Message From Chairman

Dear Shareholders

The past year, 2023 was significantly considered as another challenging year for the Company’s capacities. Thailand’s economy was slowed from the beginning of the year to the end of the year, according to the data from the Office of the National Economic and Social Development Council (NESDC), in 2023 the Thailand’s economy expanded only 1.9%, decreasing from the previous year’s expansion of 2.5%, as result of inflation, exchange rate fluctuations, slowing down of foreign investment, and the interest rate situation that has increased. Meanwhile, imports and exports also decreased, according to the data from the Ministry of Commerce, the value of Thailand’s exports in previous year dropped 1% from 287 billion USD in 2022 to 285 billion USD in 2023.

In addition, exports to Thailand’s important markets are uncertain due to pressure from the slowdown of the world economy and trading, especially the Chinese market which is Thailand’s second largest export market after the United States, where the economy is in a period of slowdown. As a result, the new group of Chinese investors move their base to invest to Thailand with the main groups of electric vehicles (EV) industry and electronics industry. The digital industry has moved their base to Thailand as the Company had anticipated, but the slowdown in other essential trading partners of Thailand and these fluctuations in the value of Thai Baht It still pressures on Thailand’s exports and the overview of business operations.

Moreover, Freight and air shipping rates in the previous year have decreased as the result of the global economic slowdown from affect of inflation and Chinese economy slowly recovers from external factors that are uncertain and beyond control. As a result, the logistics business sector of Wise Logistics Public Company Limited in 2023 were inevitably affected.

Although the recent situation has challenged the Company’s management capacity, but the management team and all employees are committed to solving and seeking the ways to deal with these situations to maintain the profit growth, The Company has adjusted the strategy to focus on increasing efficiency of cost management, as well as increasing competitiveness, expand the partner network by establishing the new subsidiary in Singapore “WICE Global Road Solutions Pte. Ltd.” to provide land transportation management services. There was additional investment in WICE Logistics (Hong Kong) Limited and Euroasia Total Logistics Public Company Limited or ETL, where the ETL was listed on the Stock Exchange of Thailand on November 1, 2023. In addition, WICE Logistics Lao Sole Co., Ltd. was also established. All of this is to increase significant business opportunities for the Company in the international market by providing Cross-border logistics service between China, Hong Kong, and Southeast Asia in the cross-border service model.

In addition, the Company continues to drive the business towards strong growth without omitting social and environmental concerns that will have a wide impact. This is the center of the green economy strategy for operating business with all stakeholders in a sustainable way. In 2023, the Company began using electric EV TRUCK to service for biomass wood pellets transportation along with the conventional combustion vehicles from the Lao PDR to Laem Chabang Port, Chonburi as well as in process of studying for the development of all in one EV Charging Station project and selecting suitable locations to set up the charging stations, including the number of chargers at each stations along the important strategic routes to support the transportation with EV TRUCK, which can expand the capabilities of the Company to accommodate the variety of customer groups that can utilize the service. This business plan is considered as one of the core elements for the business driving of the Company in the future.

With a commitment to conducting business that takes consideration of the environment, society, and governance (ESG), WICE has been selected as one of 193 sustainable stock companies. Which is in the group of companies listed on the stock exchange with a market capital between 3,000 – 10,000 million baht in the service business group and has been rated “Sustainable Stock Level AA” in 2023 from the Stock Exchange of Thailand. This reflects WICE’s prioritization on sustainable business development by elevating business operations with clear management guidelines under the scope of ESG in every dimension to create sustainable value for all stakeholders.

Finally, I would like to take this opportunity to thank you the executives and all employees of the Company for their cooperation in leading the organization to overcome obstacles and challenges from external factors that are beyond the control and try to find the new opportunities for the business. These dedications allow the Company to maintain steady and sustainable profit growth. Above all else, on behalf of the Board of Directors of WICE, we would like to thank all stakeholders for trusting in our business operations and always supporting the Company. We are committed to operating the business under the principles of good governance along with good corporate governance with transparency, accuracy, and fairness. We focus on developing our organization towards sustainability by paying attention to every component to create a balance between all stakeholders including the shareholders, the business partners, the society, the communities, and the environment and the employees to jointly in creating our performance to grow together.