Chairman

In 2024, we witnessed signs of recovery in the global and Thai economies, although this recovery has been gradual and varies across different regions. However, geopolitical risks continue to play a significant role, including the tense situation in the Middle East that may impact energy prices, uncertainties in government policies following global elections, as well as the strategic competition between China and the United States and the escalating disputes in the South China Sea. Furthermore, the informal strategic alliance of the CRINK countries (China, Russia, Iran, and North Korea) has further complicated the economic environment. As for the Thai economy in 2024, it is projected that the growth rate will be 2.5%, an increase from 2.0% in the previous year. This growth will be supported by the tourism sector, strong domestic consumption, and economic stimulus measures designed to assist vulnerable groups.

The real estate sector continues to face a slowdown due to high household debt levels and an increase in default rates. Despite various measures such as the reduction of transfer fees and mortgage registration fees, these measures have not been sufficient to fully stimulate the market.

In the energy sector, the restructuring of the major shareholders of Esso (Thailand) Public Company Limited and the rebranding to Bangchak Sriracha Public Company Limited (“BSRC”) necessitated the change of the "ESSO" branded gas stations to "Bangchak." This change has had a significant impact on the operations of Pure Thai Energy Company Limited (“PTEC”), one of our subsidiaries. In response to this change, in 2024, PTEC decided to terminate its agreement with BSRC and entered into a strategic business partnership with Star Fuels Marketing Company Limited (“SFL”). Under this partnership, there are plans to rebrand 78 gas stations to "Caltex," with renovations beginning in September 2024 and expected to be completed by April 2025. Additionally, the company remains committed to expanding its gas stations and increasing revenue from the Non-Fuel business continuously.

The company's Board of Directors remains committed to effectively defining, reviewing, and managing policies to ensure stable and sustainable growth. The company is dedicated to development across all dimensions economic, social, and environmental—and seeks new investment opportunities to further strengthen the organization. Rest assured that the Board of Directors and all employees will devote their full capabilities to conducting business sustainably and for the greatest benefit of all stakeholders.

On behalf of the Board of Directors, I would like to sincerely thank the shareholders, partners, customers, financial institutions, executives, and all employees for their continuous support of the company. The company will remain committed to moving forward to achieve sustainable growth and create the greatest benefit for all parties involved.


Mr. Satja Janetumnugul
Chairman of the Board of Directors