The Siam Cement Public Company (SCC) Q2 2025 earnings summary

Executive summary

• EBITDA for H1/2025 reached THB 30.32 billion, up 21% HoH, reflecting improved operational performance and restructuring benefits.

• Q2/2025 net profit was THB 17.34 billion, mainly from a one-time restructuring gain of THB 16.71 billion from Chandra Asri; excluding this, net profit was THB 3.08 billion.

• Net profit attributable to owners for H1/2025 was THB 18.44 billion, up from THB 6.13 billion year-over-year, driven by a significant one-time gain from an associate's bargain purchase.

• Ongoing restructuring included exits from non-performing businesses in Kosovo, Indonesia, and Europe, incurring one-time losses but improving future competitiveness.

• Interim dividend declared at THB 2.5 per share, representing 92% of earnings excluding restructuring.

Financial highlights

• H1/2025 sales revenue was THB 249.08 billion, down 4% HoH and slightly down year-over-year, reflecting broader economic conditions.

• Q2/2025 EBITDA was THB 17.4 billion, up both quarter-on-quarter and year-on-year.

• Net debt reduced by nearly THB 30 billion to THB 282 billion, with net debt to EBITDA ratio dropping to 5.1x.

• Cash and cash equivalents at end of June 2025 stood at THB 31.94 billion.

• Basic EPS for H1/2025 was THB 15.36, compared to THB 5.11 in H1/2024.

Outlook and guidance

• Continued focus on deleveraging, cost reduction, and operational efficiency amid global uncertainties and potential tariff impacts.

• Q3/2025 outlook expects margins to move above PE-N floor, but challenges remain from new supply and tariff issues.

• Expecting growth in Thailand and ASEAN markets in the second half, driven by government projects and infrastructure.

• Ongoing expansion of low-carbon and Smart Value products to address market shifts and competitive pressures.

• Interim dividend of THB 2.5 per share, totaling THB 3 billion, approved for payment in August 2025.