MESSAGE FROM THE CHAIRMAN
During 2023, despite the COVID-19 pandemic situations in Thailand and all over the world could be controlled that businesses and activities have fully resumed, but it could not be clearly confirmed that the world will not encounter the outbreak of dangerous and uncontrollable new variants of the virus once again in the future. Therefore, the Company adheres to conducting business on the basis of earnestness against risks from unforeseen circumstances to minimize impact that may affect the Company's business operations. In addition, 2023 has been a very challenging year due to the volatile situations in various aspects that have happened almost at the same period, from Thai political problems affecting the domestic economy, global politics turning the global economy disorderly, the prolonged crisis of war and conflicts in many countries widely affected the global economy and led to contraction of the global economic growth rate.
Even though these volatilities which occurred during the past year have not significantly affected the Company's business directions, they stimulated and encouraged the Company to adapt itself to handle the challenges that occurred suitably with the current and future circumstances. This can be done by focusing on operations pursuant to the vision and strategic plans to strengthen the organization, careful risk management, cost management and control, implementation of new technologies to improve operational efficiency, improvement of work efficiency in all processes, continued development of human resources, including preparation of readiness for business expansion in the future. At the same time, the Company has restructured the Group to be agility and ready to become a leading company in the alternative energy business and a business that applies digital technology to support operations to meet the needs of customers with sustainability, social and environment responsibility through good corporate governance and transparency.
In 2023, the Company has reviewed its vision and mission to make them align with business operation goals and strategies of the Group and conform to ever-changing situations, as well as developed new business operation models and moved forward to investment in new businesses to build on existing business relentlessly. The Company has expanded substantial investments in alternative energy businesses, including investment in the construction of wood pellets plant in Numyuen District, Ubon Ratchathani Province to undertake the business relevant to production and distribution of wood pellets domestically and internationally in the future, as well as investment in solar power generation systems installed at base stations and telecommunication towers to save electricity costs and to sell electricity generated from power generation systems to True Move H Universal Communication Company Limited, where the Company is an investor in design, construction, installation, holding ownership or possessor right, operation and maintenance of power generation systems on each installation site. In addition, the Company aims to invest in new businesses, which are global trends and future trends, by participating in the mangrove reforestation projects to benefit from carbon credits for the third party in 2023. Under this project, the Department of Marine and Coastal Resources has allocated areas of 401.25 rais in Nuea Khlong District, Krabi Province and areas of 417 rais Khlong Tom District, Krabi Province for the Company to carry out planting, nurturing, maintaining, and managing mangrove forests. The objective is to participate in the implementation of the country's greenhouse gas reduction project and benefits in corporate carbon offsetting.
For operational directions in 2023, the Company has formulated 3 strategies as guidelines to drive the business, which include: Performance Strategy that focuses on continuously expanding investments to generate sales, increase revenue and profit in existing and new businesses for customers in both public and private sectors; Business Growth and Expansion Strategy that emphasizes on expanding investments in alternative energy business, and businesses that apply digital technology to support their operations to meet the needs of customers who are ready to drive business operations with digital technology and enhance competitiveness; and Sustainability Strategy that prioritizes business operations under good corporate governance principles, by taking into account the positive impact on the stakeholders of the organization, covering the governance activities, social and environment aspects, including continued development of capability of its personnel, while creating culture and stability in the quality of life of its personnel so they can respond to changes in the businesses. The Company also recognizes the importance of solving the problems from the climate change by increasing total generating capacity of alternative energy businesses and expanding investment opportunities in clean energy businesses, according to the Power Development Plan (PDP), such as wind energy, hydro power, solar energy, biofuel energy, etc., The Company also geared towards the carbon credit business, which is a global megatrend on undertaking sustainable business by applying ESG to drive the organization to grow sustainably by taking into account environmental, social and governance factors and further lead to a low-carbon society (Low Carbon Business).
In addition to developing the business constantly throughout 2023, the Company has also focused on operations under the good corporate governance principles by continuously updating the Company's corporate governance guidelines in line with the SEC's Corporate Governance Code for Listed Companies 2017 or 2017 CG Code, as well as enhancing the Company's sustainability operations to ensure development and progress concretely. This is one of the corporate strategies pursuant to the sustainable development principles on undertaking businesses in a balanced manner in terms of Environmental, Social and Governance & Economic or ESG. As a result, the Company received an Excellent CG Scoring rating or 5-star rating from the Corporate Governance Report for Thai Listed Companies in 2023 for the second consecutive year with an average score of 105%, an increase from an average score of 93% in 2022, representing an increase of 12%. The Company also received the 2023 Sustainability Disclosure Recognition Award for the fourth consecutive year which reflected the Company's emphasis on shareholder rights, equitable treatment of shareholders, considering the role of stakeholders and business development for sustainability, disclosure of information and transparency including responsibility of the Board of Directors.
Lastly, on behalf of the Board of Directors of Eastern Technical Engineering Public Company Limited and the Eastern Group, I would like to thank shareholders, business alliances, trade partners and all relevant parties from all sectors for their continued support and belief in the Company's business operations. I would also like to thank the Board of Directors, the management team, and all employees for their dedication in performing their duties to the best of their abilities and sincerely hope that they will continue to support and determine to carry out their mission responsibly to ensure the success of the Company's business operations and move forward together proudly and sustainably.
Dr. Pongsak Semson
Chairman of the Board of Directors
Eastern Technical Engineering Public Company Limited