Company Profile

          In 2023, Thailand saw a resurgence in its economy following the COVID-19 crisis, leading to the gradual restoration of business activities to full capacity. Despite notable progress in the latter half of the year, the economy remains susceptible to fluctuations, primarily driven by persistent geopolitical tensions such as the ongoing conflict between Ukraine and Russia, which have contributed to the escalation of oil prices. Many central banks worldwide have reacted by increasing interest rates to tackle surging inflation, posing another challenge for households and businesses in borrowing. The inflationary pressures and escalating living expenses have led to a worldwide economic deceleration. Nonetheless, the economic trajectory and investment environment are anticipated to ameliorate in the forthcoming year. China has implemented numerous strategies to invigorate various sectors of its economy, while India boasts the highest growth rate globally, promising to be a significant catalyst for the global economy.

          Despite facing numerous challenges, the management and functional teams at ECF have remained steadfast in their commitment to propel the business forward, ensuring sustainable profitability and meeting the expectations of customers, business partners, and stakeholders without falter.  Despite an unexpected fire incident in the second quarter of 2023, adhering to prevention and management principles for potential risks enabled ECF to effectively address and mitigate its impact on the business. Consequently, the damage was satisfactorily managed, positively influencing the overall business outlook.

          In 2023, the Company witnessed a downturn in its operational performance, with a total sales income of 1,374.50 million baht, marking at 3.13% decline from the previous year.

          However, the direction of sales income of the Company has started to increase from the third quarter to the fourth quarter, due to the growth of domestic customers. At the same time, the direction of exports has also started to good trend and is expected to grow until 2024 continuously.

          In 2023, the Company maintained its commendable performance in corporate governance, as evidenced by the “Corporate Governance Report of Thai Listed Companies 2023” issued by the Thai Institute of Directors, rating it as ‘Excellent’. Additionally, it achieved a perfect score of 100 points (5 coins) in the quality evaluation of the 2023 Annual General Meeting of Shareholders (AGM Checklist), conducted by the Thai Investors Association. Now, the Company has developed a development plan to expand the business and become a part of sustainable development in other aspects, including social and environmental aspects. The Company will plan the work, set indicators, and the Board of Directors will supervise and monitor the performance results to ensure that they are in accordance with the established plan.

          I extend heartfelt gratitude, on behalf of the Board of Directors, to the management team and all employees committed to working with unwavering determination. This includes our valued shareholders, customers, and business partners, as well as those who steadfastly support the Company’s endeavors. Each individual plays a vital role in propelling the Company’s resilience in navigating the challenges of 2023. We earnestly anticipate continued collaboration from everyone indefinitely.

          On this occasion, I would like to extend my heartfelt wishes to all and their families for abundant happiness, prosperity, continuous progress, wealth, and success in all endeavors.

On behalf of the Board of Directors

East Coast Furnitech Public Company Limited

General Terdsak Marom

Chairman of the Board

          In 2023, it was another year where both consumers and businesses grappled with economic fluctuations and confronted diverse financial challenges in the global economy. Although Thailand managed to overcome the crisis of the COVID-19 pandemic, the nation’s economic and social landscapes continued to bear the brunt of the pandemic’s aftermath, compounded by the reverberations of the Ukraine-Russia conflict. This global upheaval contributed to a widespread economic deceleration, underscoring the interconnectedness of economies worldwide. In response to these circumstances, ECF has rigorously adapted its management strategies, conducting business with meticulous care and vigilance, while diligently monitoring performance to ensure alignment with the plan. This principle is pivotal, serving to mitigate disruptions, foster operational fluidity, and facilitate adaptive responses to diverse situations.

          However, from the perspective of the Company’s business, there remain several positive factors across various aspects that contribute to bolstering its revenue. This includes the acquisition of new customer segments in South Asia, the Middle East, and the ASEAN region, characterized by their substantial purchasing power, resulting in a consistent influx of orders from these significant markets, as expected by the Company. In addition, this is considered a good opportunity for the Company that China has canceled its shutdown policy, from which Thailand will greatly benefit. This action creates liquidity in the market and improves the overall economy in Thailand. Furthermore, the Company has also released new products to complement and increase its income.

          Partly as mentioned above, ECF has implemented strategies and goals that are continuously adjusted. Overall, the Company was still able to generate income from sales in 2023, and total income slightly decreased by approximately 3% compared to the previous year. This occurred during a time when every country in the world experienced the crisis of war, the economy, and the rising cost of living in 2022.

         With the concept of Sustainable Development, including the notion of “Heading to a bright future,” the crucial aspect is adjusting to handle any form of external factors that may arise and dealing with the situations that occur. Determination, intention, plans, inspections, monitoring, comprehensive risk planning, and a strong team are essential factors that will enable ECF to progress towards a bright future.

          I would like to extend my gratitude for the cooperation of executives and employees, the understanding of business partners, the trust of customers, and the strong support from all stakeholders. These contributions enable the Company to face challenges with unity and overcome them together each time. ECF is committed to conducting business with honesty and integrity, with the aim of creating added value for all stakeholders. We are responsible for conducting business across every value chain, thus furthering our journey towards sustainable growth together.

Mr. Phacharathanaphong Suksawat

Managing Director