Message from Chairman

Message from Chairman

Message from Chairman

In 2020, the coronavirus pandemic has had a serious impact on life and the well-being of everyone around world. Public health measures have been used by all countries to solve or stop the pandemic, including social distancing and lockdowns, leading to no social gatherings. This has led to a decline in people's social activities, having a tremendous impact on every economy. Tourism or travel, trade, retail, daily life, education, public health, and even the smallest unit, the family, has inevitably been affected by the pandemic. In addition, the coronavirus outbreak also aggravates various existing problems, including exacerbating trade protectionism between the US and China or accelerating the transformation of technology (Disruption Technology) that will ultimately lead to structural changes at a faster pace.

As a result, the economy of almost every country in the world has been negatively impacted throughout 2020. Similarly, the economic growth in Thailand dropped 6.1 percent compared to the 2.3 percent economic expansion in 2019 – led by a decrease in the value of merchandise exports at 6.6 percent and private consumption decreasing by 1.0 percent. However, according to The Company's Group operating results for the fiscal year ended on 31 December 2020, our sales revenue of 17,231 million baht is an increase of 2,298 million baht or 15.4 percent from 2019, which is considered a new record for the highest sales revenue. Revenue from foreign and domestic businesses increased 14.7 percent and 17.9 percent respectively from 2019. This can be attributed to our strategy of focusing on expanding overseas markets, expanding the customer base to be more diverse, and the issuance of new products such as Woody C+ Lock. The resulting company profits is thus no surprise and has led to record profits for shareholders of 3,525 million baht, an increase of 1,019 million baht or 40.6 percent from the year 2019.

In 2021, problems from the coronavirus outbreak will continue. Even though the vaccine has been invented, but the number of vaccines may not yet be sufficient to meet the global requirements. Vaccination may take time to become effective and we will still have to catch-up to the COVID-19 mutations that will continue to affect the economy and society. For Thailand, although preventative measures can be considered decent during the previous period, the economy of the country and the world will still be severely impacted. It may take some time to recover, however, the Company has set out an important strategy to build the “Carabao” into an internationally recognized brand accepted both domestically and abroad under the vision of “World-Class Product, World-Class Brand” over the past 2 years. This has resulted in the growth of the Company in the past years, reinforcing that our strategy is sound, and reemphasizing that we must continue to focus on its implementation.

Apart from the economics of our Company, we have continuously maintained our commitment to our CSR responsibilities. We continue ensure that we operate in a sustainable way and focus on organizational development in various fields, including the development of personnel, system development, modernization of the organizational structure, and respond to the rapidly changing business environment. At the same time, we must adhere to our policy of conducting business responsibly and honestly, ensuring that we deliver quality drinks that are beneficial and safe to our consumers. The Company is committed to protecting the interests of our shareholders, practice social responsibility, especially in the use of natural resources like water, and to be prudent and preserve the environment for sustainable living.

On behalf of the Board of Directors, we would like to ensure you that all our executives and employees are committed to performing their duties and under the principles of our good corporate governance guidelines and to lead The Company to sustainable growth. We wish you and your families happiness and success in these times and would like to thank our shareholders who have always trusted and supported the Company’s business operations.

MR. SATHIEN SETTHASIT

Chairman of the Board of Directors