It is well known that many things happened since the beginning of 2019 with greater impact on the Thai economy than expected, particularly impact from the trade war, causing Thailand’s export sector to contract rather than grow as expected. In 2019, Thailand’s economy grew by only 2.5 percent.
In 2020, Thailand’s economy is expected to grow by 2.5 - 3.0 percent due to delays in passing budget laws, coronavirus outbreaks threatening the world’s economic growth at least in the short term, lower industrial production and effects on the world’s supply chain. Although long-term effects are unclear, the aforementioned events are new negative factors affecting the global economy, which had been slowing down since the previous year.
In 2019, however, the Company had good performance and was able to return to earning profit by intensifying modifications of strategic plans inside and outside the organization. In growing sales, the Company remained focused on exports, increasing foreign sales agents, increasing expert sales teams to penetrate new markets with purchasing power abroad while maintaining old customer bases and building new domestic customer bases with a focus on customers who have capacity, modifying production processes to reduce production costs, modifying debt follow-up strategies and distribute investment in energy businesses to build the Company’s strength and growth.
Furthermore, the Board of Directors recognizes the importance of good governance. In 2019, the Company had excellent corporate governance scores for five consecutive years, reflecting the importance of corporate governance. The Company hopes to modify and maintain management standards consistently under corporate management frameworks.
The Board of Directors would like to thank our patrons, stakeholders and associates domestically and abroad who have always supported the Company. We would also like them to rest assured that the Board of Directors will manage at full capacity with determination to govern the Company to grow with security and sustainability.
(Mr. Krirk-Krai Jirapaet)
Chairman, Board of Directors