Message from Chairman

To the Shareholders

In 2018, Thailand’s economic growth was at 4.2%, higher than the previous year which was only 3.8%. The key factors were the export volume with the total of 252.4 billion US$ or the growth of 6.7% in almost every significant market including the expansion in the tourism sector in which Thailand welcomed more than 40 million tourists last year. Concerning industrial goods involving the Company’s business, the air-conditioning industry produced more than 19.8 million units, higher than the previous year which was at 19.2 million units. The automobile sector revealed their increased annual production at 2.2 million; higher than that of the last year at 2.0 million units.

In 2018, the Company earned a total revenue of 6,499 million baht; lower than the year 2017 which was at 7,527 million baht. However, the amount of profit increased to 431 million baht from 401 million baht. These were mainly due to business restructuring, improvement of production and operation efficiency which can significantly reduce the cost according to plan. Moreover, the Company was awarded an Outstanding SET Sustainability Awards 2018, Thailand Sustainability Investment 2018 as well as an Outstanding Investor Relations Awards 2018, all from the Stock Exchange of Thailand. We have recertified the membership of Private Sector Collective Coalition Against Corruption along with rated an Excellence Corporate Governance scoring, all of which reflect its management, good corporate governance and the performance of management team and staff.

For the year 2019, the Board of Directors would pay critical attention to the improvement of company’s competitiveness, human resource development, and investment in manufacturing facilities, automation and robot in order to respond to the customer’s needs regarding product's quality, on-time delivery and reasonable price. I am confident that with our enthusiastic steadiness in sustainable development, we have always been ready for an intensely competitive environment in the industry and be able to sustain the growth in the long run.