Chememan Public Company Limited (CMAN) reported its Q2/2024 financial results, with a net profit attributable to shareholders of 91 million baht, marking a 54.2% year-on-year increase. This pushed the net profit for the first half of the year to 264 million baht, nearly doubling the entire profit of 2023. The company is confident with the 2024 outlook and is preparing for the groundbreaking of a new lime factory in India on August 15th.

M.L. Chandchutha Chandratat, Chairman of Chememan Public Company Limited (“CMAN”), one of the world’s top ten lime producers under the 'CHEMEMAN' brand, revealed that the company’s Q2/2024 sales and service revenue amounted to 935 million baht, an increase of 9.2%, with adjusted EBITDA (excluding special items) at 276 million baht, up by 5.3%. Net profit attributable to shareholders stood at 91 million baht, a 54.2% increase compared to the same quarter last year.

“The operational results met our targets. Overall sales volumes are similar versus Q2/2023, but there is a greater weighting towards exports in Q2/2024. Export sales rose especially from mining industry customers. Domestic sales declined due to reduced demand for lime from the sugar and pulp industries. The gross profit margin was 37.3%, up 3.9% from the same quarter last year, due to lower energy and production costs, as well as a weaker baht boosting export revenue. Financial costs decreased by 18.3% due to reduced debt burdens and lower interest rates from converting US dollar loans to baht. This resulted in a net profit attributable to shareholders of 91 million baht. Excluding the impact of non-cash item adjustments, the net profit attributable to shareholders was 115 million baht, a 6.5% increase from the same quarter last year,” said M.L. Chandchutha.

For the second half of the year, the company expects to maintain a satisfactory profit margin, manage costs effectively, and repay long-term loans as scheduled. Meanwhile, overseas investment projects are progressing as planned. On August 15th, there will be a groundbreaking ceremony to commence the construction of a new lime plant owned by Khimsar Mine Corporation (KMC) in Khimsar, Rajasthan, India.

“This quarter’s strong performance reflects the company’s success in expanding its customer base, controlling energy and production costs, and strengthening its financial position. Amidst geopolitical conflicts and economic slowdowns, the company continues to focus on its strategies in risk management, strengthening through partnerships with customers and suppliers, efficient production cost management, and reducing financial costs. With these strategies and adapting to changes, the company is confident in achieving excellent performance this year,” M.L. Chandchutha added.