Year 2020 deems a tough year when both business and household sectors have been impacted by the most economic contraction in several decades after Tom Yum Kung crisis. The COVID-19 pandemic has taken effect to economy of every country around the world, even the world’s superpower countries in economy like the United States, Europe, and China. Definitely, this situation has seriously affected Thailand’s economy because Thai economic structure has hugely relied on foreign revenues earned from the export of goods and tourism. This becomes the government’s burden to set up plans and policies to stimulate economy and take this country to survive after this crisis.
The construction industry has obtained more serious impacts if compared to the previous year. The main cause came from the severe construction investment recession in the private sector if compared to several years ago when the average growth of this industry hiked to approximately 8 percent per annum. Although several government construction projects were initiated, they were not sufficient to improve the industry overview. Therefore, in the previous year, most bids for construction contracts have been crowded in government projects. However, based on e-bidding, most bidding prices were much lower than the reference prices, which may be unable to indicate the actual construction cost.
For the Company’s operating performance in the previous year, the Company could come through to earn the profit although its operating results in the construction business have suffered some loss in Quarter 1 and 4. However, for the overview of the Group of Companies, Thai Polycons Public Company Limited has been likely to have growth, especially in the energy business where more 3 power plants have already started the commercial operation date while several power plants have been under construction and waiting for the commercial operation date. For the construction works in 2021, it is likely that the industry would look better than the previous year, but this depends on the economic conditions and proficiency of plans and policies implemented by the government.
The Board of Directors, all executives, and staff have determination to undertake the business to enhance the utmost efficiency based on the corporate governance principles and the best benefits of the shareholders. The Company would like to extend our gratitude to all shareholders and stakeholders to trust and support us continuously; this extremely encourages the Board of Directors, all executives, and staff to be determined to work for the Company’s progress and sustainable growth.