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Siam Global sees double digit growth for the first quarter

Thai home improvement retailer Siam Global House posted double-digit growth in the first quarter of 2021, supported by stronger same-store sales and new outlets. The company disclosed revenues of 8.82 bn Thai baht (THB, EUR 235.4 mio) for January to March 2021, an 18.74 per cent rise from the same period last year. Sales reached THB 8.68 bn (EUR 229.6 mio), up 19.29 per cent, while net profit was recorded at THB 961.9 mio (EUR 25.4 mio), or a rise of 56.63 per cent.

Including earnings from its operations in Myanmar, Laos and Cambodia, the company posted consolidated net profits of THB 972 mio (EUR 25.7 mio), a 56.45 per cent rise from the same quarter last year.

"It was mainly driven by sales of same store growth and expansion," the company said, adding that promotions of house brands likewise contributed to its positive financial showing.

Siam Global opened six new stores between the first quarter of 2020 and the first quarter of 2021. Of the 73 stores it now operates, two started welcoming shoppers in the first three months of 2021.

Siam Global operates as a one-stop shopping home centre that sells construction materials, home decorative products, tools and equipment used in construction, home improvement, and household and gardening decoration. Its presence in Myanmar is through Pro1 Home Center, where Global House International, a joint venture with Siam Cement, holds a stake. The joint venture also has shareholdings in Souvanny Home Center of Laos. In Cambodia, the company operates through subsidiary Global House Cambodia.

|11 May 2021 | 10:36


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