The Thai economy in 2025 is expected to grow at a slower pace than in 2024, partly due to a decline in tourism, leading to an accelerated clearance of goods. Although exports have increased, some of this growth is attributed to transshipment through Thailand amidst risks from trade wars, the slowdown of the Chinese economy, and the ongoing stagnation of Thailand's manufacturing sector. Tourism has slowed compared to 2024 due to global economic uncertainties, particularly the slowdown in the Chinese economy, increased competition among countries to attract tourists, and changes in travel behavior. Meanwhile, private consumption, which had been a key driver of the Thai economy during 2022-2024, is expanding at a slower rate due to declining purchasing power, high household debt levels, and a slowdown in credit growth.

Regarding the progress of the Ashton Asoke project case, the management and the subsidiary owning the project are in the process of exploring solutions in collaboration with relevant government agencies. Several approaches are being considered to find the most appropriate resolution. The subsidiary owning the project is confident in its ability to resolve the issue within the legal framework. However, the resolution process involves multiple stakeholders, and the timeline may change depending on evolving circumstances.

The company remains prepared to adapt to ongoing changes. Over the past year, the company has continuously adjusted its business plans to align with shifting circumstances. The company continues to focus on operations that integrate risk management and are grounded in sustainable development and good corporate governance principles, with consideration for the responsibilities to all stakeholders. As a result of adhering to good corporate governance principles, the company received a "Good" rating in the Corporate Governance Report of Thai Listed Companies (CGR) from the Thai Institute of Directors (IOD).

I would like to express my gratitude to the Board of Directors, the management team, and the employees of the company and its subsidiaries for their responsible performance under the principles of good governance. I also extend my thanks to all stakeholders, shareholders, customers, financial institutions, and business partners for their trust and continued support of the company’s operations over the years.