Chememan is a producer of lime and lime derivative chemical products, which are used as raw materials or components of various industries. The Company owns two high-quality chemical grade limestone quarries in Thailand and Vietnam and modern lime production facilities in Thailand, Vietnam, and India, as well as a state-of-the-art distribution center in Australia to support the demands of customers in more than 30 countries worldwide. Chememan is currently one of the world’s top ten lime producers, with an annual production capacity of more than 1.2 million tons. All products and services are marketed under the trademark "CHEMEMAN".
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 1,095.81 | 1,093.30 | 3,926.10 | 3,573.65 |
| Expenses | 901.55 | 856.32 | 3,316.16 | 3,189.24 |
| Net Profit (Loss) | 130.31 | 172.60 | 251.63 | 136.09 |
| Assets | 6,168.58 | 6,514.86 | 6,472.37 | 6,394.53 |
| Liabilities | 3,489.83 | 3,871.27 | 3,925.19 | 3,974.88 |
| Shareholders' Equity | 2,636.84 | 2,581.39 | 2,507.98 | 2,366.11 |
| Operating | 270.92 | 259.36 | 808.54 | 733.68 |
| Investing | -59.36 | -51.93 | -257.82 | -113.57 |
| Financing | -454.52 | -183.17 | -387.73 | -622.49 |
| EPS (Baht) | 0.14 | 0.18 | 0.26 | 0.14 |
| GP Margin (%) | 36.56 | 38.37 | 37.00 | 31.83 |
| NP Margin (%) | 12.14 | 16.51 | 6.06 | 3.15 |
| D/E Ratio (x) | 1.30 | 1.46 | 1.54 | 1.64 |
| ROE (%) | 8.02 | 8.76 | 10.33 | 5.87 |
| ROA (%) | 7.10 | 7.07 | 7.72 | 5.82 |
- Increase sales and market share: Expand the customer base in target countries and develop new customers to support the expansion of the Khimsar project in India. Additionally, Prabuddhabaht plant are upgraded kiln with a Dual-Firing Fuel System along with expansion of mining capacity at Ha Long QN Lime.
- Targeted Expansion: Explore more vertical integration options, such as Hi-Bet, Bio-technology and strengthen long-term partnerships with India, Middle East, and Indonesia.
- Financial management: Restructure loan by supporting the Vietnamese subsidiary in securing local financing and target dividend payment equal to 45-50% of net profit
Chememan operates its business by developing sustainable and integrated product solutions for customers to protect the environment while strengthening good corporate governance. Chememan is committed to sustainability by expanding solar projects across its Thailand plants, followed by international expansion. Additionally, it aims to transition over 50% of its truck fleet to electric vehicles by 2027 and conduct trials on using biomass as a fuel source in the production process by 2025 to enhance energy efficiency and support long-term sustainability goals. CMAN prioritizes employee management and continues its organizational transformation to prepare for the future. Chememan is also committed to ongoing social development through a variety of community support initiatives to ensure that community grows sustainably with the business.
- Even though the global business environment remains weak, Chememan posted good results due to its diversified customer portfolio, disciplined cost controls, and flexible decision making.
- Because the Thai Baht strengthened by 1.7 against the US Dollar between 1Q2025 and 1Q2024, export revenues fell THB 20 million due to exchange rates.
- Net profits attributable to shareholders was THB 130 million included THB 35 million less foreign exchange gains, so underlying operations generated similar net profits year on year.
- Overall financial strength and liquidity continue to improve as Chememan continues to deleverage
Chememan reported revenues of THB 1,028 million in Q1/2025, with gross profits of THB 376 million and net profits attributable to shareholders of THB 130 million. Domestic revenues increased through higher sugar industry demand, while international revenues declined due to more competitive market conditions and lower lime demand, especially in the mining sector. Adjusted EBITDA was THB 290 million, reflecting margin pressure from lower export volumes and rising costs. Operating cash flow remained strong at THB 271 million, and finance costs declined due to lower debt levels. Chememan remains focused on expanding its market reach across the Asia-Pacific region, optimizing operational efficiency, and strengthening long-term customer and partner relationships. Key priorities include increasing lime and limestone sales in target industries and securing local financing to reduce exchange risk. With a strong business foundation and disciplined management, Chememan is well-prepared to pursue new opportunities and create long-term value.
Chememan has a dividend payment policy no less than 40% of operation net profit. The company approved an annual dividend for the fiscal year 2024 at THB 0.12 per share, representing 48.45% of net profit. The dividend payment date is scheduled for May 21, 2025.
Chememan prioritizes risk management in all dimensions by identifying risks that may affect the Groups, as follows:
1. Financial and Investment Risk
2. Strategic and Market Risk
3. Operational Risk
4. Environment and Social Risk
5. Legal and Compliance Risk
Chememan establishes a defined risk appetite and applies risk management principles to ensure that all risks are maintained within acceptable risk tolerance levels. A mitigation plan is developed for each type and level of risks. To ensure effective monitoring and control, the company has introduced Key Risk Indicators (KRIs) to track and measure risk exposure. Implementation of the mitigation plans is regularly monitored to align with the organization’s risk management objectives.
World-Class Recognition: ILA Health & Safety Award 2024 for Health Prevention
Regional Recognition: HR Excellence Awards 2024 for In-House Talent Pipeline and Work-Life Harmony (Bronze Level)
National Recognition: GPSC Group’s Excellent Partner Sustainability Assessment Award, and Green Mining Award 2024
| as of 31/03/25 | CMAN | PETRO | SET |
|---|---|---|---|
| P/E (X) | 8.77 | - | 15.78 |
| P/BV (X) | 0.88 | 0.50 | 1.10 |
| Dividend yield (%) | 5.22 | 3.43 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 2,208.00 | 2,150.40 | 1,977.60 |
| Price (B/Share) | 2.30 | 2.24 | 2.06 |
| P/E (X) | 8.77 | 15.54 | 11.95 |
| P/BV (X) | 0.88 | 0.88 | 0.82 |