Dear Fellow Shareholders,
2020 will be remembered as the year of an unprecedented public health crisis with the outbreak of COVID-19 worldwide. The impact from the lives lost and social as well as economic disruptions worldwide will be felt for years to come.
The Thai economy contracted by as much as 6.1% as a result of the pandemic and our business was adversely affected as well. Our factoring volume decreased by around 15% from Baht 31,482 million in 2019 to Baht 26,624 million in 2020, and our loan volume (Leasing/Hire Purchase and Inventory Finance) contracted by 25% from Baht 1,099 million in 2019 to Baht 825 million in 2020. As a result, total revenue decreased by around Baht 82 million in 2020 (excluding one-off items last year) compared to 2019, and the Company closed the year with a net profit after tax of Baht 133.62 million, a decrease of 24% (excluding one-off items last year).