Chairman

In 2025, the global economy continued to face volatility driven by several factors, including geopolitical uncertainties arising from tensions in the Middle East that may affect the energy sector, as well as fluctuations in oil prices. Meanwhile, inflationary pressures have gradually eased, leading central banks to consider lowering interest rates in order to support economic stability.

Regarding the Thai economy, overall growth was estimated at approximately 2.0–2.4 percent, according to assessments by government economic agencies and international organizations. This was slightly lower than the previous year’s growth of approximately 2.5 percent, reflecting a gradual recovery amid global economic uncertainties. Export growth slowed due to the impact of U.S. tariff measures, while household debt remained at a high level. Structural challenges, such as Thailand’s transition to an aging society, have also constrained long-term growth potential. In addition, limited consumer purchasing power has continued to affect economic momentum, despite the recovery of the tourism sector and support from government stimulus measures, including the “Khon La Khrueng Plus” and “Tiew Dee Mee Kuen” projects.

In the energy sector, the average benchmark price of refined petroleum products referenced from the Singapore market (Mean of Platts Singapore: MOPS) in 2025 decreased by approximately USD 8–13 compared to the previous year, primarily due to concerns over the global economic outlook and an oversupply of crude oil. Nevertheless, the government maintained its policy of capping diesel prices throughout the year, while gasoline prices continued to move in line with market conditions. The Group closely monitored price movements and margins and adjusted its oil inventory management in response to changes in taxes and the Oil Fuel Fund on an ongoing basis. In addition, the Group aims to continuously increase revenue from non-fuel businesses. In 2025, the Group expanded its operations by opening four coffee shops under the “Chaodoi” brand.

The real estate sector remained subdued, with sales and property transfer volumes declining across various segments, reflecting constrained consumer purchasing power. Key factors pressuring the market included high levels of household debt and stricter loan approval processes by financial institutions. Although the government introduced supportive measures such as reductions in transfer and mortgage registration fees, as well as relaxation of the loan-to-value (LTV) ratio requirements, the Group has placed strong emphasis on liquidity management, cost control, and prudent launches of new projects. Nevertheless, demand for mid-range residential properties and projects located in high-potential areas has remained relatively resilient.

The Board of Directors continues to emphasize the establishment, review, and effective management of policies in accordance with the principles of Good Corporate Governance. The Company also focuses on prudent risk management and sustainable development practices, placing importance on environmental, social, and governance (ESG) considerations in order to balance business growth with responsibility toward all stakeholders.

On behalf of the Board of Directors, I would like to express my sincere appreciation to our shareholders, investors, business partners, financial institutions, management, employees, and all stakeholders for their continued trust and support. The Company remains committed to strengthening its organizational capabilities, seeking appropriate investment opportunities, and driving the Group toward stable and sustainable growth in the years ahead.


Ms. Panicha Pongsivapai
Chairman of the Board