Dear Shareholders
The year 2024 presents yet another challenging period for both the global and Thai economies. Globally, economic recovery continues to be affected by a variety of volatile factors, including the gradual rebound from the COVID-19 crisis and fluctuations in global financial market interest rates. On the domestic aspect, Thailand’s economy is primarily driven by the recovery of the tourism and export sectors, alongside government-led economic stimulus measures, such as the acceleration of public investment disbursement, including the Digital Wallet program. Nevertheless, domestic consumption remains under pressure due to widespread flooding in several areas.
As for Thailand’s soybean oil industry in 2024, the animal feed business is experiencing growth in line with the expansion of the livestock sector, particularly the steady increase in chicken exports and the recovery of swine production following the African Swine Fever (ASF) outbreak. This has resulted in rising demand for animal feed ingredients. In the soybean oil business, demand has also increased due to the narrowing price gap with palm oil. Meanwhile, global palm oil prices have surged due to lower production in Malaysia and Indonesia’s plan to raise the biodiesel blend ratio (B40) in 2025.
Given the challenges that our company continues to face within the industry, along with the slower growth of the domestic economy compared to the global economy and risks stemming from trade wars and geopolitical conflicts, we have proactively adjusted our strategies to enhance our competitiveness. At the same time, we remain committed to upholding environmental, social, and governance (ESG) responsibilities. Our efforts focus on creating sustainable value for all stakeholders while continuously improving our production processes to deliver better quality of life for consumers, employees and communities, in harmony with environmental stewardship. We are also dedicated to generating shared value across our supply chain from raw material sourcing and standardized production to efficient product delivery.
Our company remains steadfast in achieving balanced growth across all dimensions, ensuring strong financial performance while advancing our sustainability mission. In 2024, we were honored to receive a Corporate Governance Rating (CGR) of 5 stars or "Excellent Level," and an AAA rating in the SET ESG Ratings from the Stock Exchange of Thailand. Furthermore, we have been recognized in the ESG100 list by the Thaipat Institute for the ninth consecutive year. Additionally, we were awarded the "CSR-DIW Continuous Award 2024" by the Department of Industrial Works under the Ministry of Industry for the fifth consecutive year, an achievement that reflects our commitment to social and environmental responsibility. These accomplishments are a source of great pride for our company and employees, reinforcing our unwavering dedication to fostering and enhancing good corporate governance practices.
On behalf of the Board of Directors, I extend my deepest gratitude to all our valued stakeholders, shareholders, customers, business partners, financial institutions, private and public sector entities, the general public and the media for your continuous support, trust, and confidence in our Board and management team. I would also like to express my sincere appreciation to all our employees for their dedication and hard work in driving our organization forward with strength and resilience. Our company remains committed to delivering sustainable and long-term value for our shareholders and society.
