Message from the Chief Executive Officer

Dear Shareholders

Mr. Anavin Jiratomsiri
Chairman of Executive Committee

In 2022, CHOW Steel Industries PCL has proudly passed through the critical challenge from the Covid-19 which posed its effect on the entire country. We achieved an astonishing turnover of THB 1,165.74 million, and EBITDA reached THB 1,479.38 million thanks to the strategy set forth for the energy business segment, which yielded a favorable return on investment. We also adjusted the business plan to keep up with the fluctuating situation. It is our ultimate goal to lead the CHOW Steel Industries PCL group to a sustainable business and to achieve robust growth in any situations and contexts.

The performance of CHOW Steel Industries PCL Group in 2022 reflects the investment return in subsidiaries which are energy business oversea. The profit and revenue recognition in 2022 was over THB 1,425 million. Furthermore, the Company has expanded the solar power project in Thailand during a time when electricity costs were rising, thanks to our business expertise and experience in investment and development of power plants for over 10 years, competent personnel and the steady financial status for investment to support our business growth together with suppliers at a robust and sustainable approach. Accordingly, CHOW Steel Industries PCL Group was selected by business partners in various fields as a producer and distributor of electricity under the PPA and EPC contract.

As of ending of 2022, the subsidiary’s solar power plant connected for commercial operation can transmit 30.65 megawatts and will be improved to 150 megawatts in 2023. There are more projects which are now under the development both in Thailand and Japan as well as the power plants under development in Australia. Our steel business has expanded in consistent with the increasing demand for steel after the business recovery in Thailand when compared to the previous year. Furthermore, CHOW Steel Industries PCL has added new business unit for steel trading both in Thailand and abroad thanks to the knowledge and skills accumulated during over 20 years in the business. In conclusion, the steel business generated surplus profit from our new business unit.

Since 2021, CHOW Steel Industries PCL has improved the production process for the made to order unit and added new steel products. Then in 2022, the order for fabrication was rising in terms of production volume and types of products, including ready-made steel. Hence, the steel business has rebounded with certain net profit. As for digital currency mining, the new business which the mining tools for cryptocurrency does not require significant investment. Digital mining is considered as a business that paves the way for long-term profit. For this current 2023, CHOW Steel Industries PCL will continue to seek for fine quality products that worthwhile an investment of all shareholders. We also plan to broaden the scale of solar power plants in Thailand and oversea, which have received continual support. For the oversea market, CHOW realizes the importance of the countries in great demand of alternative energy, both in Japan and Australia. Meanwhile, the focus for the local market is on skills, knowledge, performance and experience in order to develop the power plants, and to seek investment opportunity to generate income and increase profit. CHOW Steel Industries PCL will carry on our dedication to administrating steel business to strengthen and stabilize the growth. We also always look for potential opportunities and business to enhance the operation and to develop the organization, constantly taking into consideration the benefits of all shareholders.

For final words, CHOW Steel Industries PCL would like to express our thankfulness to all shareholders, debentures holders, joint ventures, suppliers, business partners, customers and all related parties, financial institutions both in Thailand and abroad for your continual support to our business operation. The Company’s gratitude also goes to our employees for their devotion and effort to nourish the robust growth of our company.

CHOW Steel Industries PCL affirms that we will conduct business by adhering to the concept to sustain the business with the efficient, transparent management, under the good corporate governance and consideration of all stakeholders, as well as the concern on the mission to lead the Company to the goal set forth.