Message from the Chief Executive Officer

I would like to express gratitude toward all management and staff for their dedication and lead the Company to a successful in 2023.

Dr. Charoen Rujirasopon

Chief Executive Officer

In the past year 2022, Thailand’s economic situation still remained sluggish as a result of the ongoing outbreak of Covid-19. In addition, the Russian – Ukrainian war has caused the global oil shortage with the soaring oil prices incessantly resulting in the continually rising product prices followed by the inflation, all of these factors significantly affecting consumers’ spending. Furthermore, the income from tourists as the main purchasing power was less than the number of 10 million from the earlier number of tourists of 40 million visiting Thailand in the year 2019 causing the wide impact on the industrial chain connecting with tourism business. The income from tourism industry as used to contributed GDP up to 22% of Thailand’s overall revenue thus consequently led to the situation of confrontation with inflation and deflation simultaneously. Besides, the cholera epidemic in swine (AFS) has intensified and not in inhibition causing loss of the number of swine more than 40%, and even worst, the disease was out of the control of the Department of Livestock Development, thus affecting cost of processed pork products significantly.

However, in crisis thereby always exists opportunity, the Company managed to achieve the highest unprecedented sales turnover, consumers in general are more cautious about quality and brand. Anyhow, due to the pork shortage situation, the prices increased more than 40% from the normal prices, the Company was unable to adjust product prices in proportion to price increment of raw materials but by the experienced strong team work, the Company managed to overcome endless obstacles to derive profit achievement and in the acceptable ratio in comparison to business in the same industry. I therefore wish to hereby extend my grateful thanks to all of you and our stakeholders.

Lastly, on behalf of the Board of Executive Directors, may I extend my sincere thanks to the management and employees of all levels who have joined forces together in leading the Company to the good success in year 2022.