Chairman Statement


	To: Shareholders of Pylon Public Company Limited

	In 2023, despite the growing trend of the world economy, businesses continued to face challenges across different aspects. Many factors, including interest rate hikes to control inflation, lower levels of liquidity triggered by stringent financial policies, rising energy prices and production costs driven by geopolitical conflicts and wars, as well as the fragile and volatile Chinese economy, led to the sluggish growth of the world economy in 2023 compared to 2022. For 2024, the global economy is expected to experience favorable factors, including the eased financial policy direction evidenced by the cessation of policy rate hikes by the U.S. Federal Reserve (FED), and the less stringent financial measures launched by different countries. However, there are also negative factors continuing from 2023. Therefore, the world economy in 2024 is expected to see a similar pace of expansion as in 2023.

	The Thai economy in 2023 experienced multi-faceted risk factors, including the slowdown of the world economy, policy rate increases (imposed by the Monetary Policy Commission), higher production costs due to rising energy prices, among others. Furthermore, the delays in the enactment of government fiscal budgets and the government economic stimulus schemes not yet yielding tangible benefits contributed to the Thai economic growth figures in 2023 being lower than anticipated. The Office of the National Economic and Social Development Council (NESDC) reported the Thai GDP in 2023 as 1.9%.

	In 2024, the Thai economy will continue to see a growing trend from 2023, bolstered by a number of tailwinds, including the resumption of the expansion of the export and tourism sectors, efforts by the government to expedite the fiscal budget approval process, and the launch of economic stimulus measures by the government. Faster action by the government, along with more tangible results realized, will build private sector confidence, spending, and investment.

	Regarding the construction industry in 2023, the slowdown of the domestic economy and a number of unfavorable factors, including the unclear direction to promote large-scale construction projects by the government, and the high levels of household debt affecting consumers’ purchasing power in the country, had an impact on the launch of private sector projects and the granting of credit facilities by commercial banks. As such, the average project volume in the market was lower than the industry production capacity, and businesses experienced higher market competition. Therefore, the overall situation of the construction industry in 2023 still saw a lackluster sentiment.

	The Company took a host of measures to reduce the impact of such problems through, for example, emphasizing internal cost control, maintaining liquidity at reasonable levels, continuously developing internal work processes, and implementing new technologies in management. Despite the overall construction industry remaining unchanged with uncertainty lying ahead due to a number of factors, the Company successfully navigated through the crisis and outperformed its industry as a whole.

	In 2024, the government's efforts to solve economic problems are likely to bear fruit, enabling the revival of the construction industry. With faster budget expenditures approved by the government and a clearer direction to push forward mega construction projects, private sector confidence should see a comeback, and new construction projects should normalize. The Company forecasts a rebound in the construction industry in the second half of 2024.

	With its aim to build stable growth in the long term, the Company continues to maintain a policy of expanding its customer base and prioritizing customer selection, cost control, liquidity management and continuous development of its personnel, taking into account its stakeholders, society and environmental impacts.

	On behalf of the Board of Directors, I would like to take this opportunity to thank all shareholders for your trust in the company’s management and operations. Special thanks go to those who have provided to the company their endless support. I also would like to thank the Company’s management team and all of its employees for their joint efforts in carrying out their duties with accountability and diligence. All these factors play an important part in laying solid grounds for Pylon PLC's future development and ensuring its growth as well as ultimately achieving both its short and long-term goals.

Chairman Statement

To: Shareholders of

Pylon Public Company Limited