The Thai economy grew at a rate of only 2.4% in 2019, slower than in 2018, as a result of the global economic slowdown attributed to the trade war between the United States and China, the strength of the Thai baht that shrank Thailand’s exports in 2019 by 2.7%, and drought-related impacts. On the other hand, there was a 4.2% increase in the number of overseas visitors (39.8 million). Aware of these risk factors, the Board of Directors laid down a comprehensive yet flexible business plan under good corporate governance principles and a concept of “success with synergy and sharing.❞
In 2019, the Company derived Baht 5,326 million of revenue and Baht 2,271 million of net profit. If excluding non-recurring items in 2018, its revenue and net profits increase by Baht 76 million or 1.5% and by Baht 110 million or 5.1% year-over-year, respectively. Moreover, the Company broadened its portfolio with investments in potential businesses that could provide support for existing endeavors, especially new enterprises with eco-friendly innovations for enhanced competitiveness. For instance, the Company and a business partner jointly developed a smart electricity distribution system at its industrial park in Si Racha to create a sharing economy of green energy. The Company also has a plan to invest in 5G technology to promote the “Smart City” concept under the overall development plan of Eastern Economic Corridor (EEC).
The Company has retained its AA/ Stable credit rating from TRIS Rating Co., Ltd. since 2014. This placement demonstrates investors’ trust in the Company’s financial standing. Moreover, the Company has received the mark “Very Good” from evaluation of its corporate governance. It has also received the mark “Outstanding” or 100/100 points for its annual general meeting organization for the 11th consecutive year. Additionally, it has been chosen to appear on the 2019 Thailand Sustainability Investment (THSI) list.
2020 will be a challenging year as the Thai economy continues to stagnate as a result of the spread of COVID-19 and the inconclusive trade war. The Company will still adhere to its “Good People, Good Products, Good Society” motto to engender sustainable growth and contribute to national development. The Board of Directors sincerely thanks all parties who participated in the success of the Company throughout 2019, including partners, executive officers, and employees of its partners, trade allies, financial institutions in Thailand and overseas, shareholders, debenture holders, executives, and employees.
Mr. Boonsithi Chokwatana
Chairman of Board of Directors