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The sale revenue in the second quarter of this year touched $161 million, representing a 19 per cent on-year, assisted by increased revenue from sales of Prime Group Joint Stock Company, the leading ceramic tiles brand in Vietnam.
SCG in December 2012 spent $240 million acquiring an 85 per cent stake in Prime, which currently has capacity of 75 million square metres of tiles per year and holds a 20 per cent market share of the domestic brick sector.
In this year’s first quarter, SCG Vietnam earned revenue of $133 million, astoundingly up 76 per cent on-year.
In this year’s first six months, SCG in Vietnam owned $604 million worth of total asset, up 3 per cent on-year.
“SCG remains confident that the economy of Vietnam and ASEAN will continue to sustain its long-term growth. Coupled with the expected stronger exportation, and increased consumer and business confidence, we should be able to see a good turn-around in the economy,” said SCG president and chief executive officer Kan Trakulhoon.
This year, SCG will market many new products and technologies in Vietnam like SCG concrete roof tile and fibre-cement board, COTTO bathroom products and COTTO Italia ceramics.
Anuvat Chalermchai, brand director of SCG Cement-Building Materials – one of SCG’s major operations, told VIR that SCG was seeking any possible merger and acquisition opportunities toward further expanding its sustainable business in Vietnam to become a sustainable business leader in ASEAN in 2015.
Meanwhile, Trakulhoon said SCG would continuously expand business and make a further movement on its projects in Vietnam, including the $4.5 billion chemical complex in Ba Ria-Vung Tau province.