Thammasak Sethaudom, President and CEO of SCG, said that in 2024, SCG effectively managed EBITDA, achieving 38.28 Trillion VND (US$ 1.53 Billion), which is at the same level as 2023. This was driven by SCG’s adaptation to challenges, including the slowdown in the petrochemical cycle, geopolitical tensions, volatile energy costs, and high interest rates. Despite these challenges, SCG maintained its financial strength and ensured continuous returns for all shareholders.

SCG remains committed to strengthening its financial health by maintaining strong EBITDA, which is a core principle of business management. The company has been implementing reinforcement measures announced at the end of Q3/2024, with significant outcomes as follows: 1) Working capital management has resulted in a reduction of approximately 4.64 Trillion VND (US$ 183 Million) from the previous year, 2) Restructuring operations and business activities, including discontinuing unprofitable businesses in 2024 to enhance operational efficiency, 3) Controlled capital expenditures (CAPEX), prioritizing only projects with high and quick returns. As a result, net debt has decreased by 12.57 Trillion VND (US$ 494 Million) from the previous quarter, with a net debt-to-equity ratio of 0.7 times. SCG’s financial position remains strong and stable, with year-end cash reserves of 39.95 Trillion VND (US$ 1.57 Billion).

SCG is well-positioned to seize opportunities from the region’s economic recovery. In ASEAN, particularly Indonesia and Vietnam, GDP growth is projected to outpace the global average. This growth is supported by strong domestic purchasing power, government economic stimulus policies, and increased foreign investment, which are positive factors for Businesses related to Construction Materials. For example, SCG Distribution & Retail is accelerating the expansion of its modern trade business for construction and building materials through Mitra 10 in Indonesia, achieving 56 branches in 2024 to serve over 1 million customers per month, with a long-term goal of reaching 100 branches by 2030. Meanwhile, SCGP is set to benefit from rising ASEAN consumption and increasing demand for packaging paper.

For SCG Chemicals (SCGC), the petrochemical industry in the region continued to face heightened competition in 2024 due to the addition of new production capacities, while demand weakened as a result of China’s economic slowdown. The company responded by accelerating efforts to drive High-Value Added Products & Services (HVA) and carefully managing EBITDA, costs, and working capital, ensuring sustained competitiveness. Looking ahead to 2025, the petrochemical cycle is showing signs of stabilization, and oil prices are expected to decline. SCGC remains committed to enhancing efficiency in EBITDA and cost management.

SCGC has also accelerated its LSP project in Vietnam by increasing the use of ethane gas feedstock, which helps reduce costs and enhance long-term competitiveness. The company recently secured a long-term supply agreement for approximately 1 million tons of ethane gas per year over 15 years and chartered three ethane shipping vessels under long-term contracts. SCGC plans to procure construct storage tanks and the remaining two vessels while upgrading its facilities to be ready for ethane gas by 2027. This project is funded internally through SCG’s financial resources.

SCG is expanding into new, high-potential export markets such as North America and Australia. SCG Cement & Green Solutions is accelerating exports of Low Carbon Cement, with exports expected to reach approximately 1 million tons this year. SCG Decor has exported high-strength X-PORCELAIN tiles, which have been well received, and aims to double export growth this year. Meanwhile, SCGP is exporting polymer packaging, foodservice packaging, and printing and writing paper, maintaining strong growth momentum.

Furthermore, SCG Smart Living is expanding its smart solutions portfolio, including air quality products and solar solutions under the ONNEX by SCG Smart Living, addressing both indoor air quality and cost savings through clean energy usage. The company is also continuously introducing affordable product lines to provide more options for budget-conscious consumers, covering roofing, boards, synthetic wood, and decorative exterior wall panels. Meanwhile, SCG Cleanergy is set to produce and distribute a total of 548 MW of solar power in 2024, marking a 21.5% increase from the previous year. The company aims to expand its clean energy production capacity to approximately 3,500 MW by 2030.

Thammasak concluded, “SCG continues to adapt and expand into new markets. We are confident that in 2025, we will sustain strong EBITDA management while ensuring continuous commitment to shareholder care.”

In 2024, SCG reported Revenue from Sales of 362.73 Trillion VND (US$ 14.49 Billion Million), marking a 2% increase from the previous year, driven by higher sales volumes from SCGC and SCGP. Profit for the year stood at 4.5 Trillion Billion VND (US$ 180 Million), reflecting a 76% decline from the previous year due to LSP’s performance and lower profit contributions from associate companies. Excluding extraordinary items in 2023, which included an impairment loss on regional cement plant assets and gains from the fair value adjustment of investments, profit for the year declined by 52% from the previous year.

In Q4/2024, Revenue from Sales totaled 92.61 Trillion VND (US$ 3.7 Billion), an increase of 2% from the previous quarter, supported by higher sales volumes from SCGC. However, the company reported a loss of 363 Billion VND (US$ 15 Million) for the quarter, compared to a profit of 504 Billion VND (US$ 20 Million) in the previous quarter, primarily due to LSP’s performance and the recognition of full depreciation expenses for the project. In contrast, the previous quarter included a cash gain of 1.55 Trillion VND (US$ 62 Million) from an Interest Rate Swap (IRS) transaction recorded by SCGC.

For SCG’s operations in ASEAN (excluding Thailand operations), Revenue from Sales for FY2024 was 97.26 Trillion VND (US$ 3.88 Billion), reflecting a 12% increase y-o-y. This growth was primarily driven by increased revenue across all of the company's businesses in Vietnam. SCG’s operations in ASEAN (excluding Thailand operations) contributed to 27% of SCG’s total Revenue from Sales. The figure includes sales from both local operations in each ASEAN market and exports from Thailand operations.

In Q4/2024, SCG’s Revenue from Sales in ASEAN (excluding Thailand operations) reached 27.78 Trillion VND (US$ 1.1 Billion Million), showing an increase of 18% y-o-y. This growth was primarily driven by SCG Packaging (SCGP), especially in the Philippines.

As of 31 December 2024, SCG’s total assets amounted to 645.32 Trillion VND (US$ 25.36 Billion), with SCG's assets in ASEAN (excluding Thailand assets) totaling 294.63 Trillion VND (US$ 11.58 Billion), or 46% of SCG’s total consolidated assets.

SCG reported Revenue from Sales in Vietnam for FY2024 at 35.14 Trillion VND (US$ 1.4 Billion), representing a 15% y-o-y increase, primarily due to an increase in sales from Long Son Petrochemicals Company Limited (LSP). In Q4/2024, Revenue from Sales in Vietnam was 9.18 Trillion VND (US$ 363 Million), marking a 7% increase y-o-y, primarily driven by revenue growth in SCG Chemicals (SCGC), particularly polyethylene exports to Vietnam from Thailand.

SCG continues to strengthen its commitment to sustainable development in Vietnam, driving growth through its Inclusive Green Growth framework. In the Cement & Green Solutions Business, SCG expanded low-carbon cement production in Southern Vietnam, achieving a daily export capacity of 8,000 tons to international markets, including the United States, Canada, and Australia. The launch of STARMAX Cement’s new brand identity highlights SCG’s dedication to green innovation and quality. Additionally, SCG introduced Vietnam’s first SCG Home Store in Hanoi, enhancing customer access to enhanced building solutions.

In the Decorative Surface and Bathroom Business, SCG Decor (SCGD) completed two production facilities for large-size Grazie porcelain tiles in central and northern Vietnam, with plans to further expand capacity in Pho Yen by mid-2025. The debut of the first V-Ceramic Outlet in Southern Vietnam improves access to premium tiles and sanitary ware for local customers.

In the Packaging Business, Duy Tan Plastics, part of SCGP, opened a new distribution hub in Hanoi, optimizing logistics and customer service in Northern Vietnam.

SCGJWD Logistics, the parent company of SCG International Vietnam, has expanded its logistics operations by introducing End-to-End Supply Chain Solutions. The company signed a three-year Memorandum of Understanding (MOU) with Vietnam Construction Materials Joint Stock Company (VCM), a member of SCG, supports cement exports to the United States, strengthening SCG’s global supply chain.

SCG’s sustainability efforts earned recognition with the “CSI 2024 Top 100 Sustainable Companies Award,” granted to seven SCG member companies, including Binh Minh Plastics, Vina Kraft Paper, and five entities from PRIME Group. This milestone reflects SCG’s success in reducing carbon emissions and embedding green practices across its operations.

Furthering its ESG agenda, SCG co-hosted the Vietnam Circular Economy Forum 2024 with the Ministry of Natural Resources and Environment (MONRE), contributing to Vietnam’s National Circular Economy Strategy.

On the social front, SCG awarded over 200 scholarships through its “SCG Sharing the Dream” program, while SCGP organized the “Packaging Speak Out Contest” to inspire sustainable innovation in packaging design among students. These initiatives highlight SCG’s commitment to fostering inclusive growth and nurturing the next generation of ESG leaders in Vietnam.