our success in weathering the unprecedented crisis brought on by the COVID-19 pandemic but also for the ability of the Company to deliver satisfactory operating results in 2020. Above all else, the core business strategies laid out by the Company from the outset, the diversification of main businesses to stabilize revenue streams, coupled with prudent financial management to ensure a delicate balance between operational efficiency, optimal cash flow and capability for growth under any circumstances.


The year 2020 ended on a hopeful note thanks to the perseverance on the part of the Board of Directors, Executives and all of our staffs in responding effectively to the sudden onset of COVID-19 storm that caused debilitating impacts on virtually all social and economic sectors around the world in the public and private spheres. The chainreaction emanating from the imminent threat to public safety, went on to disrupt everyday life, education and public health systems, and the world of business eventually came to a standstill. Everyone was left grappling with the “New Normal”. 

The Company’s first reaction was to protect our valued personnel by ensuring their safety and job security while trying to keep the business afloat by introducing health and hygiene measures, overhauling the work process, improving operating efficiency and keeping the cost of doing business at a manageable level. Thanks to the foresight and vision of our Executives, the Company with experienced Management team has since 2018 established business continuity management system and invested in IT systems aimed at ensuring business continuity in time of crisis. That explained why we were able to effectively address the crisis in a timely manner. The Company, like other business establishments, was seriously affected by such external factor. But I saw the crisis as a blessing in disguise. We were fortunate to have laid out the foundation, approaches and strategies to foster business portfolio diversification. That’s how the Company continued to earn revenues from Commercial and Residential Businesses even as the Hospitality business took a direct hit from the pandemic. Be that as it may, the geographic diversification of investment in hotel businesses worked out the way it should. Some of our hotels made a quick recovery. The Crossroads project in the Republic of Maldives was the case in point. The occupancy rate in late 2020 to early 2021 was at a relatively high level of 70%. There was also a streak of luck in the way we managed to get our hotel business listed on the Stock Exchange of Thailand in December 2019, at a time when there was not much volatility and investor confidence remained strong. This allowed the Company to increase liquidity and reduce debt to equity ratio. That’s why the Company found itself in a strong financial position and was prepared for any eventuality while maintaining the premium positioning of our products amid fierce competition. 

As for the outlook for 2021, the Company has laid out two key strategies for sustainable growth: the focus on housing developments and the expansion into the industrial estate development, power generation and engineering services and other related businesses. The Company has sold its stake in Nirvana Daii Public Company Limited (NVD), allowing the Company to freely develop single-detached houses under its own management without causing any conflict of interest with NVD. The business expansion into the industrial estate development, power generation, engineering services and other related businesses marked the beginning of the next phase in the Company’s business development: to generate growth that goes hand in hand with further diversification to achieve balance and flexibility. The Company has mapped out meticulous investment projects and identified opportunities to maximize profits. The aim is to grow these new businesses to generate new revenue streams for the short and long terms. 

However, in every situation, the Company will continue to be guided by the sustainable development concept by making it an integral part of business operations. In 2020, the Company’s stock was listed among Thailand Sustainability Investment (THSI) group for the second years in a row. It was a source of great pride for the Company. 

The promotion of senior management in February 2021 will pave the way for the Company to take the next step with stability amid drastic and rapid change in all dimensions. On behalf of the Board of Directors, I would like to congratulate Mr. Naris in his new role as Vice Chairperson of the Board of Directors, who will help steer the Company towards future growth. With his succession planning, we have also appointed Mrs. Thitima Rungkwansiriroj, Chief Financial Officer, as the Chief Executive Officer to help grow the businesses that Mr. Naris has established. 

Lastly, Mr. Naris and I would like to thank all shareholders, the Board of Directors, Executives and all of our personnel for their unfailing dedication and support for the Company’s business operations. Please be assured that the Company has a sound management plan bolstered by an unrelenting commitment to create value and sustainability as enshrined in the company’s vision. 

Mr. Chutinant Bhirombhakdi
(Chairperson of the Board of Director)

Mr. Naris Cheyklin
(Chief Executive Officer)

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