When discussing the SCG Group, one of the large conglomerates listed on the Thai stock market, its performance over the past three years has been a significant test amid a global economic slowdown, volatile energy prices, and a commodity cycle that has yet to fully recover.
The Siam Cement Public Company Limited (SCC). As the group's flagship, it has faced the greatest pressure, especially from the Chemicals business where product price spreads have continuously narrowed, combined with energy costs and weak global demand, leading to a significant profit decline as follows.
In 2025, the company recognized non-recurring special items amounting to about 16,977 million baht. Excluding a 3,477 million baht loss from inventory revaluation of SCG Chemicals (SCGC), 4,387 million baht in operational and business restructuring costs, and the special gains mentioned, the adjusted earnings for the period would be 4,962 million baht, representing a 31% growth from the previous year.
Next is. SCG Packaging Public Company Limited (SCGP). Although operating in a consumer goods and supply chain-related business, SCGP has not escaped pressures from raw material costs and intense competition in the ASEAN market, especially from low-priced imports capturing market share.
This is reflected in the financials showing that despite relatively stable revenue, maintaining margins during an economic slowdown remains a challenge, with net profits over the past three years as follows.
The recent profit growth in 2025 mainly came from continuous cost improvements, especially in recovered paper (RCP) raw material costs and improved energy costs across all countries where it operates.
Amid the main businesses’ profit contraction. SCG Decor Public Company Limited (SCGD). It has become the group’s "rising star" by consolidating residential decorative material businesses across several countries, relying less solely on the Thai economy and leveraging low-cost production bases in the region, particularly in Vietnam, which the company considers its "second home," resulting in outstanding growth as follows.
Another company to watch is the group’s Chemicals business, SCG Chemicals Public Company Limited (SCGC), which is preparing to list on the Thai stock market. Should market conditions be favorable, it could significantly influence the SCG Group’s future profit structure.
Source: The Stock Exchange of Thailand.
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