Siam Global House Public Company Ltd, a Thai home improvement retailer that also operates in Cambodia and has interests around Southeast Asia, defied projections of flat earnings in the second quarter after it managed an uptick in sales.
The company disclosed consolidated net sales of 9.219 bn Thai baht (THB, approximately EUR 250.62 mio) for April to June 2022, up 3.73 per cent. The Thai operations, where the company has 76 stores, contributed THB 9.029 bn while the lone outlet in Cambodia accounted for THB 189.74 mio.
For the first half of the year, consolidated net sales rose 7.32 per cent to THB 18.853 bn.
Siam Global House attributed the rise to same store sales growth and the addition of three stores that opened between July 2021 and June 2022.
Noting that the home improvement chain “exceeded expectations”, Thai investment house Pi Securities Pcl indicated in a brief posted on research network Smartkarma that Siam Global House's same store sales grew 1.5 per cent during the period. Decorative products contributed the most – 49 per cent – followed by building materials, which forked up 48 per cent, it added.
Apart from Thailand and Cambodia, Siam Global House also holds stakes in home improvement chains in Laos, Myanmar and Indonesia via Global House International, its joint venture with Siam Cement Group. The company, which owns a logistics firm in China, has also partnered with Philippine conglomerate Cosco Capital Inc to pursue plans of setting up in the archipelago.
- By Jennee Grace U Rubrico