In year 2021,
Tirathai group forecasts that the local transformer demand will increase due to economic stimulated measures by government and covid-19 vaccine utilized in Thailand.
Since covid-19 epidemic crisis has started at the end of 2019 until 2020, it caused severe economic depression in worldwide including Thailand, global supply disruption, and temporary limitation in domestic and international transportation. These factors affected to the slow-down of transformer industry in government and private sectors, raw-material procurement, and transformer production process. Because, Tirathai group effectively adapt in management consistent with these situations, local transformer delivery amount in year 2020 increased from year 2019. Revenue from crane business and revenue from construction contract business in year 2020 slightly decreased from year 2019 because amount of private investment postponed due to economic depression and covid-19 epidemic. During these tough situations, Tirathai group could control production cost and administrative expense which caused the net profit of Tirathai.
In year 2021, Tirathai group forecasts that the local transformer demand will increase due to economic stimulated measures by government and covid-19 vaccine utilized in Thailand. Moreover, infrastructure investment by government in year 2021 increased more than two hundred billion baht especially, Eastern Economic Corridor which attracts private sectors to invest over one hundred billion baht. For transformer export, although global economic situation gradually recovers due to covid-19 vaccine usage and economic stimulus measures in individual countries, Tirathai group has still maintained policy that retained existing market and aimed to new foreign markets.
Due to the cooperation, determination, and continued development for better business operations by the management and all employees, I believe that Tirathai Group has a good potential to succeed further. The Group has a good vision, mission, policies that are suitable and consistent with current economic, social, and environment situation. It will make strategic adaptation in line with the changing situation and make improvement for effective management together with other measures to make risks controllable. Moreover, the Group will pay attention to good governance so as to ascertain a sustainable development and enhance confidence for all stakeholders.
Lastly, I, on behalf of Board of Directors would like to express my sincere gratitude to all shareholders, customers, business partners for trusts and supports to the Group. Also, I would like to express my appreciation to the management and every employee who have cooperated and contributed to the Group. I believe that with both the management and all employees’ working experience and with efficient management as well as good corporate governance, the Group will be able to grow with stability, sustainability and achieve the goals of the Group for the best interest of shareholders in the long run.
Mr. Sermsakool Klaikaew