SCG’s Q3/2023 results showed a growth slowdown due to various factors, but the company remains confident in its long-term growth. They are adjusting strategies to address potential impacts from conflicts and focusing on energy cost reduction, reassessing business plans, and investing in high-growth potentials. They are also accelerating green innovations. The company expects the ASEAN economy to improve in Q4, but the global economic situation remains uncertain.
Slowdown in Growth Due to Various Factors
SCG announced its operating results for Q3/2023, revealing a slowdown in growth. This was attributed to several factors including a stagnant regional market, a petrochemical trough, shrinking exports, and high-interest rates. The company acknowledged the need to address potential impacts from conflicts in the Middle East and Russia-Ukraine tensions.
Focusing on Strategic Adjustments
SCG is implementing three main strategies to counter these challenges. Firstly, the company aims to streamline energy costs to enhance efficiency. Secondly, they are reassessing their business plans and investing in high-growth potentials to expand their reach. Lastly, SCG is accelerating green innovations to align with sustainable practices.
Confident in Long-Term Growth
Despite the current slowdown, SCG maintains confidence in its long-term growth prospects and showcases robust financial stability. The company foresees improvements in the ASEAN economy, particularly in Indonesia and Thailand, during Q4. However, the overall global economic situation remains highly uncertain, posing potential risks to future growth.