Message from the Board of Directors
In 2022, all employees and directors of UAC Group united together to drive the business forward as per the specified work plans despite encountering the high fluctuated economic conditions caused by the COVID-19 pandemic, Russia-Ukraine war, high inflation and interest rates throughout the world and the fluctuation of foreign exchange rate. UAC Group has monitored the situations with cautiousness and has prepared readiness with regards to cashflow, personnel and implementation of digital technology to support for the operations to optimize the existing resources for maximum efficiency. Policies, strategies, and work processes have been adjusted to keep the Company ready to efficiently handle the changes which occur rapidly.
For performance in 2022, UAC Group recognized revenues from business operations at 1,670.87 million Baht, increased by 204.61 million Baht, or 13.95%, compared with the previous year, net profit, and EBITDA at 78.86 million Baht and 241.15 million Baht, respectively, or decrease by 68.05% and 41.13%, compared with the previous year, with main reasons attributable to high costs of goods in Trading Business and chemicals, the decreased profit sharing from investment in the subsidiary of 131.56 million Baht or 60.53% due to the fluctuation of crude palm oil prices for biodiesel production business, the increased operating expenses of 42.16 million Baht or 19.97% mostly from the increase in administrative expenses of the Company and the expenses in petroleum business of the subsidiaries.
Due to the continual sluggishness of global and domestic economic situations for many years, thus, UAC Group focused on maintaining its financial liquidity, reduction of foreign exchange risks, performing the works with prudence to minimize likelihood of risks as well as development of organization and personnel to increase potential of works to prepare readiness on adjustment and ability to perform duties under various situations with efficiency to enhance confidence that UAC Group can perform businesses with fairness under principles of transparency, governance, and anti-corruption by taking into consideration the best interest of the shareholders, employees and all stakeholders for the growth and “moving forward for sustainable future” together with the environmental, social and governance (ESG) responsibility. Consequently, in 2022, the Company has been selected in the “Thailand Sustainability Investment (THSI)” list for 2022 from the Stock Exchange of Thailand for seven consecutive years, and has been recognized as ‘Excellence’ level from assessment under 2022 Corporate Governance Report of Thai Listed Companies (CGR) for five consecutive years, as well as has received an honorable award of Sustainability Disclosure Recognition 2022 from the Thaipat Institute for two consecutive years. Those awards made us immensely proud and honored.
On behalf of the Board of Directors, we would like to express our gratitude to all shareholders and stakeholders, including the management and the employees of UAC Group for continual dedication, support and important force for driving UAC Group forward. Please rest assured that UAC Group will operate business by adhering to good corporate principles with social and environmental responsibility with aim to make UAC Group grow steadily, securely and sustainability in the future.