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Message from the Chairman
In 2018 the Thai automotive industry produced 2.1 million vehicles 9% more than in 2017. Of these, 1.04 million were sold in the domestic market, a 20% increase on the year before, and 1.14 million were exported, a very similar figure to that of the previous year. As for the outlook for the Thai automotive industry in 2019, the Federation of Thai Industries estimates production at 2.15 million units, of which 1.05 million for the home market thanks to the improvement in the country’s general economic situation and the various economic stimulus measures that can be expected after the elections, which will boost the circulation of money in the economy, while exports will fall slightly, to 1.1 million, as world trade slows. In any case in the long term the Thai automotive industry remains outstanding. Thailand is the biggest automotive production base in ASEAN. Players will have to adapt quickly to cater to new trends, including electric vehicles, which are rapidly gaining in popularity.

Turning to the results of the Thai Rung Group in 2018 , total consolidated revenues amounted to Bt.2,577 million, representing an increase of 23% on the previous year, and net income attributable to owners of the parent company came to Bt.181 million, up by 119% on the previous year, the main factors in the improvement being increased sales of auto parts and dies and of the TR Transformer vehicle, as well as careful cost control, efficient management and diversification of the customer base beyond the automotive sector, with such products as excavators, construction equipment and agricultural machinery.

As for the Company’s focus in 2019, it will push to increase revenue from sales of its TR Transformer II vehicle and minibuses and concentrate on further broadening its customer base beyond the automotive sector

• expand the market for our OPV (observation post vehicle), the TR Transformer, which was awarded the “National Innovative Excellence Award 2017” by the National Innovation Institute of the Ministry of Science and Technology and was registered as a “Thai innovative product”, with the emphasis on increasing sales to the various government departments. It stands out with its distinctive body design and is also highly adaptable, with the possibility of fitting may kinds of special equipment and easily modified for different uses depending on the customer’s requirements, for example disaster relief, EOD (explosive ordnance disposal), K9 (army canine), drone control, TV outside broadcast, emergency field ambulance or communication systems control vehicle;
• seven-metre long minibus seating 20, aimed at the switch from passenger vans to minibuses in accordance with government policy and demand from the growing tourist industry, with future prospects for expanding into the export market
• expand business opportunities related to electric vehicles (EVs) the vehicle of the future: production of body parts using lightweight materials such as high tensile steel, aluminium or composites, production of plastic trim parts and auto seats, contract assembly work for electric vehicles, design and production of an electric minibus.
• broaden customer base to take in more non-automotive sectors, with products such as excavator cabins, construction equipment and agricultural machinery.

The Company strives to carry on its activities in accordance with policies of good corporate governance, attaching importance to its responsibilities towards society, community, trading partners, employees and the environment and all stakeholder groups, in accordance with principles of corporate social responsibility, conducting its business in an ethical manner so as to ensure the Company’s sustainable success. Shareholders may therefore rest assured that the Company conducts its business transparently, fairly and ethically and on the basis of combating all forms of corruption, as reflected in the various awards and assessments received by the Company:

  • Thai Chamber of Commerce Corporate Governance Award
  • The Company received confirmation from the council of its membership of Thailand’s Private Sector Collective Action Coalition against Corruption.
  • The Company’s corporate governance was assessed as “excellent” in 2018 by the Thai Institute of Directors (IOD),

On behalf of the Company’s Board of Directors, I should like to thank our customers, our shareholders, the various organisations and departments both governmental and private, our business partners and also our executives and employees for their constant support, which is a driving force. All the Directors and I will strive wholeheartedly to lead the Company constantly forward and develop and expand its business in a sustainable manner.

 

 

Dr. Pranee Phaoenchoke

Chairman

 






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Thai Rung Union Car Public Company Limited 304 Macharoen Road, Nong Khang Phlu, Nong Khaem, Bangkok 10160
Telephone 0-2814-5034-7, 0-2814-5056-62, 0-2431-0071-2, 0-2420-0076 Fax. 0-2814-5030, 0-2814-5033
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