Chairman Statement


	To: Shareholders of Pylon Public Company Limited

	2020 saw the global economy hit hard by the COVID-19 pandemic. Nevertheless, with the production and distribution of vaccines to different regions across the world, 2021 started to see signs of improvement in economic activities and a revival in the world economic outlook.

	Although the Thai economy witnessed an improving trend in Q1 of 2021 but the ongoing COVID-19 outbreak in Q2 forced the government to re-impose a number of public health measures to counter the outbreak. As a result, the economic growth slowed down before bouncing back in Q4 with the overall economy in 2021 ending up higher than 2020 by 1.2 per cent. The construction industry situation also became volatile because of the local outbreak situation. The industry saw a recovery in Q1 before slowing down and entering a recession in Q2-Q3. The government ordered the closure of the worker camps and the construction sites in Bangkok and its vicinity for a period of one month in July. The construction industry was heavily impacted by such measure before picking up pace lightly at the end of Q4. The overall construction industry in 2021 thus saw a contraction year-on-year.

	In light of the above, the Company launched a number of mitigating measures including controlling internal costs, maintaining appropriate liquidity levels, constantly improving work processes, ensuring healthcare and speedy vaccinations for its employees, and imposing internal measures to prevent against the COVID-19. Despite the impacts of the economic situation and the government’s outbreak mitigation policy on the construction industry, the Company was able to weather the crisis and posted a satisfactory performance.

	Going forward, 2022 is seeing more vaccine rollouts covering the majority of the population nationwide and the country reopening. This should lead to the Thai economic recovery in 2022 from 2021. Moreover, the government is launching a number of incentive measures to boost the economy, including the investments in mega construction projects such as the high-speed train linking the three airports, the Rama III-Dao Khanong expressway, the Thai-Chinese high-speed train, and other mass rapid transit (MRT) lines in Bangkok. This could be proven as a boon for confidence and investment sentiment of the private sector. Based on the above favorable factors, the Company expects that the construction industry will see a satisfactory recovery in 2022.

	Nonetheless, with the presence of a number of risk factors, such as risks from the COVID-19 variants and new waves of outbreak, domestic and oversea political uncertainties, and impacts of inflations triggered by rising energy and commodity prices on production costs, the construction industry might not rebound as expected.

	Since the company’s primary goal is to achieve long-term growth and sustainability, the company shall continue to adhere to its policy on customer base expansion and give more priority to customer screening processes, effective cost control, liquidity management, and continued human resources development while talking into account its stakeholders, social responsibility 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