Mr. Boonsom Lerdhirunwong

Chairman

The situation of the Coronavirus (COVID-19) pandemic in the year 2021 continued to affect the economy. For the tourism and service industries, the number of foreign tourists entering Thailand in the year 2021 also decreased by 93.62% compared to the same period in the year 2020. In the real estate sector, the housing market completed 77,823 units, a decrease of 29% from the year 2020. Although the Bank of Thailand began to relax mortgage control measure (LTV), the bank still keep strictly on home loan. So it had not been able to substantially stimulate the property market. Moreover, the decline in purchasing power and pandemic situation leading consumers became more cautious on spending and delay in housing purchasing decisions.

With the above factors affecting the Company's performance in the year 2021, the Company’s total revenue from core business was Baht 8,119 million, a decrease of 11% from the year 2020, with income from real estate sales, and income from rent and services accounting for 92% and 8%, respectively. Meanwhile, the net profit reported Baht 1,670 million, a decrease of 21% from the year 2020. Interest-bearing debt to equity ratio of 0.56 (compared to 0.64 in the year 2020). The Company was able to maintain TRIS credit Rating at A- / Stable.

The Company remains committed to and continues to strive to manage its operation in accordance with the ESG guidelines covering the environmental issues, corporate social responsibility and business operations based on good corporate governance principles. In 2021, the Company has established policies and guidelines for sustainable development so that the executives and employees are aware of the guidelines and are able to implement them effectively. The Company is also committed to developing quality products along with innovating new technology to continuously develop residential properties. Moreover, the Company has developed housing design as well as maximized usable area to be accordance with consumer behavior in work from home trend.

In addition, as the Company has operated based on the principles of good governance, in the past year, the Company received “Excellent” recognition level according to the Corporate Governance Report of Thai Listed Companies (CGR) survey program for six consecutive years and was certified as a member of the Thai Private Sector Anti-Corruption Coalition.

Finally, the Board of Directors would like to thank customers, shareholders, bondholders, financial institutions, business partners, and all related parties who have always given continued support to the Company, as well as all employees for their commitment and hard work during the COVID-19 pandemic over the past year. The Company will continue to adhere to sustainable business operations under good corporate governance principles for the maximum benefit of all related parties.

(Mr. Boonsom Lerdhirunwong)

Chairman