According to the Office of the National Economic and Social Development Council, Thailand’s economy expanded by 2.5% in 2024, driven primarily by private consumption and public sector investments, despite the ongoing uncertainties and volatility in the global economy. For Prime Road Power Public Company Limited (the “Company”), our total installed capacity stood at approximately 300 megawatts by the end of 2024. We generated total revenue of THB 1,345mn, representing a 31% decrease from the previous year, with our core revenue still derived from our solar power plant business. The Company reported a net loss of THB 186mn, an improvement of 79% from the prior year, reflecting more effective management and operational efficiency. On liquidity management, the Company focused on adjusting strategies in response to challenges in the bond market. According to the Thai Bond Market Association, the overall bond market grew by 3.6% in 2024, driven mainly by government bonds, while corporate bond issuances declined by 10%, reflecting investor caution and market uncertainties. These factors led the Company to revise its liquidity management approach, including adjustments to bond repayment terms to align with our financial position and support future business growth. Our cash flow management plan includes considering the partial divestment of solar power plant projects, seeking strategic partners, and utilizing cash flow generated from operations.

        Throughout the year, we are proud of our key achievements, particularly our improved Corporate Governance Report (CGR) rating, which was elevated from 4 stars to 5 stars. This reflects our commitment to transparency and good governance. Additionally, the Company received a SET ESG Rating of BBB, reinforcing our responsibility towards environmental, social, and governance (ESG) principles, which are central to our corporate strategy. These accomplishments have strengthened investor confidence and improved our access to funding.

         Looking ahead to 2025, the Company will focus on capital efficiency and prioritize projects that generate faster returns to navigate current challenges and limitations. We aim to strengthen our financial position and long-term risk management while leveraging our expertise in solar energy to pursue projects that attract investment. With the growing interest in renewable energy, driven by national and global policies, we see opportunities for expansion. The National Energy Policy Committee (NEPC) has approved the National Energy Plan framework, aiming to achieve carbon neutrality by 2050 and a low-carbon society. Additionally, the Energy Policy and Planning Office (EPPO), Ministry of Energy, has proposed plans to liberalize the electricity sector, introducing market-driven mechanisms during the trial period of 2024–2025. This policy shift is expected to promote renewable energy, reduce government subsidies, and foster new business opportunities in the energy sector, supporting Thailand’s Net Zero Carbon Emission goals. The Company sees this as a significant opportunity to expand our potential. Coupled with continued economic growth and rising electricity demand, along with our internal efficiency improvements and external support, we are confident that 2025 will be a pivotal year to lay a solid foundation for stable and sustainable long-term growth.

        Lastly, on behalf of the Board of Directors of Prime Road Power Public Company Limited, I would like to express my sincere gratitude to our shareholders, bondholders, customers, partners, and all stakeholders, both public and private, for your continued trust and support. I would also like to extend my appreciation to our executives and employees for their dedication, hard work, and responsibility, which remain the driving force behind our stability and sustainable growth.