UKEM upbeat on 2022 sales

Asia's Tech News Daily

SET-listed Union Petrochemical (UKEM), a local chemical distributor, estimates its revenue will grow by 10-15% next year, the same rate as 2021, as industrial customers have returned to normal operations.

The company is playing down the spread of Omicron, believing the new Covid-19 variant will not have a long-term impact.

UKEM expects its revenue to grow by 10-15% this year, up from 2.55 billion baht in 2020, despite the impact of lockdowns.

Managing director Perapol Suwannapasri said the forecast is based on its nine-month performance this year, when revenue rose by 16% to 2.26 billion baht.

Net profit also increased by 27% to 73 million baht.

UKEM sells chemical products, mostly solvents and polymers, to the agro-business, garment, car, packaging and cleaning sectors.

Following the easing of lockdown measures over the past two months, factory operators increased their feedstock inventories to produce more products, serving demand during the upcoming festive season.

Mr Perapol said he believes Omicron will only affect businesses for a short time because there were no reports of deaths among people infected by the new variant. There were also no reports of severe symptoms among patients.

“I don’t think Omicron will lead to a repeat of the nightmare caused by the highly contagious Delta variant earlier this year,” he said. “The situation will calm down soon this time.”

UKEM is planning to diversify into more new businesses to avoid dependence on its main source of revenue in the chemical sector, but Mr Perapol declined to elaborate.

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