In 2023, the Company had to face many challenges, such as global economy and geopolitical conflicts, leading to increasing interest rates by central banks in many countries worldwide to reduce the higher level of inflation. Despite the gradual reduction of interest rates at the end of 2023, the overall interest rates remained high, in line with the challenges of fluctuating exchange rate and climate change problems, which greatly affected the Thai economy. Meanwhile, there were domestic factors, e.g. uncertain government policies, higher interest rates in accordance with the world economy, and continual increasing prices of consumer products.   

          Despite the domestic and global economic challenges and fluctuations which affected service costs and higher market competition, the Company can still cope with various situations under its commitment for operations and development in personnel and equipment at work in compliance with the Company’s strategies. Thus, the Company recorded an increase in profits from the previous year in 2023.

          For ship repair services in 2023, the Company obtained two large projects of ship repair with higher costs from government agencies. Despite high competition in the market of the private sector, the Company was able to manage its operations according to its plans as well as receiving the highest revenue in 5 years from ship repair and delivery. With regard to ship building this year, the Company delivered a tug ship, the Luang Ta Chai Ship, to the Navy as scheduled. Also, the Company was selected in the bidding of one hydrographic ship build for the Navy, worth 885.00 million baht, with scheduled delivery in 2025. 

          In 2024, the Company continues its efficient operations, in line with the study and research for various innovations toward continual ship repair and ship building. The Company also seeks new business opportunities to satisfy all groups of stakeholders, including innovations for the environment, such as developing ship hulls from recycled materials which are lighter than traditional ones, but stronger. The materials also help reduce the Carbon Footprint from the production process.

          For future situations or impacts, the Company still adheres to conducting its business under the concept of sustainable development by integrating such concept as part of its operations. The Company also creates balance in economy, society, and environment through good corporate governance in compliance with the principles of corporate governance toward the sustainability for all stakeholders.

          Lastly, I, as the Chairman of the Board of Directors, the Board of Directors and the management team of the Company. I would like to thank all shareholders, business partners and stakeholders, as well as all executives and employees for their dedication throughout the year 2023 and please be confident that we will continue to build a business to grow steadily and sustainably.

                                                                                                                                    Prakit   Pradipasen

                                                                                                                     Chairman of the Board of Directors