Mr. Boonsom Lerdhirunwong

Chairman

The pandemic of coronavirus disease 2019 (COVID-19) in the year 2020 has plunged the world economy into a severe crisis. Meanwhile, the Thai economy has been affected as well, especially the tourism and service industries since the number of international tourist arrivals in Thailand decreased significantly from the year 2019 by 83%. As a result, the Thai economy in the year 2020 contracted by 6.1% which affected the real estate sector as a whole.

Due to the above factors resulting in the performance of the year 2020, the Company had revenue from core businesses at Baht 9,138 million, decreasing from the year 2019 by 14% and comprising of revenue from sales of real estate and revenue from rental and service fees at 93% and 7%, respectively. Meanwhile, net profit was at Baht 2,123 million, decreasing from the year 2019 by 26%. However, the Company could still control costs and expenses more efficiently. In addition, the Company’s financial structure remained strong with interest bearing debt-to-equity ratio at 0.64x (Year 2019 equal to 0.77x). As a result, the Company maintained TRIS Credit Rating at A- / Stable.

For the year 2020, the Company launched 4 new housing projects in Bangkok and vicinities, comprising of 2 detached house projects and 2 townhouse projects, with total project value of Baht 5,012 million under 4 main strategies: 1) Analyzing data with a customer-centric focus in order to understand the real needs of target customers, 2) Developing new and modern products with complete facilities, 3) Increasing sales efficiency in order to increase sales of each project by increasing product variety and 4) Conducting business with social and environmental responsibility.

The Company remains committed to and focuses on sustainable business operations by creating an appropriate balance in 3 areas which are economy, society and environment. Moreover, the Company is also committed to developing quality products along with inventing new innovation and technology used in the development of residential projects in order to deliver good quality of life to customers. The Company also focuses on comprehensive after-sale service and security of project residents in order to create long-term competitiveness and sustainable growth.

In addition, the Company continues to focus on operations based on good governance. In the year 2020, the Company achieved the CG score of “Excellent” level of recognition from the Corporate Governance Report of Thai Listed Companies (CGR) for 5 consecutive years.

Finally, the Board of Directors would like to thank the customers, shareholders, debenture holders, financial institutions, trading partners and other related parties for continued support. The Company continues to adhere to sustainable business practices under good corporate governance principles for highest benefits of all related parties.

(Mr. Boonsom Lerdhirunwong)

Chairman