Message of the Board of Directors

In 2024, Thailand’s automotive industry produced 1.47 million vehicles, a 20% decrease from 2023, divided into 1 million units produced for export, a decrease of 14%, and 0.47 million units produced for domestic sales, a decrease of 33% from previous year. The main factors affecting the automotive industry are the global and domestic economy, the strictness of car lending in the country, the entry of Chinese car brands, which are electric cars, which have started to gain market share in the domestic passenger car market of car manufacturers in Thailand.

In addition, the agricultural machinery industry is also facing the El Nino situation, resulting in a drought for the third consecutive year, which has affected the demand for agricultural machinery, resulting in a production volume of 63,812 units, a decrease of 2% from 2023.

Since the external factors mentioned above, the operating results of Somboon Advance Technology Public Company Limited (“the Company”) were significantly affected, even though most of the company’s products are components of 1-ton pickup trucks. In 2024, the company had total revenue of Baht 7,571 million, a decrease of 18% from the previous year, and had a net profit of Baht 701 million, a decrease of 28% from the previous year

Despite the unusual and uncertain economic and industrial conditions, the Company remains committed to conducting its business with prudence and never stops developing for sustainability in terms of environment, society and good corporate governance in accordance with ESG principles, adhering to SBG’s philosophy “Somboon Triple Bottom Line” to create Smart People, Business Trust and Growth Society. In addition, the Company emphasizes good, efficient and quality management by using Digitalization technology to create cost competitiveness and develop new products, including developing personnel to be ready to accept changes in the business. These operations will enable the Company to have a strong financial position that can be used to continuously distribute dividends to shareholders.

In expressing gratitude, the Board of Directors extends heartfelt appreciation to shareholders, partners, customers, and stakeholders, as well as all executives and employees of the Company for always supporting the Company’s operations to be successful.