Message from the Chairman

Over the past year, the Group persistently pursued overseas investments to capitalize on opportunities and sustain ongoing growth. Despite the subsidiaries in Vietnam facing a sales slowdown attributed to a contraction in the real estate sector and the effects of increasing interest rates on consumer spending, the Group recognized the potential in Vietnam and neighboring countries’ economic growth trends. Exploiting this potential, the Group identified an opportunity to enhance manufacturing capacity to facilitate the expansion of its Melamine household products business. We then opened a new Melamine factory at VSIP II Industrial Park in Binh Duong province, Vietnam with the aim to support future growth.

With respect to social and environmental responsibility,the Group places significant emphasis on adopting sustainable business practices within the framework of Environmental, Social, and Governance (ESG) principles. Initiatives such as the installation of solar rooftop electricity generation systems at factories located in Bangpoo Industrial Estate, Samut Prakan province, and Amata City Chonburi Industrial Estate, Chonburi province in the previous year have proven successful. These efforts have led to a reduction in greenhouse gas emissions and have contributed to overall energy cost savings for the Company. Building on favorable results, the Group is forging ahead with plans to install additional solar rooftop systems in various factories of our Group, extending to subsidiaries in Vietnam and India. The Company has also collaborated with partners and stakeholders to pursue our businesses using the principles of the Circular Economy. This includes the recycling of used plastic products back into the manufacturing process as well as using Post-Consumer Recycled (PCR) plastic pellets as raw materials, thus conserving resources and reducing greenhouse gas emissions that contribute to climate change. Several initiatives aimed at upgrading machinery with innovative technologies to improve and enhance operational efficiency are currently underway. These efforts encompass research and development endeavors geared towards producing highquality products, minimizing energy consumption, and promoting environmental friendliness. These actions are in harmony with industry trends and evolving market needs, while also fostering the development and advancement of internal personnel capabilities, alongside nurturing the next generation of teams to drive the Group forward.

As a testament to the dedication and determination mentioned earlier, today the Company has been ranked by the Stock Exchange of Thailand as one of the Sustainable Stocks (SET ESG Rating), receiving an A award for the first time in the industrial category group. This highlights the organization’s progress towards sustainability, aiming to deliver long-term returns to investors while adhering to transparency and accountability in business operations, as well as respecting human rights and incorporating the interests of all stakeholders.

In addition, the Company has received an assessment of “Excellent” for corporate governance practices from the Thai Institute of Directors (IOD) for the year 2023, marking the eighth consecutive year. This recognition showcases excellence in organizational management and good governance practices.

In 2024, the Group remains committed to propelling the organization through technology and innovation, focusing on research and development to advance and introduce new products that meet customers’ demands as well as enhancing and expanding our sales distribution channels to ensure convenience and accessibility for all customer segments. Furthermore, we are actively pursuing collaborations with business partners to explore new business opportunities in emerging industries that leverage the Group’s strengths and capabilities. These include sectors such as electric vehicles, batteries, and electronics equipment.

Finally, on behalf of the board of directors, executives, and employees of Srithai, I would like to express my sincere gratitude to our shareholders, business partners, suppliers, customers, and all stakeholders who have consistently supported the operations of the Group. With the enduring commitment and confidence of all stakeholders, Srithai will flourish and thrive, maintaining its strengths and sustainability well into the future.