Dear Shareholders,

Despite geopolitical tensions and market-specific challenges, 2024 was a strong year for us. Our resilience and teamwork helped us navigate uncertainties and achieve solid results. Our FIT+ Project contributed to greater efficiencies, enhanced productivity, and encouraged innovation. While we made significant capital investments, we maintained a strong position in Net Working Capital and Free Operating Cash Flow. We also continued to invest in growth, including an aggregate quarry in Chonburi, solar power projects in Saraburi, and new ready-mix plants in key tourist areas of Thailand.

Market Performance Highlights:

• Thailand: Financial performance improved significantly, driven by our 2023/2024 restructuring, public infrastructure spending, and tourism recovery. We introduced low-carbon products such as Green Globe, INSEE Petch Ngarn Tang Luang, and INSEE Dum HES, while successfully managing challenges like delayed government budget disbursements and weather disruptions.
• Vietnam: Despite an oversupplied market and strong competition, infrastructure investments supported cement demand. Our cost reduction and efficiency initiatives strengthened operations and improved overall performance.
• Sri Lanka: The market stabilized with lower inflation and a stronger rupee, boosting confidence. Although fiscal adjustments kept demand growth modest, our focus on cost efficiency ensured competitiveness.
• Bangladesh: Political unrest and an interim government delayed major projects, exacerbating market oversupply. While operational efficiencies improved, sales volumes were impacted by instability.
• Cambodia: Weakened consumer purchasing power shifted demand towards lower-cost materials, resulting in subdued growth.

Looking ahead to 2025, we are committed to expand our construction business with new products and solution, strengthen INSEE Ecocycle’s regional capabilities to enhance sustainability, accelerate CO₂ reduction efforts to position SCCC as an industry leader in innovation and environmental responsibility.

Beyond business growth, we continue to cultivate a strong, people-focused culture where every team member contributes to our collective success. By nurturing exceptional leaders and a resilient talent pipeline, we are equipping SCCC to navigate future challenges and seize emerging opportunities.

We remain dedicated to creating long-term value for our shareholders, customers, business partners, employees, and communities. Our customer-first approach is at the core of our strategy, driving brand awareness through tailored marketing, technical expertise, and solution-based engagement programs to exceed expectations.

We are deeply grateful for the unwavering trust and support of the Board of Directors, customers, communities, employees, and stakeholders. Your contributions are the foundation of our success, and together, we will continue to build a strong and sustainable future.