“I would like to thank all stakeholder who have been well working with the board of directors, On behalf of the board of directors, I would like to state that in KTIS upcoming 2nd decade in stock market, the board of directors still adheres to its own duty for the benefit of shareholders and all stakeholders with the determination, as always.”
The super power countries’ economic situation has largely affected the business operation around the world in previous year. The interest rate increase from many countries’ central banks and economic stagnation have affected Thai business’s export. Meanwhile, Thailand’s economy has been on the recovery track and positively affected domestic consumption. So that the board of directors has determined KTIS policy to control and manage risks relevant to foreign economic downturn, and look for an opportunity from domestic recovery. The policy also includes taking care of stakeholders specially sugarcane farmers under this circumstance, such as the assistance to procure farm in put with reasonable price and the yield production development by using appropriate technology in terms of price and qualification.
Moreover, the important economic and social event of Thailand in previous year is the organization of APEC 2023 summit. In such event, there has been the recognition of Bangkok Goal on BCG economy. APEC economic zone shall explore approaches such as the bio-circular-green (BCG) economy model that integrates three economic approaches, where technology and innovation are used to create value, reduce waste, advance resource efficiency, and promote sustainable business models. Such model also conforms with KTIS business expansion under BCG model. The board of directors is confident that KTIS has selected the appropriate business model under current circumstance, as such business model conforms with business model recognized by the largest economic zone.
The previous production season was the year that Thailand sugar industry successfully thrived due to the increase of sugarcane caused by weather includes the cooperation between government, farmers and sugar mills. The cooperation which controlled the harvest for fresh and clean sugarcane which helps sugar mills received high quality raw material with reasonable cost. Moreover, the domestic and international circumstance have increased the sugar price international market cause by situations in other major sugar exporters such as the draught and problem about export logistic management in Brazil and the management for domestic consumption in India. The higher income from international sugar price returns to KTIS important stakeholder which is sugarcane farmers in term of sugarcane price (whom the law mandates to receive 70% of sugar export income), employees in term of bonus and shareholders in term of profit. The cooperation of all stakeholder in sugarcane and sugar industry is the major cause of such success. The operation of biological business also still performed well under many volatilities in macro level such as energy price, the increase of substitute goods price, the volatility of farm in put, KTIS group also explored for the opportunities to create value addition to biological business by product development and the preparation of Nakhonsawan bio complex to be ready within schedule.
In term of board of directors operation, the board has envisioned the mission about sustainability in business operation, and to conform with Stock Exchange of Thailand and relevant agencies guideline. Therefore the board has assigned the nomination and compensation committee to be responsible for the monitor of KTIS group’s sustainability mission, and rename such committee to be the nomination, compensation and sustainability to comprehend the new assignment.
An upcoming 28th April 2024 will be 10th year anniversary which Kaset Thai International Sugar Corporation PLC. under the name of KTIS has entered into listed company in Stock Exchange of Thailand. Throughout these 10 years all directors have been working to develop company’s business potential together with the promotion of corporate governance and sustainability to society and nation. I would like to thank all stakeholder who have been well working with the board of directors, On behalf of the board of directors, I would like to state that in KTIS upcoming 2nd decade in stock market, the board of directors still adheres to its own duty for the benefit of shareholders and all stakeholders with the determination, as always.
