SCGP announced the operating results for the first nine months of 2024 with total revenue from sales of Baht 101,553 million, an increase of 4% compared to the same period of last year. This growth was driven by higher sales volumes in both integrated packaging and fibrous business chains. Profit for the period was Baht 3,756 million, a decrease of 7% compared to the same period of last year due to increased costs. As a result, the company is focusing on adjusting portfolio to increase consumer packaging proportion, actively expanding high-growth potential packaging solutions, and committing to continuous cost management strategies and delivering sustainable value under the ESG framework. SCGP will anticipate growth of the packaging industry in the final quarter, driven by production for inventory stocking during festive seasons and recovery of exports and tourism.
Wichan Jitpukdee, Chief Executive Officer of SCG Packaging Public Company Limited or SCGP, said that the overall packaging industry in ASEAN improved, attributed to increased domestic consumption and tourism activities. This has led to increased demand for packaging, such as consumer packaging and food and beverage packaging. There is also an expansion in exports of processed foods and agricultural products to the United States and Europe. However, towards the end of the third quarter, economy faced increased challenges due to appreciation of Thai baht and other ASEAN currencies, flooding in Thailand and Vietnam, which affected export capacity and stock preparation, and a slower-than-expected recovery of China's economy. These factors have resulted in lower regional export volumes and demand for packaging paper, as well as increased costs for packaging paper due to higher recovered paper costs.
SCGP has focused on the strategies to address these challenges by adjusting its product portfolio to increase consumer packaging proportion and by offering innovative packaging solutions to sustain profitability. This includes adjusting the export strategy of packaging paper from Indonesia to Vietnam, while the Chinese market is still recovering, and efficiently managing energy costs by leveraging of technology and Artificial Intelligence into production processes, and expanding these practices to other plants in ASEAN countries. Additionally, SCGP is increasing of alternative fuels usage. As a result, in the first nine months of 2024, SCGP reported revenue from sales of Baht 101,553 million, an increase of 4% compared to the same period of last year. This growth was driven by continuous expansion across all business units, increased exports, and a recovery the durable goods sector. EBITDA stood at Baht 13,282 million, a decrease of 1% compared to the same period of last year. Profit for the period was Baht 3,756 million, a decrease of 7% compared to the same period of last year.
For the operating results in the third quarter of 2024, revenue from sales was Baht 33,371 million, an increase of 6% from the same period of last year due to improved sales volumes of paper and plastic packaging and higher dissolving pulp sales, but a decrease of 3% compared to the previous quarter from lower packaging paper export sales volume. EBITDA was Baht 3,496 million, a decrease of 17% from the same period of last year and a decrease of 25% from the previous quarter. Profit for the period was Baht 578 million, a decrease of 56% from the same period of last year and a decrease of 60% compared to the previous quarter. This was due to the rise of recovered paper costs across operations, and the appreciation of the Thai baht, which impacted export products such as foodservice packaging and dissolving pulp.
Wichan added that the overall packaging industry in the final quarter of this year is expected to grow. This growth is anticipated that consumer goods industrial sectors will build up inventories in response to projected rise in consumer spending. Supporting factors include a rebound in service and tourism sectors, along with the government's economic stimulus measures. It is expected that the demand for durable goods will increase in preparation for festive season. Meanwhile, China's economy is expected to see modest improvement. The price of recovered paper is expected to decline in the previous quarter. SCGP continues to actively expand the consumer packaging solutions business, focusing on high-growth segments such as foodservice packaging and medical supplies and labware to drive sustained growth. Recently, the company collaborated with Once Medical Company Limited to develop syringes and other high-quality medical supplies and labware. This partnership aims to enhance the production capabilities of VEM Thailand and to expand the customer network. Additionally, SCGP has focused on cost management and increasing profitability by adjusting portfolio to boost sales of high-value products, increasing the proportion of packaging paper exports to countries with demand. The company is also increasing of domestically recovered paper usage and expanding its recovered paper procurement network. This includes improving production efficiency by effectively utilizing resources and continuously reducing energy costs.
Moreover, SCGP remains committed to conducting business aligned with ESG framework and global environmental standards by continually increasing the Carbon Footprint Product certifications, covering product groups namely pulp, printing and writing paper, packaging paper, and plastic packaging, totaling 126 products. In addition, 16 processes involving printing and forming of paper packaging, as well as product groups of copy paper and food packaging (Fest), have received certification for a total of 19 products. Most recently, SCGP was upgraded to an 'A' ESG rating by MSCI. Additionally, the company received Climate Action Leading Organization (CALO) with Excellence level, from the Thailand Carbon Neutral Network (TCNN) for the second consecutive year.