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Process Industries

The Siam Cement Public Co. Ltd.

Company Background

Siam Cement is Thailand's largest producer of construction materials. The holding company's three main units are cement and building materials, chemical products and paper. The Cotto ceramics brand is part of its cement and building materials business.


Siam Cement was established in 1913 following a royal decree by His Majesty King Rama VI to produce cement for the increased number of infrastructure projects at that time. The boom in construction was aimed at accelerating the country's economic development. The Crown Property Bureau is still the group's largest shareholder, controlling a 30% stake.


Kan Trakulhoon became CEO of Siam Cement in 2006. He assumed the leadership after filling various managerial posts in areas including the chemical, cement and ceramics sectors.


The company is now pushing to expand abroad ahead of the Asean Economic Community, due to begin at the end of 2015. Most of the company's 250-billion-baht (about $7.7 billion) investment is earmarked for projects outside Thailand over the five years through 2019. Four new cement plants are already in the pipeline for Indonesia, Cambodia, Myanmar and Laos. By increasing overseas production, Kan is aiming for a 2019 target of almost 50% of the Siam Cement global workforce being outside of Thailand, up from the current ratio of 30%.


Business Summary

The Siam Cement Public Co. Ltd. is an investment holding company, which engages in the business of industrial supplies and construction industries. It operates through the following segments: SCG Cement-Building Materials, SCG Chemicals, SCG Packaging, and Other. The SCG Cement-Building Materials segment manufactures and sells of grey cement, ready-mixed concrete, white cement, dry mortar, roof tiles, concrete paving blocks, ceramic tiles, sanitary wares, and sanitary fittings; and distribution of cement, building and decorative products, as well as importing fuel products, waste paper, and scrap iron. The SCG Chemicals segment manufactures and sells of olefins, polyolefins and other chemical products. The SCG Packaging segment manufacture and sells of pulp, printing and writing paper, gypsum linerboard, kraft paper and corrugated boxes. The Other segment jointly invests with leading companies in other businesses, mainly agricultural machine, automotive parts and components and steel, as well as other services. The company was founded on June 14, 1913 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2021 THBUSD
Gross Profit105,360.50M3,290.84M
Operating income46,314.75M1,446.60M
Income before tax46,093.28M1,439.68M
Net income47,173.98M1,473.43M
Diluted EPS39.311.22
Dividends Per Share18.500.57
Total Assets861,101.02M25,777.60M
Total liabilities411,092.68M12,306.32M
Total equity365,690.73M10,947.18M
Operating cash flow42,743.16M1,335.04M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 450,920.99M 478,437.64M 437,979.87M 399,939.20M 530,111.63M
Gross Profit 99,886.03M 91,874.43M 80,517.57M 86,723.00M 105,360.50M
Operating income 50,341.79M 42,176.39M 26,911.00M 37,648.36M 46,314.75M
Income before tax 55,241.55M 44,869.46M 27,731.20M 33,652.87M 46,093.28M
Net income 55,041.24M 44,748.33M 32,014.28M 34,143.87M 47,173.98M
EBITDA 73,623.81M 67,239.73M 50,842.51M 65,025.62M 75,149.52M
Diluted EPS 45.86 37.29 26.67 28.45 39.31
Dividends Per Share 19 18 14 14 18.50
Total Assets 573,412.03M 589,787.38M 634,733.22M 749,380.87M 861,101.02M
Total liabilities 271,587.11M 271,918.28M 306,990.09M 353,254.83M 411,092.68M
Total equity 261,097.57M 277,096.52M 280,215.41M 320,972.17M 365,690.73M
Operating cash flow 72,333.42M 68,833.91M 69,724.52M 71,135.88M 42,743.16M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 13,288.36M 14,799.82M 14,107.99M 12,779.59M 16,557.58M
Gross Profit 2,943.57M 2,842.01M 2,593.59M 2,771.13M 3,290.84M
Operating income 1,483.54M 1,304.67M 866.84M 1,203.01M 1,446.60M
Income before tax 1,627.93M 1,387.97M 893.26M 1,075.33M 1,439.68M
Net income 1,622.03M 1,384.22M 1,031.22M 1,091.02M 1,473.43M
EBITDA 2,169.64M 2,079.97M 1,637.71M 2,077.81M 2,347.23M
Diluted EPS 1.35 1.15 0.85 0.90 1.22
Dividends Per Share 0.55 0.55 0.45 0.44 0.57
Total Assets 17,594.72M 18,113.86M 21,190.44M 25,012.71M 25,777.60M
Total liabilities 8,333.44M 8,351.29M 10,248.80M 11,790.88M 12,306.32M
Total equity 8,011.58M 8,510.33M 9,354.93M 10,713.35M 10,947.18M
Operating cash flow 2,131.62M 2,129.28M 2,245.93M 2,273.06M 1,335.04M

Valuation Measures

Dec 2021
Operating margin8.73%
Profit margin8.89%

Key executives

  • President, Chief Executive Officer & Director: Roongrote Rangsiyopash
  • Chief Financial Officer, VP-Finance & Investment: Thammasak Sethaudom
  • Vice President-Corporate Administration: Yuttana Jiamtragan
  • President-Cement Building Materials Business: Nithi Patarachoke
  • President-Chemical Business: Tanawong Areeratchakul


  • Social Security Office of Thailand (3.8%)
  • Randery Burahmaken Co. Ltd. (1.2%)
  • The Siam Cement Foundation (1.1%)
  • Krungsri Asset Management Co., Ltd. (0.6%)
  • NANA SAK (0.6%)
  • APG Asset Management NV (0.5%)
  • Norges Bank Investment Management (0.5%)
  • TMB Asset Management Co., Ltd. (0.3%)
  • The Caisse de depot et placement du Quebec (0.1%)

Contact Details

  • Website:
  • Address: 1 Siam Cement Road, Bangsue, Bangkok, 10800, Thailand
  • Phone: +66.2.586.4444

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Last Updated on 30 Jun, 2022

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