In 2023, the company's past operations yielded revenue from the construction contracting business of 3,972.21 million baht, with a net profit according to the separate financial statements of 171.58 million baht, or 0.556 baht/share. When combining the revenue of subsidiaries, the total revenue was 4,875.95 million baht, with a net profit of 169.37 million baht, or a profit per share according to the consolidated financial statements of 0.549 baht/share. The Board of Directors resolved to propose a dividend payment at a rate of 0.40 baht per share.

During the past year, following the cessation of the COVID-19 pandemic, a significant decline in consumer purchasing power for condominiums was observed. This resulted in most developers, who are the company's key clients, rapidly reducing the number of projects or extending the project opening timelines. This directly impacted the company's plan for securing work, construction schedules, and profitability. Furthermore, the economic conditions, which are recovering but remain highly cautious due to uncertainties surrounding war and trade protectionism, mean that the economic expansion is not yet sufficient to create confidence in investment. Additionally, high household debt levels contribute to a generally unfavorable atmosphere for the real estate development business group. Bargaining power has shifted back to the employers rather than the contractors. The aforementioned factors necessitated the company working hard in the past two to three years to selectively accept work and carefully consider refusing certain projects, mindful of the profit margin, as well as the financial status and liquidity uncertainty of the employers. Although the non-continuous acceptance of work negatively impacts the overall net profit due to the burden of overhead costs during idle periods, it prevents the company from facing risks that could lead to losses from rushing to accept work. In the past year, the company was still able to maintain its gross profit margin close to the previous year, although it remains lower than the pre-pandemic period.

In addition, over the past few years, the company has increasingly adopted a business policy based on and aligned with sustainable development guidelines across the environmental, social, and governance dimensions. Efforts have been focused on community care and product sustainability. The following policies and guidelines for sustainability operations were implemented in the past year:

• Environmental Dimension: Beyond general policy operations where the company mandates environmentally friendly business practices and reducing impacts on surrounding communities (such as implementing better-standard protective measures and controlling noise, waste, and effluent pollution, like recycling waste or treating water before discharge to the community), the company also developed a new product for the market that considers sustainable societal development. This involves studying the production of UHPC (Ultra-High Performance Concrete) products in the form of housing construction, which offers high strength and long lifespan, even with increased costs. In the past year, the company has exported this product for sale abroad.

• Social Dimension: The company provides employee care regarding safety, occupational health, and a good working environment, as well as community and social involvement.

• Governance Dimension: The company has participated in the Thai Private Sector Collective Action Against Corruption (CAC) project since 2005 and has currently received its second renewal of certification.

               For 2024, the company is confident that it will be able to generate better revenue and maintain a better profit margin than the past year, based on the increased Backlog, which should serve as a solid revenue base for the next 1-2 years. Combined with the launch of 2 new projects in the property development segment and the Backlog in the precast floor slab manufacturing business segment, this year, the company is confident in its ability to manage revenue and profit margins according to the set plan.

              On behalf of the company's management, I would like to thank the shareholders, customers, and business partners for their continuous support, confidence, and trust in the company's operations. I also thank the executives and employees for their sacrifice, dedication, and commitment to the company throughout. We are extremely confident that through the collaboration of all parties and our commitment to working professionally, the company will be able to overcome future obstacles and challenges, as well as continue to generate satisfactory operating results and returns for everyone.

                                                                                                                                                                                                                                            Sincerely yours, 

                                                                                                                                                                                                                                            (Mr. Wirot Charoentra)
                                                                                                                                                                                                                                           Chief Executive Officer
                                                                                                                                                                                                                                               27 March 2025