Dear Shareholders,

The year under review has seen a continuation of both very volatile and stagnating political and economic environments in all the countries our Group is operating in. Construction spent has suffered on account of conducive policy decisions to attract and support foreign direct investments and domestic capital formation through expansions in infrastructure, industrial and residential investments. Massive overhangs in residential properties in Thailand and Vietnam are adding to the concerns of existing and potential investors and financing institutions being more restrictive than ever to support the over-indebted private residential sector. The bleak construction industry outlook gets further shadowed by the rapidly increasing global threats from trade wars and various economic sanctions lowering confidence levels across all private and industrial investors. The only positive drivers are currently from Government-sponsored infrastructure projects although still on very low levels compared to pre-COVID levels.

Management has continued to adjust our productive asset base and our organizations to the new realities. Clinker and cement capacities in Thailand have been cut back as export markets for clinker have disappeared, grinding capacities in Vietnam and Sri Lanka have been temporarily mothballed till demand levels are coming back. Given the global and regional uncertainties impacting demand for construction materials in and beyond 2025, Management is tasked to continue and decisively work on improving the competitiveness of each and every business unit in our Group. On a more positive note, we have started construction of a 84 MWh Solar Power Plant in Saraburi, a new 1.2 million tons per year granite quarry in Chonburi to serve the growing aggregates demand in the Eastern Seaboard with both projects being completed in late 2025 / early 2026. Both projects adding positively to our performance from 2026 onwards.

In 2024 our second largest shareholder, Jardine Cycle & Carriage Limited, has sold its entire stake to entities of the Ratanarak Group which was followed by mandatory tender offers for Siam City Cement Public Company Limited, Lanna Resources Public Company Limited (LANNA) and Thai Agro Energy Public Company Limited (TAE), which were completed in October 2024. SCCC’s main shareholder is now controlling approximately 79.06 percent of the equity capital and SCCC in turn is holding 61.44 percent in LANNA, with LANNA holding 51 percent in TAE.

The Board of Directors is pleased to report a net profit after tax attributable to equity holders of THB 5,388 million compared to THB 2,682 million in 2023. In view of the continued challenges the businesses of the Group are facing and in order to strengthen the financial position of the Group after the increase of the Group’s shareholding in LANNA, the Board of Directors has decided to recommend a full year dividend of THB 11 per share to the Shareholders for approval at the AGM No. 32 (Year 2025).

On behalf of the Board of Directors, I wish to thank all our employees for the dedicated engagement and contributions to continue and sustain the growth of our Group. We also like to thank all our shareholders for their continued support, all our business partners for upholding highest standards of professionalism in all we do together and the public at large for their support in the places our operations are at home.