The automotive industry in 2020 encountered with the continued negative impact from the end of 2019 due to soften overall automotive industry, together with the outbreak situation of the Coronavirus Disease 2019 (“COVID-19”) since the beginning of 2020, especially severely during the second quarter of 2020. The Automotive Industry Club, the Federation of Thai Industries reported the information of overall automotive industry in 2020. The domestic vehicle sales in 2020 was 792,146 units, declining 21.38% from 1,007,552 units in 2019. Total production of vehicles in 2020 was 1,426,970 units, declining 29.14% from 2,013,710 units, whereas the production of 1-ton pickup trucks was 861,735 units, declining 26.85% from 1,178,026 units in 2019.
The Company and its subsidiaries recorded Sales Revenue of Baht 3,813.5 million in 2020, declining 27.1% from Baht 5,231.7 million in 2019. Net profit of Baht 253.4 million, increasing 237.1% comparing to net profit in 2019 of Baht 75.2 million, which resulted from no provision from lending to overseas business and foreign exchange gain in 2020.
(Chief Executive Officer)
For 2021, the Company and its subsidiaries direction will continue to emphasize on marketing strategy and sales of engines and one-ton pickup truck parts. Simultaneously, the Company will enter into the productions of electric vehicle and non-pickup truck parts, which includes a large size motorcycle or “Big Bike”, oversized truck, and passenger car. In addition, there will be productions for non-automotive parts such as agricultural machinery and home appliance in order to expand the business foundation. The Company had additionally invested in oversea business that intended to widen production base for essential parts in modern engines within the region, which the Company have a close relationship with the customers and also open an opportunity to get into a production of electric vehicle parts. This is to diversify the risk and create growth for the both Company and its subsidiaries for long term.
To corporate with social responsibility, the Company and its subsidiaries have focused on durability by conducting activities based on economy, society, and environmental to become good citizen. The Company strictly follows all laws and regulations. In additional, Company intends to promote social development and to help society, especially in nearby communities, to have good quality of life together with the growth of the Company. As a result, the Stock Exchange of Thailand (SET) considered the Company as one of the Thailand Sustainability Investment (THSI) in 2020 for the fifth consecutive year. Besides, the Company also received the honorability award from Thailand’s Top Corporate Brand 2020 for having the highest corporate brand value under automotive sector for 2020, as awarded by the Faculty of Commerce and Accountancy, Chulalongkorn University.
Lastly, on behalf of the Board of Directors, we would like to thank our shareholders, employees, and managements for all supports. The Board of Directors will continue to focus on transparent operation based on social responsibility principles to make the Company continue to have stable and sustainable growth in the future to come.