Message from Board of Directors

Dear Shareholders,

The volatility and uncertainty in both the global economy and international conflicts in the year 2566 are continuations of ongoing issues from previous years, exacerbated by factors such as the instability in financial institutions in the United States and Europe, as well as the recent conflict between Israel and Hamas. Additionally, the pronounced economic stagnation in China has had significant impacts on global businesses, all of which have had considerable effects on the Thai economy as well.

In addressing these challenges, IRPC Public Company Limited had undertaken measures to enhance management agility to effectively navigate through rapidly evolving situations. With prudent decision-making and financial discipline as our guiding principles, the company initiated a comprehensive review and prioritization to rebalance its investment portfolio. Our focus has shifted toward accelerating expansion in core businesses, emphasizing our expertise and concentrating on products with significant potential. Additionally, strategic partnerships have been forged to explore new ventures. Simultaneously, IRPC has dedicated efforts to fortify the foundation for digital technology, reshaping the workforce to align with the redefined strategic direction. With unwavering confidence, we are committed to propelling our business with sustainable growth.

Throughout 2023, the Board of Directors diligently fulfilled its duties in alignment with the roles and responsibilities outlined by the charter and sustainability management framework. This commitment was made with a paramount focus on the best interests of the company, shareholders, and all stakeholders. The Board proactively enhanced internal control, risk management, and organizational development under the guidance of robust corporate governance principles. This strategic approach aims to ensure the company’s operations are conducted with integrity, transparency, and fairness, fostering a professional mindset among its workforce. These initiatives collectively contribute to business resilience, fortifying the corporate immune system. The corporate culture and sustainability management framework are not confined to IRPC but are embraced by subsidiary companies within the IRPC Group and its suppliers. Notably, IRPC has achieved inclusion in the Dow Jones Sustainability Index for the 10th consecutive year and has been honored with the “Sustainability Awards of Honor” for the 5th consecutive year. The company has consistently received an Excellent CG Scoring in the Corporate Governance Report of Thai Listed Company (CGR) for 15 years, alongside recognition as a “Model Human Rights Organization” for the fifth consecutive year and the prestigious “Transparent Organization” Award from the Office of the National AntiCorruption Commission.

On behalf of the Board of Directors, I extend heartfelt appreciation to our shareholders and stakeholders for their unwavering confidence and steadfast support in the company’s operations. Our gratitude also extends to the management team and all colleagues, whose dedication and diligence have played a pivotal role in building stability and contributing to the sustainable growth over the years.

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 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 privatesector 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 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 22 Message from the Chairman IRPC Public Company Limited corporate social responsibility, IRPC’s achievements in 2023 garnered widespread recognition. The company was honored with the Asian Excellence Awards 2023 in four categories: Asia’s Best CEO Award, Asia’s Best CFO Award, Best Investor Relations Company, and Best Environmental Responsibility. Furthermore, the IRPC Smart Farming Project, an innovative initiative that integrates a learning center with agro-tourism at Suan Yai Da-” Jae Boonchuen” was acknowledged with the prestigious Thailand Tourism Awards. Notably, it received recognition in the Learning & Doing category and Low Carbon & Sustainability category.

The collective achievements underscore the unwavering determination of both the management and employees spanning all departments and business units. Their dedication to achieving objectives and goals within the framework of a robust business code of conduct, prioritizing the best interests of all stakeholders. Our commitment to environmental stewardship and social responsibility underpins the company’s core value to make a positive contribution today and in the future along the pathway to sustainable growth.