Dear Stakeholders,
The overall Thai economy in 2023 expanded slightly comparing to the previous year. The main driver was the recovery of the tourism industry, which contributed to the income distribution in business and labor sectors. However, there was still pressure from the declining world economy due to Central Bank’s decision to raise the interest rate to control inflation, as well as the decline of global demand. These factors affected the manufacturing industry in private sector, resulting in Thailand’s negative export in addition to the rise in household debt. Consequently, consumers were more mindful of their spending. In 2023, there was also the election of the new government and the appointment of the new prime minister. The establishment of the new government was delayed, causing the government to not be able to introduce policies to stimulate the economy fully this year. However, there are policies set in place to bolster the purchasing power of consumers in the beginning of 2024.
Even though the business sector has faced pressure from multiple fronts this year, the Company still achieved growth in operating results due to its well-established business foundation. The merger of HomePro and MegaHome created superior business operation efficiency, such as better resource and expense management, as well as more convenient and faster service for customers. In addition, the Company has expanded its sales channels for products and services through HomePro online and Marketplace websites. The Company also develops new products and services continuously to serve every target customer group.
For the year 2023, the Company achieved total revenue of 72,821.77 million baht or up by 4.95% and net profit of 6,441.56 million baht – a 3.61% increase. The Company was also able to open 12 new stores as planned. New stores include 3 HomePro stores and 9 MegaHome stores.
In 2024, the Company plans to continue new store expansion for both HomePro and MegaHome. Various operation plans are set in place to capture business opportunities and enhance competitive advantage. The Company’s business operations are based on the ESG principles (Environmental, Social and Governance) in order to grow the business sturdily and sustainably. The Company has set the goal to achieve Net Zero within 2050 by integrating business operations with the ESG principles. For example, implementing proper waste management, utilizing EV trucks in goods transportation, and installing solar roofs on more store buildings. In addition, the Company paid extra attention to instilling Company culture among its employees, in order to build a positive attitude and set the direction of work effort that will lead to the achievement of the common goal. The Company is also vigilant and prepared to handle various risk factors that can occur from the uncertainty of the world economy e.g. climate change and volatile consumer product prices, that may contribute to the rise in operating costs.
The emphasis on business operation in alignment with sustainability has led to the Company being accredited with various selections and awards, both domestically and internationally. Some of the awards and selections that the Company received this year include Dow Jones Sustainability Indices (DJSI) in Emerging Markets for the 7th consecutive year, MSCI Global Sustainability Index, FTSE4Good Emerging Index, Bloomberg Gender-Equality Index (GEI), ESG100 Index, excellent grade in Corporate Governance Report, sustainable stock in SET ESG Ratings, and extension of Collective Action Against Corruption (CAC) Certification.
Finally, the Company would like to thank all stakeholders for their continuous support in every aspect of the Company’s operation. The Company is committed to operating and developing the business for the highest benefit of the shareholders, trade partners, customers and over 10,000 employees of the Company nationwide.
(Mr. Anant Asavabhokhin)
Chairman of the Board of Directors