Message from Chairman

To the Shareholders

The Thai economy over the past 2017 expanded for 3.8% mainly resulted from the increase of the export of agricultural and industrial products for 9.9%, totaling 236,000 USD; higher than that of 2016 in which the export grew for only 0.5% and this was also the highest rate over the past 4 years in all major markets including China, Japan, ASEAN, US and EU. However, the export of industrial products of the same category as those of the company (automotive equipment and parts) increased slightly while the export of products in the category of air-conditioner decreased. As such, the total number of automobile produced in Thailand in 2017 was equal to 1.9 million units; the same number recorded for the year 2016 while the total number of air-conditioner produced in 2019 was equal to 20 million units; lesser amount than that of 2016 at 21.8 million units.

In 2017, the company earned total sales volume at 7,527 million baht and the net profit at 401 million baht; the figures which were similar to those of 2016. In addition, by transferring air-conditioner assembly line from Laem Chabang to SNC’s factory complex in Rayong, the overall operation performance has shown the promising outcome. The company can also earn benefit from the building and land of the factory in Laem Chabang including the investment in power production from solar roof at associated companies in Rayong and it is expected to significantly save power expense in the future.

May I add that the Board of Directors and the management realizes and gives priority to the adaptation to changing business challenges and the investment in new promising business e.g. the investment in power production from municipal waste in Yala Province which has been initiated since 2017 and it is expected to see material progress in 2018. If everything goes right, we hope we can extend our investment in other area and this will become another business making sustainable growth for the company in the long-run.