Chememan Public Company Limited engages in the production of lime and lime derivative chemical products used as raw materials or components in various industrial manufacturing processes. The Company owns high-quality chemical limestone mines in Thailand and Vietnam, along with lime production plants equipped with advanced technology and innovation in Thailand, Vietnam, and India. With a production capacity of over 1.2 million tons per year ranking among the world’s top 10 producers Chememan also operates a distribution center in Australia to support customer demand in more than 30 countries worldwide. All products and services are offered under the “CHEMEMAN” trademark.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 2,076.11 | 2,077.52 | 3,926.10 | 3,573.65 |
| Expenses | 1,703.36 | 1,683.37 | 3,316.16 | 3,189.24 |
| Net Profit (Loss) | 237.65 | 263.87 | 251.63 | 136.09 |
| Assets | 5,976.93 | 6,449.35 | 6,472.37 | 6,394.53 |
| Liabilities | 3,318.76 | 3,787.47 | 3,925.19 | 3,974.88 |
| Shareholders' Equity | 2,616.25 | 2,600.66 | 2,507.98 | 2,366.11 |
| Operating | 531.42 | 580.12 | 808.54 | 733.68 |
| Investing | -106.70 | -103.44 | -257.82 | -113.57 |
| Financing | -722.43 | -430.19 | -387.73 | -622.49 |
| EPS (Baht) | 0.25 | 0.27 | 0.26 | 0.14 |
| GP Margin (%) | 36.58 | 37.85 | 37.00 | 31.83 |
| NP Margin (%) | 11.58 | 13.05 | 6.06 | 3.15 |
| D/E Ratio (x) | 1.25 | 1.42 | 1.54 | 1.64 |
| ROE (%) | 8.64 | 9.92 | 10.33 | 5.87 |
| ROA (%) | 6.80 | 7.71 | 7.72 | 5.82 |
1.Increase sales and market share by focusing on expanding the customer base in target countries and acquiring new customers in India to support the expansion of the Khimsar plant. This includes upgrading the lime kiln infrastructure at the Phra Phutthabat plant (Dual-Firing Project) alongside expanding production capacity at the Ha Long Lime plant to reach full-scale output.
2.Expand investments according to strategic targets by developing and enhancing chemical products (Hi-Bet, Bio-technology), as well as negotiating for business expansion in the lime industry in India, the Middle East, and Indonesia.
3.Optimize financial management by restructuring loans to reduce financing costs.
4.Set a dividend payout target of 45–50% of net profit.
Chememan operates with a strong commitment to good corporate governance and sustainability, focusing on developing products and delivering eco-friendly solutions through technology and proactive environmental management. The company has expanded solar power installations at its plants in Thailand and abroad, aims to convert over 50% of its truck fleet to electric vehicles by 2027, and is trialing biomass fuel in production to support long-term environmental goals.
In parallel, Chememan is restructuring to embrace modern technologies and attract high-potential talent, preparing to become a “future-ready” organization. The company also continues social initiatives, including educational scholarships, skills training, and career development, to improve quality of life and foster sustainable growth with surrounding communities.
Resilience Amid Global Economic Slowdown: Despite the global economic slowdown, Chememan maintained solid performance through a stronger business structure, a diversified customer base, strict cost control, and agile decision-making in response to rapid market changes.
Impact of Thai Baht Appreciation: The average Thai Baht strengthened 3.6 THB against the U.S. dollar from 36.7 in Q2/2024 to 33.1 this quarter (a 9.8% appreciation) reducing export revenue in Baht terms despite higher sales volume. Its appreciation against the Vietnamese Dong also led to a foreign exchange loss at the Vietnam subsidiary from intercompany loans.
Net Profit: Net profit attributable to shareholders was THB 107 million (including a THB 52 million FX loss). Excluding FX impact, net profit was THB 159 million, similar to last year.
Financial Strength & Risk Mitigation: Liquidity improved with ongoing debt repayments. The company is negotiating local financing in Vietnam to reduce exchange rate volatility for the subsidiary sustainably.
In Q2/2025, Chememan recorded sales and service revenue of THB 950 million (+1.6% YoY). Domestic revenue declined, while international revenue increased, driven by the chemicals, sugar, and construction industries. Gross profit was THB 353 million, supported by lower energy and logistics costs. Net profit attributable to shareholders was THB 107 million (+17.6% YoY), or THB 159 million (+100.7% YoY) excluding FX impact. Adjusted EBITDA stood at THB 275 million, up 15.5% YoY, supported by higher sales volume and cost efficiency improvements. The debt-to-equity ratio decreased to 1.3 times from 1.4 times, reflecting debt reduction and lower financing costs.
For the first half of 2025, Chememan reported sales and service revenue of THB 1,978 million, in line with the previous year. Net profit attributable to shareholders was THB 238 million (-9.9% YoY), or THB 291 million (+27.2% YoY) excluding FX impact.
- Dual-Firing Project at the Phra Phutthabat plant has been completed and is currently undergoing testing and stabilization.
- Solar Farm Phase 2 Project (2MW) at the Kaeng Khoi plant is 50% complete and scheduled for completion within Q3/2025.
- Ongoing trial use of biomass fuel in the production process.
- Accelerating efforts to secure local financing in Vietnam with the goal of completion within this year.
Chememan prioritizes comprehensive risk management by identifying potential risks that may affect the Group, including:
- Financial and Investment Risk
- Strategic and Market Risk
- Operational Risk
- Environmental and Social Risk
- Legal and Compliance Risk
The Company defines its Risk Appetite and Risk Tolerance, ensuring risks remain within acceptable levels through appropriate Mitigation Plans tailored to each risk type. Progress is monitored using Key Risk Indicators (KRIs), with regular follow-up to ensure effective implementation of risk management measures.
Global Award: ILA Health & Safety Award 2024 for Health Prevention
Regional Awards: HR Excellence Awards 2024 for In-House Talent Pipeline and Work-Life Harmony (Bronze)
National Awards: GPSC Group’s ESG Assessment – Excellent Level, and Outstanding Continuous Green Mining Award 2024
| as of 30/06/25 | CMAN | PETRO | SET |
|---|---|---|---|
| P/E (X) | 10.00 | - | 14.76 |
| P/BV (X) | 0.79 | 0.53 | 1.03 |
| Dividend yield (%) | 5.50 | 3.23 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 2,092.80 | 2,150.40 | 1,977.60 |
| Price (B/Share) | 2.18 | 2.24 | 2.06 |
| P/E (X) | 10.00 | 15.54 | 11.95 |
| P/BV (X) | 0.79 | 0.88 | 0.82 |