Message from Chairman

Chin Huay Public Company Limited

Dear Shareholders

The global economy saw a slowdown last year compared to previous years, mainly due to central banks in various countries raising interest rates to tackle inflation. Although inflation in developed countries has eased somewhat before, primarily driven by manufacturing sector inflation. However, future challenges arise as inflation shifts to the service sector. Additionally, the resurgence in oil prices adds to the difficulty in curbing inflation, making it challenging to maintain interest rates for an extended period. This puts significant pressure on economies, particularly in Europe and China, leading to a decrease in demand for various products.

In 2023, the Thai economy expanded by 2.5%, thanks to the recovery of the tourism sector. Yet, exports of processed food products from Thailand remained sluggish. Overall, the Thai baht depreciated by around 5%, Thai exports of dried fruits and vegetables decreased by 7.6%, mirroring the 7% decline in exports of canned sardines and mackerel.

Despite the global economic slowdown and geopolitical challenges, CH performed satisfactorily in 2023, defying industry downturns. Our company reported a total income of 1,827.10 million baht, almost matching the previous year's total income of 1,831.35 million baht, with a net profit of 56.40 million baht. However, the net profit of the group of companies declined due to increased raw material costs and intensified market competition, despite the Company’s efficient control over sales, administrative expenses, and financial costs.