Message from the chairman
In 2016, the economy became sluggish due to many domestic and external factors of this country. In consequence, investment expansion in industrial factories, real estate, solar energy power plant projects and investments in key basic infrastructures of the government were slowed. These became the factors that intensified competition in the electrical transformer market. Electrical transformer manufacturers compete using pricing strategies, which impacted the company’s sales.
Therefore, the expected trend in 2017 is slight continuous growth with moderate levels of economic growth due to pressure imposed by many risk factors. The factors that will drive growth in 2017 are government spending and domestic investment. Meanwhile, exports are showing signs of improvements.
In 2017, the company adjusted its strategic plan for improving sales from the previous year. Focus is put primarily on exports, increasing sale representatives and sending of expert teams to pioneer new markets with purchasing power abroad in order to decrease pressure from intense competition in the domestic market. Additionally, investments are distributed to energy businesses. All of these actions are a result of problems perceived by all members of the Board of Directors in 2016 and are revisions to strengthen and achieve growth for the company.
Furthermore, the Board of Directors gives great importance to good corporate governance, which is composed of four parts, namely, shareholder rights, equal treatment of all shareholders, roles of stakeholders, disclosure of information and transparency and Board of Directors’ responsibilities. The company has an excellent score on corporate governance. Moreover, the company is governed to remain within the criteria and regulations of the Stock Exchange of Thailand and the Securities and Exchange Commission along with other relevant laws in business operations. In 2016, the company was awarded for outstanding corporate governance on business transparency and honesty from the National Anti-corruption Commission. Moreover, the company was authorized to use the Q-MARK symbol on sales and services by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) (Thai Chamber of Commerce-Federation of Thai Industries-Thai Bankers Association). This shows that the company operates business with quality of service, business ethics and responsibility to customers, consumers and society.
The Board of Directors would like to express gratitude to all patrons, stakeholders and related persons inside the country and abroad for having always given great support to the company. Additionally, we would like to give assurance that the Board of Directors will work to the full extent of its capabilities with determination to govern and oversee the stable and sustainable growth of the company.
On behalf of the Board of Directors
Mr. Krirk-Krai Jirapaet
Chairman, Board of Directors