It has been over 9 years since WICE Logistics Public Company Limited (WICE) has become a listed company on the Stock Exchange of Thailand Since July 2015, we never stop to developing our business to achieve the goal as the leading company to provide the logistics in Asia with complete services, while adhering to the principles of sustainable growth.

The past year of 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 with the value for exports fell 1% to 285 billion USD from 287 billion USD in 2022. Together with the decrease in freight and air freight rates. These factors inevitably effect to WICE’s operations, making the Company’s revenue from carriage of goods decrease in the same direction as the country’s economic.

However, even with external factors that beyond our control pressured on the expansion of the Company’s primary revenue, the Company has tried to adjust the strategy to focus on increasing efficiency of cost management, continuing to expand the storage service areas in new markets, investing in building a network of partners in strategic logistics locations in Asia, supporting the expansion of goods and services movements, with a commitment to solving the challenges of growth and effectively operates the business management and development. As a result, the Company has maintained its gross profit growth rate of 18.5%, increasing from 17.8% in previous year.

For 2024, the Ministry of Commerce aims for exports to expand by 1.99%, with approximately 290 billion USD of value. which is likely to gain support from the expansion of the world economy, eased of pressure from inflationary, and the termination of strict financial policy in major economies. All of this should positively impact on the world trade volume to further expand, and the Company’s operations.

The Company defines the strategy for 2024 to focus on expanding the investment in various businesses to support growing opportunities after the international and domestic economy gradually recover. In terms of sea and air shipping business with a relatively high proportion of the Company’s income, from the situation of the decrease in shipping and air freight rates, the Company plans to manage the cost management process of collaboration within the WICE group in Singapore, Malaysia, Hong Kong and China to be more efficient, and to create the negotiation power that allow the Company to maintain the better profit rate. In addition, the trend of revenue from the Company’s sea shipping services for this year is likely to increase from the Red Sea situation that may prolong and cause freight rates likely to increase.

As for Cross Border services, the Company prepare to expand into the Cold Chain business with temperature-controlled shipping, starting at the end of the first quarter of 2024. The Company expects this year revenue from the temperature-controlled shipping will be outstanding. After the support from the government that promotes the export of Thai fruits to China. The Company also prepared the plans to increase the temperature-controlled shipping to support the volume that will be coming in this year. In addition, the Company is also focusing on managing the empty return trips to decrease from 2023 in order to Increase the capacity to continuously make profits.

Since the Company sees the business growth opportunity in the services, the Company has plans to invest in increasing the capacity of Cross Border services after Euroasia Total Logistics Public Company Limited or ETL successfully listed on the stock exchange in previous year. The Company has established WICE Global Road Solutions (WGRS) in Singapore, which is a 100% owned subsidiary of WICE Logistics (Singapore) Pte.Ltd., to increase the capabilities and create solutions for customers in providing the complete Cross Border Transportation Carrier, and ready to expand service areas in new markets. This will strengthen the WICE group of companies.

In terms of Transport (EV TRUCK) services, especially the transportation of haulage firm using electric trucks (EV TRUCK), this is one of the projects that WICE has initiated and pushed forward all along and aim to be the leading company in elevating towards the sustainable business operations. In addition to helping in management of transportation costs from fluctuations in oil prices in the world market, it is also in accordance with the guidelines for business cooperation in clean energy. And to drive environmental, social and governance (ESG) goals, the Company has launched a pilot transport of biomass wood pellets from Lao PDR to Thailand using EV TRUCK, starting in the 2nd quarter of this year.

All strategies are considered as important part to support the Company to achieve the goal of being the leader in logistics services in Asian with complete services in accordance with the organization’s vision. The Company will focus on expanding business in every aspect for sea and air transportation, which will increase the volume by using the network in the group to expand the customer base and decrease management costs, increase business capabilities in various areas to support future business expansion, where all operations in these areas will be based on the principles of sustainable growth. In addition, the Company also plans to increase new business opportunities from seeking partners that will strengthen the Green Logistics Hub and EV truck transportation.

It can be seen that the Company is focused on creating sustainable business growth, with consideration of ESG principles and prioritize to the Company’s stakeholders in every dimension, including personnel in the organization. In addition to the good life quality, the Company also focuses on upgrading the skills of its personnel, to grow in the careers path along with creating new innovations for the organization. The Company is also committed to develop and implement the technology to increase productivity and reduce greenhouse gas emissions to zero according to the stated ambition.

Even this year will be another challenging year in every aspect, but the management team and all employees are ready to overcome problems, obstacles and look for new business opportunities. To create stable and sustainable growth and profits for WICE with the principles of good governance along with supervision with transparency.

Finally, I would like to thank all stakeholders both the shareholders and the business partners, and the customers who trust and support the Company as always. Most importantly, I would like to thank the management team and all employees who entrust and participate in pushing and changing the organization. In order to make the Company move towards the vision according to the principles of sustainable growth. and bring the positive impacts for all groups of stakeholders in every dimension.