MANILA, Philippines – The parent firm of tile maker Mariwasa Siam Ceramics is banking on the country’s rosy economic prospects to jack up its sales target to $170 million this year.
This as new and existing product lines will be offered to property and infrastructure developments nationwide, a company executive said.
“In the Philippines, we will have 18 percent growth,” Jakkrit Suwansilp, vice-president for sales and marketing of Mariwasa, said in a briefing.
“The growth will come from Siam Cement Group (SCG) and Cotto products. We also have organic growth from Mariwasa,” he said, adding that higher sales will mean another record high for the company.
Parent firm SCG of Thailand earlier announced that the company’s revenues from its Philippine operations reached $142 million, surging 50 percent from a year ago.
“In the Philippines, we see the economy booming. This is a good opportunity for us to bring in our innovative products,” Suwansilp said.
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The company is hoping to generate more sales in the housing segment and through the launching of more Public-Private Partnership (PPP) infrastructure projects, Suwansilp said.
The Philippines accounts for around eight percent of SCG’s consolidated sales in Southeast Asia, which hit $1.004 billion last year.
Suwansilp said the company wants to grow the contribution of the Philippines in the region and produce more products here, but is hampered by high cost of electricity.
SCG operates in the Philippines through Mariwasa-Siam, constructive and decorative building materials seller SCG Marketing Philippines, roof tile maker CPAC Monier Philippines, packaging paper manufacturer United Pulp and Paper Co. and trading firm SCG Trading Philippines. It is also into a P450-million, 45-megawatt (MW) biomass power plant through Green Siam Resources Corp.
In April, SCG consolidated the operations of its ceramic tiles business. In September, SCG divested its stake in locally listed Mariwasa Siam Holdings Inc.