Message from Chairman and President & CEO

Key Strategic Business Group Performance

Shipping Group

Thoresen Shipping has successfully maintained its profitability while enhancing its global competitiveness. In 2024, the company installed Sealink NextGen on all 24 of its vessels, transitioning to a digital system that strengthens cybersecurity and improves communication between crew members and onshore support teams. Additionally, the company focused on developing the potential of its personnel, the majority of whom are Thai, by enhancing their operational and communication skills through intensive training. By integrating technology with the expertise of its team, Thoresen Shipping stands as one of the world's leading dry bulk shipping service providers with a long-standing history.

Thoresen Shipping’s freight revenues were reported at Baht 6,773.3 million with an average TCE rate of US$ 14,467 per day, outperforming the net Supramax market rate by 12 percent. The owned fleet maintained a high utilization at 99.9 percent, achieving the highest TCE rate of US$ 36,343 per day. In summary, Thoresen Shipping delivered net profits to TTA of Baht 1,837.6 million, increasing 20 percent YoY. At year-end, Thoresen Shipping had an owned fleet of 24 vessels (22 Supramaxes and 2 Ultramaxes) with an average size of 55,913 DWT and an average age of 16.7 years.

Offshore Services Group

Mermaid Maritime Public Company Limited or Mermaid has consistently delivered outstanding performance, closing the year with an impressive order book of US$ 787.5 million, further strengthening its competitive position and reinforcing client trust. Among its key projects, Mermaid plays a vital role in the offshore wind energy development in the North Sea, where it has secured contracts for cable laying and subsea-IRM services, aligning seamlessly with the global transition toward renewable energy. These contracts underscore Mermaid’s operational excellence, vessels, specialized expertise, and strong client partnerships.

In 2024, Mermaid revenues were recorded at Baht 18,148.8 million, reflecting a significant 88 percent YoY increase, driven by higher revenue from all services segments, particularly decommissioning and transportation & installation (T&I). Decommissioning and T&I revenue surged by 235 percent YoY, driven by increased offshore activities in the Gulf of Thailand. Revenues from subsea-IRM grew by 20 percent YoY attributed to revenue growth from subsea-IRM operations using the group's owned vessels following the higher day rate and short-term chartered-in vessels due to the increasing projects. In conclusion, Mermaid reported strong net profits to TTA of Baht 277.9 million in 2024, which increased 39 percent YoY, with the recorded strong order book.

Agrochemical Group

PM Thoresen Asia Holdings Public Company Limited or PMTA has seen an increase in revenue and profits compared to the previous year, driven by improved market conditions and strategic operational efficiencies. This reflects PMTA's potential to maintain profit margins and competitiveness in Vietnam's agrochemical industry consistently. It demonstrates PMTA's readiness to drive development and adapt to evolving global business opportunities in an ever-changing market.

In 2024, PMTA recorded revenue of Baht 3,847.1 million. Total fertilizer sales volume increased by 3 percent YoY to 174.8 Ktons. Domestic fertilizer, in Vietnam, sales volume accounted for 87 percent of total fertilizer sales volume, amounting to 151.2 Ktons, increasing 9 percent YoY due to a recovery in domestic demand following the stable selling price. According to sales volume by product, single fertilizer sales volume decreased 23 percent YoY to 32.1 Ktons while NPK fertilizer sales volume increased 12 percent YoY to 142.7 Ktons. Sales of pesticides decreased 29 percent YoY to Baht 203.7 million. Meanwhile, service income from factory management also increased 15 percent YoY to Baht 126.0 million, attributed to the warehouse expansion and increased warehouse activities with full occupancy. In summary, the agrochemical group reported net profits to TTA of Baht 103.2 million, increasing 159 percent YoY.

Food and Beverage Group

Pizza Hut reinforced its leadership in Thailand’s Quick Service Restaurant (QSR) industry with the introduction of Napoli Pizza, an authentic Italian-style pizza. The brand expanded its mass media advertising efforts and utilized strategic promotions to strengthen its position, further establishing Pizza Hut as a leader in the competitive QSR landscape, driven by a vision to be the brand of choice and trust for consumers. Pizza Hut has 196 outlets nationwide as of 31 December 2024.

In 2024, Taco Bell continued its expansion strategy into tourist cities, building on the success of its Phuket location last year. Taco Bell has expanded with the third branch in Pattaya and 2 new branches in Chiang Mai. The strong positive response from customers highlights the brand's potential to grow its consumer base and strengthen its position in the Quick Service Restaurant (QSR) market. Taco Bell has 33 outlets nationwide as of 31 December 2024.

TTA actively invests in new businesses that align with global trends and have high growth potential. TTA focuses on industries capable of delivering strong and sustainable returns, selecting businesses with continuous expansion prospects and solid profitability, such as biomass energy, electric vehicles, and fintech.

With a vision on long-term growth and efficient resource utilization, TTA is confident that TTA’s investments will enhance corporate value, drive positive transformation, and create new opportunities for partners, investors, and all groups of stakeholders.

Good Corporate Governance

TTA achieved the “Excellent” CG score or “5 stars” in the Corporate Governance Report of Thai Listed Companies (CGR) for 5 consecutive years, according to the survey conducted by the Thai Institute of Directors Association (IOD) in collaboration with the Stock Exchange of Thailand. This score reflects TTA’s consistent commitment to good corporate governance practices.

On behalf of the Board of Directors, we would like to extend our sincere gratitude to the management team and all employees for their dedication and hard work, despite the challenges faced over the past year. Your collaboration remains the cornerstone of organization’s success.

We also extend our appreciation to our shareholders, business partners, and all groups of stakeholders for their continued support and trust in TTA. Committed to delivering stable returns to shareholders, TTA moves forward with a strong foundation and a clear vision. The Company remains dedicated to exploring and creating new opportunities to drive business growth, guided by the principles of good corporate governance and sustainable development.