Company Profile

     The year 2022 is the third consecutive year that our East Coast Furnitech Public Company Limited has faced the COVID-19 outbreak situation which has continued and many waves of outbreaks have lined up, resulting in the restriction of many economic activities under strict epidemic control measures for several months. Moreover, the economic situation has been worsened by the Russian-Ukrainian War in February 2022, affecting the oil price factor to be higher including economic condition, inflation problem, and higher cost of living. These result in increasing costs and expenses as significant consequences. We could not know when such a difficult economic situation around the world will end or terminate.

     However, under the commitment to struggle all hurdles and create sustainable growth and profits for all shareholders, the Board of Directors, executives, and employees who have dedicated to work to meet the expectations of all customers, business partners, and interested parties. The challenging situations happened over the time have caused ECF’s management to be alert towards changes and adjust plans to cope with the situations and obstacles that are continuously arisen so that ECF’s operations are efficient and the potential impacts under such circumstances will be reduced. In 2022, ECF’s operational result shows sales revenue at a total of THB 1,463.40 million, decreasing 8% compared to the previous year, with a net profit attributable to the parent company of THB 37.46 million, decreasing from THB 50.85 million of the previous year due to an overview of export sales decreasing under the condition of war and economic. In addition, the recognition of profit sharing from the investment made by the Company in a solar power plant project in Myanmar, on behalf of Green Earth Power (Thailand) Co., Ltd., with a production capacity of 50 MW for Phase 1 from a total capacity of 220 MW, has continued as usual. The plant construction for remaining 170 megawatts shall be started as planned again after the COVID-19 situation and the unrest situation in Myanmar become better.

     ECF’s corporate governance in 2022 was also very satisfactory, we have been ranked in the listed companies with excellent or 5-star rating for the 4th consecutive year, based on the survey of the Corporate Governance Report of Thai Listed Companies 2022 (CGR 2022) organized by the Thai Institute of Directors. We adhere to the principle that “if we have good corporate governance, it will be a significant part of the business development for sustainable growth”. Furthermore, ECF has also prioritized to be a part of sustainable development in other important areas including social and environmental areas, anchoring the guideline of 17 Sustainable Development Goals to ensure a better world by 2030. Based on the principles and goals, ECF will plan its works, establish indicators, and the Board of Directors will inspect, supervise, and monitor the operational result to ensure the achievement as planned.

     On behalf of the Board of Directors, I would like to thank the management team and all employees who dedicated themselves in working with commitment, devotion, diligence, patience, initiative and discipline for the Company’s development for further growth. I would like to express gratitude to all shareholders, customers, business partners and those who have always supported the Company’s operations. Everyone is regarded as an important person in driving the Company’s business growth in 2022. We sincerely hope to receive good cooperations from everyone like this forever.

     On this occasion, I would like to deliver my best wishes to everyone and family for happiness, prosperity, progress, wealth, and achievement in everything as desired.

On behalf of the Board of Directors

East Coast Furnitech Public Company Limited

General Terdsak Marom

Chairman of the Board

     Year 2022 is another year that we must confront many challenges and adaptations, like Year 2021, though the COVID-19 situation is remained, what makes the existing challenges worsened is how to administer businesses under the situation without positive factors but with the war, oil prices, inflation, and cost of living. These have significantly affected the production costs and expenses in business operations to be increased, ECF has to strongly adjust its management strategies and extremely monitor the performance to be in line with plans, considered as an important principle to mitigate severity, making the business operations smoothly running and able to cope with changes when many situations happen.

     The implementation of strategies and goals that have been continuously adjusted has begun to show the results in the 2nd Quarter, seen from the improvement in cost of sales and expenses with the cost of sales to total revenue ratio to be declined. This good performance is due to all internal management factors, as a result, the Company’s overall performance of Year 2022 has continued to generate revenue from sales and a total of revenue is slightly decreased about 8% compared to previous year. Whereas Year 2022 is another year that all over the world has confronted the crisis of war, economic and higher cost of living.

     Based on the concept of Sustainability Development and the concept of “Stay Strong”, regardless the situation of external factors, it is important for the Company to adapt itself to cope with the situations, commitment, determination, plans, auditing and monitoring, comprehensive risk planning, and rigid teams, these are factors making us Stay Strong until today.

     Understanding to express my gratitude that the cooperations of all executives and employees, the understanding of all business partners, the trustfulness of customers and the good support of all stakeholders make the Company going through all difficulties, no matter what challenges us. ECF is committed to conducting businesses with honesty and integrity, aiming to create added values for all stakeholders, being responsible for business operations in every value chain to create sustainable growth together.

Mr. Arak Suksawad

Managing Director