Although several governments have loosened COVID-19 control measures, the global economy is expected to grow by around 3.4 percent in 2022. However, the world is facing risks such as escalating geopolitical conflicts, an energy crisis, rising inflation, and climate change.
Running a business has recently proven extremely challenging. The Board of Directors established goals, strategies, and business plans for fiscal year 2022/2023 (April 22 - March 23) to improve subsidiary production efficiency and provide opportunities for business growth. The company focuses on four areas, which are as follows:
For the fiscal year 2022/2023 (April 22 - March 2023), the company generated total sales revenue of 12,083.6 million baht, an increase of 2.9%, and net profit of 1,081.6 million baht, a drop of 32.5% from the previous year.
Despite the effects of fluctuations in exchange rates, sales of thermal insulation increased both domestically and internationally. Businesses in the United States, on the other hand, have used growth strategies such as releasing new products into new markets (Market Diversification), which has received positive feedback. The automobile parts and accessories sector evolved in line with the automotive industry, both domestically and internationally. The company's sales in Australia increased as a result of the acquisition of 4 Way Suspension Products Pty. Ltd, Australia. Even though the company has been impacted by major flooding in Australia and exchange rate fluctuations. For plastic and packaging business, plastic food container sales are stagnating, while drinking cup packaging has begun to improve. However, the company is in the process of revising its strategy and manufacturing processes, as well as creating new products to fulfill the demands of customers in the future.
Based on the previous performance, the Board of Directors decided to pay an interim dividend of 0.11 baht per share for the fiscal year ended September 30, 2022, totaling 308 million baht. The dividend was paid to shareholders on December 8, 2022. A proposed resolution at the 2022/2023 Annual General Meeting of Shareholders asks approval to pay an annual dividend of 0.14 baht per share, for a total of 392 million baht. The entire dividend for the year will be 0.25 million baht, 64.1% of net profit (Payout ratio).
The company prioritizes research and development to consistently generate new innovative products and to encourage the development of an innovative community to achieve sustainable growth.
In the fiscal year 2022/2023, the company established the Innovation Sustainability Working Group. Its main mission is to create an innovative organization. This year, an innovation competition with the topic "Circular Economy Kaizen XBU Contest 2022" was organized, and ten groups of participants were chosen. The subsidiaries' collaboration resulted in innovative products and the receipt of 7 patents. In addition, EPG Innovation Center Co., Ltd. (EIC) has installed SLA 3D printers, which play a role in the creation of Fast Forward Engineering by producing massive and high-precision prototypes. EIC has been declared by the Director-General of the Revenue Department to be a recipient of technology and innovation research. EIC customers can apply for tax incentives to double their expenses for research and technology development.
The thermal insulation business is going according to plan. Businesses in the United States and Japan are expanding in line with their goals. Sales are beginning to resume in the Middle East countries. The European economy continued to slow. TJM celebrated its 50th anniversary in Australia in March 2023 to celebrate its business success and to thank its customers, business partners, suppliers, and sponsors for their trust in TJM’s investment in inorganic growth, specifically the acquisition of 4 Way Suspension Products Pty. Ltd 4 Australia, which recognized revenue from Q2 FY2022/2023 onwards.
Eastern Polymer Group Public Company Limited, our growth relies heavily on the organizational vision to grow through innovation that creates quality products to benefit society and well-being, as well as strengthen business network stability to support growth in the global market for sustainable growth. The Board of Directors adheres to the principles of good governance in business operations, environmental preservation, and social responsibility. As a result, numerous highlights in fiscal year 2022/2023 are as follows.
On behalf of the Board of Directors, we would like to express our gratitude to all our employees, business partners, customers, shareholders, and supporters for their continuous support and trust in our business. We would like to inform you that the company aims to conduct its business in a way that promotes good governance and sustainable growth, including taking into account the interests of all stakeholders.
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