In 2020, the global economy was affected by the outbreak of COVID-19. The pandemic resulted in a recession of the world economy, including Thailand. The Board of Directors appreciates the significance of this challenge, and in response, has drawn up a business plan with due regard to prudence, flexibility and good governance under the concept of “Success with Synergy and Sharing”. The organization’s success stems from the cooperation of all stakeholders. Importance has been given to truthful sharing, assisting and supporting society, and together forming a positive driving force in Thai society under this crisis. The Company truly believes in our resilience to survive this crisis.❞
Mr. Somkid Jatusripitak
Chairman of Board of Directors
Mr. Boonsithi Chokwatana
Chairman of the Executive Board
The Company has made changes to operations during the previous year in line with the pandemic situation. This crisis was viewed as an opportunity to prepare for growth, explore new business investment opportunities as well as restructure and develop current business investments for greater efficiency. Innovations which increase competitiveness and environmental friendliness have been elevated, such as the promotion of clean energy through production and utilization of solar energy and the promotion of smart city developments in collaboration with a joint venture company by installing a network of fiber glass cables to support 5G technology, which would in turn support and enhance business efficiencies at a more rapid pace in the future.
Because of continued prudent business operations and investment focus on diversification of portfolio, in 2020, the Company maintained its net earnings level of Baht 2,305.6 million, showing an increase of Baht 39.6 million or 1.7 percent from the preceding year. Moreover, to support investment opportunities and provide a secure financial structure, the Company issued and offered debentures in the amount of Baht 5,000 million, receiving a satisfactory response from investors with over 5-time subscription. The Company has also received a credit rating from Tris Rating Company Limited at the level AA with a stable outlook for the 7th consecutive year, since 2014. This reflected confidence and trust in the Company’s financial position, enabling the Company to manage its financial costs at an appropriate level.
The Board of Directors also continue to adhere to business guidelines for sustainable development. In this regard, the Company was selected for listing in the ESG100 in the year 2020 and was categorized as one of Thailand Sustainability Investment (THSI) list in 2020 for the 2nd consecutive year. The Company also received an “Excellent” rating for good governance and “Excellent” assessment for quality of the annual general meeting of shareholders with the full score of 100 for the 12th consecutive year.
The year 2021 seems to be another challenging year due to the COVID-19 outbreak. Nonetheless, the Company undertakes to continue its adherence under the philosophy of “Good People, Good Products, Good Society” as a way of fostering sustainable growth for all stakeholders, and will continue to play its part in promoting the development of the country. In this regard, the Board of Directors would like to take this opportunity to thank all stakeholders, including customers, joint venture companies, trading partners, financial institutions, shareholders, debenture holders, business alliances, executive officers and employees, for their continued trust and support in the Company’s operations.