Mr. Chudet Kongsoonthorn, Group Managing Director Business Development at WICE Logistics Public Company Limited, or WICE, a full-service international logistics provider, revealed the business plan for the  year 2024. The company aims for a growth rate of no less than 20% compared to the previous year. This growth is anticipated as shipping and air freight rates are expected to adjust upwards, along with an increase in both import and export volumes. The company confident that the economies of key trading partners such as the United States and China will rebound due to economic stimulus policies and plans, both in the private sector and domestic consumption, as well as investment. This will improve the overall logistics business landscape.

Furthermore, the company focuses on wallet share strategy and a comprehensive logistics network to expand its customer base and develop service solutions to meet customer needs effectively.

While the company anticipates revenue from various investments made in the last year, such as the Green Logistics Hub project in collaboration with partners, to develop an area as a central logistics management hub with an environmental focus, and the temperature-controlled cargo transport service project, which began full operation in the late second quarter, negotiations with additional customers are ongoing. The company will begin providing services for transporting compressed biomass fuel from Laos to Laem Chabang Port, expected to commence in the second quarter.

The company also plans to expand new warehouse space to accommodate customer growth, aiming to increase the area by 20,000-30,000 square meters, which will allow the company to provide services for up to 100,000 square meters. It is estimated that an investment of approximately 200-300 million baht will be required for investment and business expansion in various projects.

“WICE aims to create business opportunities in all dimensions to provide comprehensive logistics services and expand service capabilities to meet the needs of customers in all industries with expertise and experience in the business, aiming for sustainable and stable growth,” said Mr. Chudet.

For the financial results of the year 2023, the company had revenue of 3,832 million baht, a decrease of 46% from the previous year, and net profit of 170 million baht, a decrease of 69% from the previous year. The main reason for the performance not meeting expectations was significant adjustments in shipping rates, despite import and export volumes remaining stable. This unavoidable external factor adversely affected the company’s main revenue. Nevertheless, the company has attempted to adjust strategies to maintain sustainable growth. However, other business sectors continued to show continuous growth.

“Although the company’s revenue decreased, we maintained a profit growth rate at the level of 18.5%, up from 17.8% the last year, due to cost management strategies, reflecting our determination to overcome crises and challenges from external factors beyond our control,” said Mr. Chudet.

Additionally, at the board of directors’ meeting on February 19, 2024, a resolution was passed to approve the payment of dividends for the 2023 year’s performance at a rate of 0.24 baht per share in cash, totaling 153.83 million baht, equivalent to 51.18% of the profit for the year. The record date for the meeting is set for March 5, 2024, and the dividend payment is scheduled for May 13, 2024.