Message from the President and Chief Executive Officer Dear shareholders, In 2023, IRPC navigated through a myriad of challenges and shifts, brought on by escalating geopolitical conflicts that triggered disruptions in the global supply chain and a surge in inflation. Many countries remained susceptible to recessionary pressures. Despite initial optimism surrounding the reopening of China’s economy, its recovery was weaker than expected due to unresolved internal issues. Faced with weakened domestic demand, China ramped up its exports, flooding the region’s markets with Chinese-manufactured goods, adversely impacting local industries, specifically Thailand’s automotive and plastic sectors. Meanwhile, the repercussions of El Niño heightened concerns about global warming, prompting stricter measures to combat climate change. These developments compelled the manufacturing and business sectors to reassess strategies, preparing for accelerated change ahead. The company has diligently assessed prevailing situations and implemented additional measures to address emerging issues, thereby minimizing potential impacts on our businesses. Our strategic focus centers on enhancing efficiency, augmenting production capabilities, and bolstering competitiveness. We place emphasis on fostering collaboration with strategic allies to implement Core Uplift, particularly in petroleum and petrochemical businesses, as well as Step up & Beyond, actively exploring new opportunities. This strategic approach is designed to position the company to embrace emerging Megatrends and capitalize on opportunities presented by the Eastern Economic Corridor Development projects. It aligns seamlessly with the country’s strategy to promote S-Curve industries to drive growth, in accordance with our company’s vision to “Shape Material and Energy Solutions in Harmony with Life.” Core Uplift IRPC has achieved a significant milestone with the successful implementation of the Ultra Clean Fuel Project and started the sale of Euro 5-compliant diesel. In collaboration with Bangkok Fuel Pipeline and Logistics Company Limited (BFPL), the company has expanded its fuel transportation logistics to the new fuel depot in Bang Pa-in District, Ayutthaya Province. Additionally, IRPC has accomplished the target to boost the production output of Specialty Products under the brand POLIMAXX” by 33 percent. Step Up & Beyond IRPC is actively cultivating partnerships across industrial sectors, aiming to penetrate new markets and diversify its portfolio with innovative products and services. Notably, the company collaborates with the Bangpakok-Piyavate Hospital Group to explore investment opportunities in the Health & Wellness sector, leveraging its prime properties with great potential in Rayong and nearby provinces. In a separate initiative, the company is spearheading the development of the country’s first world-class paint and coating products. This project focuses on providing coating solutions for steel structures of oil refineries, petrochemical production complexes, airports, sea ports, and bridges. The Sustainable Growth Pathway IRPC has made a commitment to achieving Net Zero greenhouse gas emissions by 2060 aligning with the Environment, Social, Governance frameworks (ESG). The company has actively engaged in collaborative projects with a network of partners, including its collaboration with the PTT Group and various public and private sector organizations. Together, they are dedicated to planting an additional 2 million rai of forests throughout the country. Furthermore, in partnership with PTT Public Company Limited and Boonrawd Brewery Company Limited, IRPC is pioneering the reuse of industrial waste and developing innovative products. A noteworthy initiative includes collaboration with the Prostheses Foundation of the late HRH Princess Srinagarindra, 95 royally bestowed prosthetic leg factories and various institutions, such as the Sirindhorn National Institute for Medical Rehabilitation, Department of Medical Services, Chulalongkorn Hospital, Thai Red Cross Society, Veterans Hospital, and Eastern Polypack Co., Ltd. Under the “From Waste to Walk” project, waste plastic from prosthetic production is repurposed to create prosthetic devices, like ankle braces and foot supports. These devices are then donated to amputees or individuals with abnormal foot structures, congenital deformities or muscular dystrophy. With an unwavering commitment to conducting business in alignment with sustainable development principles and corporate social responsibility, IRPC’s achievements in 22 IRPC Public Company Limited Message from the Chairman
RkJQdWJsaXNoZXIy ODg4NTI=