From Managing Director

To Shareholders

 In 2024 The company intends to strengthen its organization and achieve long-term growth through operational strategies while still prioritizing module projects for oil and natural gas projects and many petrochemical industry projects, oil platform decommissioning project and infrastructure projects in Thailand. There are still prospects for work in the future because the company has the advantage and experience for more than 50 years with quality of works and operations that exceed standards and safety. This is considered the company’s primary operation and it can still build profits. However, because the project works are not continuous and are dependent on the client’s investment decisions, which are out of control of the organization, then the company’s revenue is fluctuate.  Therefore, the company has a policy to focus on creating recurring income by continuously expanding investments in the energy business since 2022 as follows:

• The solar power generation business in Thailand, both in the form of Power Purchase Agreements (PPA) and construction contracting (EPC), has expanded its investment to 100% of the paid-up capital of Impact Solar Group (Thailand) Co., Ltd. (“ISGT”) and holds a 51.04% stake in Impact Solar Co., Ltd. (“ISL”) (a subsidiary of ISGT). Currently, the total installed and sold power capacity exceeds 150 MW.
• Wind Power Business: The MONSOON wind power plant project, with a capacity of 600 megawatts in the Lao People’s Democratic Republic which produces and sells electricity under a power purchase agreement with Vietnam Electricity in Vietnam, is making good progress and is still on track to sell electricity (COD) as planned by 2025. Furthermore, there is ongoing development of wind power plant projects in the Lao People’s Democratic Republic which is currently being under develop.
• An additional registered capital of 100 million baht and the capital has been paid proportionally in the joint venture company, SinoPower Co., Ltd. to expand the solar energy business.

For future operational goals, the company intends to increase the proportion of recurring income, which is likely to rise in the energy business. Furthermore, it will expedite the development of existing land and buildings, maximizing their value, particularly for new business with significant growth potential. The purpose is to ensure that investments provide suitable long-term returns and are managed with an acceptable level of risk, so maximize benefit to shareholders and stakeholders.

On behalf of the Board of Directors and Management, I would like to thank all stakeholder groups for their constant trust and support in the Company’s operations. Our directors, executives and employees will be committed to business growth based on sustainable corporate development and adherence to good governance principles for the Company to grow steadily and create added value for shareholders in the long run.