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Siam Global House, a Thai home improvement chain with a presence in Cambodia, Myanmar and Laos, saw revenues slip 4.44 per cent last year. This was due to lower sales stemming from store closures aimed at containing the spread of Covid-19, as well as higher costs.
The company disclosed revenues of 27.35 bn Thai baht (THB; EUR 742.19 mio), down from THB 28.62 bn a year before. Sales totalled THB 26.80 bn, 4.55 per cent lower from THB 28.08 bn in 2019. Distribution costs, meanwhile, inched up 1.79 per cent to THB 3.13 bn, adding pressure to the company's bottom line. Net profit for the year fell 6.55 per cent to THB 1.97 bn.
"It was from temporarily closing stores to comply with the lockdown measures of the government between 22 March and 16 May 2020 and the recurrence of the outbreak in December, during which the company had to close more stores," said the company, adding that it focused on selling via online channels at that time.
The drop in revenue, however, did not stop the company from growing its footprint. It expanded in Sai Noi, Det Udom, Phayao, Kuchinarai, and Wiang Pa Pao during the year. At the close of 2020, the company had 71 stores in Thailand and one store in Cambodia.
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, in which Global House International, a joint venture with Siam Cement, holds a stake. The joint venture also has shareholdings in Souvanny Home Center of Laos.
The company disclosed revenues of 27.35 bn Thai baht (THB; EUR 742.19 mio), down from THB 28.62 bn a year before. Sales totalled THB 26.80 bn, 4.55 per cent lower from THB 28.08 bn in 2019. Distribution costs, meanwhile, inched up 1.79 per cent to THB 3.13 bn, adding pressure to the company's bottom line. Net profit for the year fell 6.55 per cent to THB 1.97 bn.
"It was from temporarily closing stores to comply with the lockdown measures of the government between 22 March and 16 May 2020 and the recurrence of the outbreak in December, during which the company had to close more stores," said the company, adding that it focused on selling via online channels at that time.
The drop in revenue, however, did not stop the company from growing its footprint. It expanded in Sai Noi, Det Udom, Phayao, Kuchinarai, and Wiang Pa Pao during the year. At the close of 2020, the company had 71 stores in Thailand and one store in Cambodia.
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, in which Global House International, a joint venture with Siam Cement, holds a stake. The joint venture also has shareholdings in Souvanny Home Center of Laos.
