In 2024,
Domestic demand for power transformers showed a notable recovery, driven by the resurgence of the service and tourism sectors following the COVID-19 pandemic. However, national economic growth remained relatively slow, while ongoing geopolitical tensions—particularly the Russia-Ukraine conflict—continued to affect global economic stability.
Despite these challenges, Tirathai operated with caution and efficiency, proactively managing risks and controlling costs. As a result, the Company achieved total sales revenue of THB 2,881 million, a 36% increase compared to the previous year, and recorded a net profit of THB 223 million, representing a 75% growth year-on-year.
Message
In 2024, Tirathai successfully manufactured and delivered 14 units of 333 MVA, 525 kV power transformers—the largest and highest-voltage ever produced in Thailand—to the Electricity Generating Authority of Thailand (EGAT). The Company placed strong emphasis on human resource development and consistently advanced its commitment to Environmental, Social, and Governance (ESG) principles. Our operations followed the BCG (Bio-Circular-Green) model, integrating sustainable practices with business growth, and striving toward Carbon Neutrality and Net Zero goals.
Tirathai’s dedication was recognized with the Prime Minister’s Industry Award 2024 in the Circular Economy (CE) category, along with Green Industry Level 4 (GI4) certification for both its distribution and power transformer production facilities.
Looking ahead to 2025, the global environment remains volatile due to continued geopolitical conflicts and shifting trade policies between major global powers such as the United States and China. Tirathai remains focused on sustainable and cautious business growth, cost management, and strategic expansion—particularly into European and U.S. markets, where there is high demand for replacement transformers due to aging infrastructure.
In the domestic market, Tirathai continues to prioritize value creation through innovation, including the development of low-loss transformers, smart transformers, and bio-based oil transformers (especially those using palm oil) to support Thailand’s agricultural sector. These innovations reinforce our commitment to the BCG model and further enhance ESG practices across all operations.
On behalf of the Board of Directors, I extend our heartfelt appreciation to our shareholders, business partners, customers, financial institutions, and all stakeholders for their continued trust and support. Tirathai remains committed to effective corporate governance, long-term sustainability, and leading the power transformer industry while delivering meaningful value to society.
Dr.Pisit Leeahtam
Chairman