Dear Shareholders,

The past year 2023 is the remarkable year for the Company as the Company has proceeded the voluntary delisting from the Stock Exchange of Thailand (“SET”). Now, the delisting process is completed and the SET has ordered to delist the ordinary share of the Company from the SET since 25 August 2023.

The mentioned delisting will allow the Company to become more independence and flexible in operation, and less burden from rules and regulations governed by the Securities and Exchange Commission and the SET. Hence it will speed up business decision and enhance effectiveness of the business operation. In addition, it can cut down the Company’s direct and indirect expenses from maintaining a listed company status.

However, though the Company is not a listed company any longer, the Company still strictly adhere Corporate Governance principle for transparence of business management and fairness to all stakeholders, thus, sustainable growth of the Company. Moreover, the Company also have the crucial responsibility to deliver high quality of fertilizer to the customers and the Company still perform this responsibility without compromising in any case.

For the general situation of fertilizer industry, it is better than the previous year because the price of raw material has sharply decreased. However, the ongoing unrest between Russian-Ukraine is the negative factor which causes unstable of the raw material effecting the Company business directly. Nevertheless, the Company has proceeded the appropriate risk management and monitor the situation closely.

As having reported to you in the previous occasion that one of the Company’s major goal is to increase the market share of the Company’s goods and expand the Company’s brand awareness, the Company then proceed more aggressive marketing activities, such as, field trip, cooperation between the government agency or business partner to expand the brand awareness.

For the Company’s last year performance, the Company’s Profit Attributable to Owners of the parent showed THB 1,066 million, increasing by THB 232 million or 28% compared with the previous year. The profit per share showed THB 1.82. The Company’s last year performance is better than that of the previous year.

Lastly, on behalf of the Company, I sincerely thank all stakeholders, namely, customers, dealers, suppliers, business partners, employees, community etc., who have always gave us warm support. The Board of Directors, the management, including employees, will operate the business at our best for a good performance of the Company accordingly.

Sincerely yours,

Mr. Yuji Yuasa
Corporate Board Chairman