MANILA, Philippines - Thai conglomerate Siam Cement Group’s (SCG) revenues in the Philippines improved in the nine months to September, driven by the operations of paper subsidiary United Pulp and Paper Co. Inc. (UPPC).
According to SCG, its revenues from sales reached $117 million in the January to September period, up five percent year-on-year.
For the July to September period alone, revenues from sales reached $41 million, which posted a four percent year-on-year growth.
“The growth is mostly attributed to the performance of paper subsidiary UPPC,” SCG said.
Total assets of SCG in the Philippines amount to $216 million as of September.
SCG intends to continue to invest and strengthen its presence in the Philippines.
Apart from investing in the Philippines, SCG also intends to continue to make investments in the Southeast Asian region.
The SCG plans to spend $93 million on its cement-building material business in the region.
“SCG believes that the regional economy will continue to sustain its vigor. The company continues to invest more in the Asean (Association of Southeast Asian Nations) to sustain market leadership and to expand our business network in this region,” SCG president and chief executive officer Kan Trakulhoon said.
SCG has been in the Philippines since 1993 through companies engaged in the manufacture and distribution of paper and building materials.