SCGP Records a Jumping Profit in 2Q by 94% after Booking ฿80Mn of FX Gain

SCG Packaging Public Company Limited (SCGP) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

In the second quarter of 2020, SCGP reported a net profit of 1,904 million baht, increased 94.42% compared to a net profit of 979 million baht in 2Q19. The increase in net profit for the quarter was mainly due to an increase of sales revenue, recording at 21.6 billion baht in 2Q20, compared to a revenue of 20.4 billion baht in 2Q19. Moreover, the company also recognized a gain of 80 million baht from the gain on the exchange rate from PT. Fajar Surya Wisesa Tbk (Fajar)’s USD loan in the second quarter, compared to a contraction of 76 million baht in 2Q19.

 

In 1H20, revenue from sales increased by 11% YoY to 45,903 million baht primarily due to an increase in revenue from sales generated by SCGP integrated packaging chain business, while revenue from sales generated by our fibrous chain business decreased. EBITDA for the period increased by 26% YoY to 8,994 million baht, primarily as a result of the consolidation of Fajar and Visy Packaging Thailand Limited (“Visy Packaging Thailand”) operating results in 1H20. Profit for the period increased by 40% YoY to 3,636 million baht, primarily due to the adjustment for the severance pay of employees as a result of the amendment to the Thai Labor Law, which resulted in an employee benefit expense of 527 million baht in 2019

 

SCGP will kickoff its first trading day on October 21, 2020, in SET Index after pricing its IPO at THB35.00 per share.