The Thai economy in 2024 expanded by 2.7 percent, an improvement from 2023, which grew by 1.9 percent, supported by the recovery of the tourism sector and production for export. However, the slow recovery of consumer purchasing power and high competition are factors that put pressure on businesses' spending within the country. In 2025, the Thai economy is expected to recover gradually, with the tourism and service sectors continuing to expand, and government disbursements returning to normal. Growth will, however, be limited by obstacles both inside and outside the country, such as high household debt, uncertainty regarding the trade policies of foreign partners, geopolitical risks, political changes within the country, volatility in the global financial market, and other environmental factors, all of which will affect the overall picture of the Thai economy. The Board of Directors is well aware of these challenging factors and, therefore, is committed to conducting the business with caution, flexibility, and adherence to good corporate governance under the concept of “Success with Synergy and Sharing,” which we are committed to creating success with appropriate synergy and sharing. In 2024, the Company had revenue and profit sharing from associates and joint ventures totaling 7,339 million baht, with a net profit of 3,321 million baht, which is similar to the 2023 net profit of 3,095 million baht.
❞The Company also focuses on creating business opportunities and seeking synergy through continuous collaboration with partners. In 2024, the Company continued to invest in the real estate development, technology, and other businesses, which are expected to support the businesses in the Saha Group to become even stronger. For example, the continued development of real estate projects in potential locations in the Rama 3 area, in collaboration with affiliates in the Saha Group, such as “Kingbridge Tower” and “King Square Community Mall,” both of which are parts of a mixed-use real estate project. In addition, the Company made further investments in related businesses, such as the co-working space business via Synergy Spaces Co., Ltd., and a joint investment in Saha Tokyu Property Management Co., Ltd., which operates in the property management business. Moreover, the Company has increased its investment in potential existing businesses, such as raising its stake proportion in People’s Garment Public Company Limited, a company with a stable financial status, to help develop a business plan that will allow the company to operate at its full potential and pursue new investments to increase its chances of generating more profits. The Company also made an additional investment in Peng Shen Technology (Thailand) Company Limited, which designs, develops, produces, and distributes electronic printed circuit boards (PCBs); as well as joint investments in other businesses, such as the Japanese restaurant industry, including “Unagi Yondaime Kikukawa,”, the Unadon restaurant, and “KANEKO HANNOSUKE,” the tempura donburi restaurant, among others.
Regarding sustainability, the Company has consistently placed importance on good corporate governance to create sustainable value for all stakeholders. In 2024, the Company received corporate governance assessment results for Thai listed companies (CGR) at the "Excellent" (5 stars) level from the Thai Institute of Directors (IOD) for 6 consecutive years. Additionally, the Company received a rating of A level in the Services category from the SET ESG Ratings sustainable stock assessment, organized by the Stock Exchange of Thailand, further demonstrating the Company's commitment to these areas.
For 2025, the Company remains committed to conducting business in a way that develops the organization towards sustainability, with care and caution to ensure the highest benefit for the Company. The Board will monitor and adjust its working plan to appropriately respond to changing situations in a timely manner, as well as seek business opportunities in collaboration with its partners to create proper returns for shareholders, while taking into account all stakeholders. This will be done based on the principles of good corporate governance and risk management, which the Company has always adhered to in conducting its business.
Finally, the Board of Directors would like to extend gratitude to all those who have participated, including customers, joint venture companies, partners, financial institutions, shareholders, bondholders, alliances, executives, employees, and all stakeholders, who play important roles in driving the Company forward with growth and sustainability. Their confidence in the Company’s operations and continued support are greatly appreciated. The Company will relentlessly conduct its business by adhering to the principles of good corporate governance under the core values of "Good People, Good Products, Good Society," in order to create sustainable success for the Company’s business, Thai society, and the global community in the future.