Home demand drives 690% growth at sahaviriya

President Win Viriyaprapaikit said that in the quarter, the firm reaped Bt8.9 billion from the sale of hot-rolled steel sheets, up 18.85 per cent year on year from Bt7.5 billion. This pushed the total quarterly revenue to Bt9.3 billion.

In the quarter, SSI posted net profit of Bt877 million, compared to Bt111 million in the same period last year.

"We have achieved the target in the first quarter in terms of sales and profit growth. Pushing up the net profit are higher sales and higher prices per unit. Our profit margin was Bt1 billion, or 11 per cent of sales revenue. This doubled from the same period last year, which was only Bt452 million or 6 per cent of sales revenue," Win said.

In the statement, he added that as of March 31, the company's debt-to-equity ratio was 0.44 times, compared to 1.1 times in the same period last year.

"Our liquidity position will support future fund mobilisation for business expansion," he said.

In the first three months of the year, 96 per cent of the company's output was for the local market, due to the sharp increase in domestic demand. Of all items sold, 67 per cent was of general standard while 33 per cent was premium-grade.

Win said SSI had increased production efficiency and product quality to serve the expansion in the auto industry, which includes eco-car projects. He also anticipates continued expansion in the construction industry due to the government's investment in mega-projects.