Siam Global consolidated earnings up 30 per cent

The Thailand-based home improvement retail chain Siam Global House Public Company Ltd. disclosed a 30.17 per cent rise in sales for the first half of 2021, stemming from a low base.The company, which also has a presence in Cambodia, Laos and Myanmar, reported consolidated sales revenues of 17.56 bn Thai baht (THB, 448 mio euros) for January to June 2021, from THB 13.49 bn in the same period last year. In the second quarter, Siam Global's sales revenues rose by 42.92 per cent to THB 8.89 bn from THB 6.22 bn.The home improvement chain had shuttered its stores from 22 March to 16 May 2020 due to lockdown measures related to containing the spread of Covid-19. Noting that the company had come from low earnings, Siam Global attributed the stronger revenues for this year's first half to a rise in same-store sales as well as to the contribution of the five new stores it had opened since June 2020.The opening of the new outlets brings the company's total store count to 73 as of end of June 2021.Siam Global's operations in Cambodia, under subsidiary Global House Cambodia Co Ltd, were subject to Covid-19-related restrictions imposed by Phnom Penh from 1 April to 21 May this year. The company said, however, that these "[did] not significantly affect the total sales revenue of the company". Global House Cambodia operates one outlet.Apart from its Thai operations and Global House Cambodia, Siam Global also earns from Global House International, its joint venture with Siam Cement Group. Global House International holds a stake in Myanmar's Pro1 Global Home Center, which has eight outlets in the country, and in Souvanny Home Center, which also has eight locations in Laos.