Page 5 - PSTC - One Report 2023 (EN)

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Power Solution Technologies Public Company Limited
Message from the Chairman of the Board of Directors
Dear Shareholders,
In the year 2023, the country’s economy has shown continuous recovery. This is evident in the growth of domestic consumption and the revival of the service and tourism sectors. Inflationary pressures have begun to ease, resulting in an increase in government and private sector spending. This has had positive implications for businesses within the Company group. However, it is important to note that the global economic situation remains uncertain due to the ongoing tensions between the United States and China. Additionally, the repercussions of stringent monetary policies implemented by several countries worldwide have impacted the overall recovery, both domestically and globally, to a certain extent.
Regarding the business overview of the Company group in the year 2023, the group has been able to maintain a strong customer base and achieve sales growth in the liquid petroleum and natural gas distribution business segment. Furthermore, the Company group has successfully delivered large-scale construction projects on schedule and participated in auctions for several major projects to further boost revenue in the construction business sector. Additionally, the Company has engaged in commercial operations for private power purchase agreements in various projects, generating long-term cash flow and profits
for the group, apart from the power purchase agreements with the government. In terms of providing oil transportation services to the northeastern region, the Company has commenced operations of oil depots and has entered into transportation contracts with some key customers since the year 2023. For the business plan in the year 2023, the Company will focus on expanding investments in the private power purchase agreement (Private PPA) business to generate sustained cash flow and profits for long-term operational sustainability.
In terms of management, the Company group operates based on the principles of Good Corporate Governance, ensuring transparent ethical conduct, professional management, and responsibility toward all stakeholders. The group is committed to environmental and social considerations, including earnestly supporting efforts against corruption, along with adjusting management structures and developing personnel to accommodate the continuous growth of the business in the future.
The Company firmly believes that a robust business structure and management prioritizing on sustainable development are driving forces that enable the Company group to grow steadily in the long term. This will be beneficial to shareholders and all stakeholders. On behalf