In 2023, the overview of Thailand’s economy experienced a tendency of positive growth progressively after the coronavirus disease 2019 (COVID-19) epidemic subsided, and consumers returned to normal lives with more spending and consumption. More than 27 million foreign tourists traveled to Thailand, restimulating the economy and tourism and spending more on hotels, restaurants, shops, etc. However, geopolitical problems and wars in many regions since the beginning of 2022 have resulted in economic and trade fluctuations and higher energy costs. These were the main factors affecting the economic conditions and causing inflation worldwide. Many countries, including Thailand, have to announce interest rate increases. All these factors affected the cost of raw materials and products for every item. Shipping costs were higher, significantly affecting the Company’s and its subsidiaries’ sales and expenses.

However, despite additional problems and obstacles as mentioned above, the Company still enjoyed better operating results in terms of sales and profits in 2023 by strengthening its teams and having all employees work together with mutual directions and purposes to increase efficiency in production and distribution. The Company’s sales growth increased by 20% to 7,871 million baht, and profits increased by 138% to Baht 80 million baht, much compared to the previous years. This was according to the Company’s plan that focuses on growth in both the Company’s branded business and contract manufacturing business. In the higher-margin branded business, the Company focused on rapid growth both domestically and internationally by expanding marketing channels and emphasizing marketing activities to reach more consumers domestically and globally, accelerate the expansion of the consumer base, and increase market shares, sales, and profits. As for the contract manufacturing business (CMG), the Company has been looking for additional domestic and international sales from existing clients who want to launch new products and new clients. In addition, the Company also focused on increasing gross profit margins by continually looking for ways to reduce costs, enabling the Company to grow profitably while creating more profitable brands.

In terms of our accolades and pride, our Company upholds a commitment to conducting business responsibly and ethically. We place a high value on corporate governance and effective management, understanding the significance of operating in a socially and environmentally responsible manner while adhering to sound corporate governance principles (Environment, Social, and Governance: ESG). This involves conducting business with fairness and transparency, allowing for scrutiny to enhance competitiveness and managerial efficiency. We have launched numerous sustainability-focused initiatives, which have been widely recognized by clients, consumers, and society at large. Notable examples include the disclosure of non-financial information and proactive adjustments in Board of Directors leadership. Additionally, the Company actively addresses various risk management concerns. It strictly complies with anti-corruption policy, including disclosing this matter to third parties and receiving cooperation from all suppliers to declare their intentions to fight against corruption together with the Company. This marks a significant step in developing the CG (Corporate Governance) standard. As a result, in 2023, the Company was certified to renew its membership of the Thai Private Sector Collective Action Coalition Against Corruption (CAC) for the second time, with an extension of three years (2024-2027). Still, it achieved the CG top score of “5 stars” (Excellent CG Scoring) for the fifth consecutive year, certified by the National Corporate Governance Committee and the Thai Institute of Directors Association (IOD) in 2023.  

Finally, on behalf of the Board of Directors and the Company, I would like to show our gratitude to all employees and stakeholders for your support of our business operations. The Company still adheres to good corporate governance and the development of common values with stakeholders, considering the corporate social and environmental responsibility. The Company is ready to become a leading global innovation and sustainability entrepreneur.

Mrs. Chintana Boonyarat

Chairman of the Board of Directors, Malee Group Public Company Limited