Message from the Chairman

Dear Shareholders,

Pruchya Piumsomboon, Ph.D., P.E.
Chairman of the Board of Directors

The operation result in 2020 showed continual growth and cash flow profitability as demonstrated by increasing gross profit in 2020 of all business types.

The year 2020 posed a challenge in business operation amid the prolonged recession of the world economy and Thai economy. Every business must prepare for the competition, embrace the uncertain situation ahead. However, the Company Group carries on its business operation by following the vision to become a leading firm that strives to manufacture and distribute fine quality steel recognized by international standards. At present, the Company has expanded the business line in alternative energy while its subsidiaries run solar power plants for commercial purposes. In addition, the solar power plant projects under development in Thailand and abroad, i.e., Japan and Australia, are operated effectively, based on an ethical code of conduct, a responsibility to stakeholders, and environmental care. The Board of Directors and high-ranked executives collaborate closely to propel effective policy and business strategy. Meanwhile, the Board of Directors addresses the importance of sustainable growth, following good corporate governance, transparency, and accountability, which are the core of our business operation and fundamental business management adherence.

The contracted demand for steel in the Thai construction industry in 2020 and the intense competition from overseas supply recessed the steel business's contracted manufacturing. The Company could not achieve profitability as planned. Meanwhile, alternative energy business was hindered by traveling issues upon the COVID-19 pandemic. Projects and operations, including power plant construction under marketing and operation strategic plan, were much delay. To resolve issues, the Company has adjusted strategy on alternative energy business expansion by establishing a joint venture to enhance business growth and as a synergy to power production from alternative energy business to support the increasing demand of the alternative energy.

The operation result in 2020 showed continual growth and cash flow profitability as demonstrated by increasing gross profit in 2020 of all business types. The Group’s EBITDA increased from previous years significantly contributed by business strategy adjustment. Such positive signs reflected the Management's determination and the Board of Directors' collaboration in establishing the strategies to drive the Company toward sustainable growth, assets in the operation plan. Despite unfavorable environment and external factors, the Board of Directors, Management and all employees endeavor to build a successful and stabilized operation outcome, seeking for business investment to strengthen and yield return to shareholders in the long-term.

On this occasion, on behalf of the Board of Directors, the Management, and all employees, I would like to express my appreciation to shareholders, business allies for your continued trust and support in our business operation. It is our promise to conduct the business adhering to good corporate governance, ethics, to earn the highest benefits to all groups of stakeholders, to take responsibility for environmental care. We strive to enlarge the business that returns stable income and robust growth to the Company Group and to build sustainability to Thai society in the long run.