and operating profit was VND2.1 trillion (USD86 million), up 26% year-on-year with a strong cash reserve of VND68.86 trillion (USD2.84 billion). To achieve the above results, SCG has continuously adjusted its business strategy and strengthened its management, thereby maintaining stable finances.
The economic outlook for the Southeast Asian region is expected to improve in the fourth quarter, particularly in Indonesia, where investment and consumption are expected to increase thanks to the construction of the new capital city “Nusantara”. Meanwhile, the Thai economy is expected to recover thanks to the real estate and tourism sectors, benefiting from increased tourist traffic. Furthermore, electricity costs and diesel prices may adjust downward, creating the basis for better energy cost control.
In the Vietnamese market, the Company reported sales revenue of VND21.92 trillion (US$926 million) for the first nine months of 2023, down 28% year-on-year. The decline across all business segments was mainly due to lower sales revenue from LSP, TPC VINA and the Cement - Construction Materials segment as well as lower exports from Thailand.
Accordingly, SCG prioritizes business development in parallel with environmental benefits, in compliance with the group's ESG 4 Plus strategy. With the success of the ESG Symposium in Thailand, SCG continues to expand its scale throughout Southeast Asia, with thematic events to be held in Indonesia and Vietnam this November.
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