In 2020, Global has severely faced the outbreak of novel Coronavirus (COVID19), which has never happened since the disease outbreaks of SARS and MERS. The previous outbreaks were under controlled and widespread only in the short period, while controlling COVID-19 pandemic across the globe has not been done yet. From the end of 2019 to the end of 2020, it has now infected more than 64 million people and more than 1.5 million people have died. COVID-19 caused the enforcement of preventive health measures and restrictions to limit the spread of cases such as international flights ban, prohibition of travel between cities, ban on gatherings, closure of services in various locations, quarantine, and disinfections. However, the mentioned measures became successful only in some country. The global efforts to develop vaccine still takes times on testing process and tends to be available for usage in year 2021. Moreover, the intense competition between the United States and China regarding trade and politics issues became the negative factors to the global economy. Economic slowdown in many countries caused high number of unemployment, decreasing in international trade, highly impacted on travel, aviation and logistic sectors, including corporate bankruptcies. In Thailand, the Government has promptly responded to the situation by declared the state of emergency and issued strict preventive measures. Thanks to Thai population who complied with the preventive measures, thus the spread of pandemic was under controlled. Consequently, the economic activities and services were able to resume in the New Normal way. Nevertheless, international flights and borders are still suspended for prevention, which are main cause for economic impact. Office of the National Economics and Social Development Council forecasted that Thailand’s GDP will be shrank 6 percent in 2020 and produced its outlook for 2021 that the GDP will gradually grow 3.5- 4.5 percent.

According to the above situation, the Company has assessed risks and implemented various measures in accordance with the Government’s measurement and publication, including prepared business continuity plan and operation procedure for construction sites and office. With this preparation, the Company will be able to keep the business moving and ensure each Company’s unit strictly comply with the provided procedure. The Government policy is another factor that drive the Company’s business to move forwards. The Government has focused their investment in infrastructure projects such as land, air and water transportation, including the investment in infrastructure development in Eastern Economic Corridor (EEC). However, the Government has to manage the critical situation of pandemic as the first priority, it caused many projects to be delayed in bidding, signing off and construction. On the other hand, the Government’s mega projects especially on transportation which already awarded the biding, for instance, high-speed train, sky train, double-track railway, motorway, sea port and airport are expected to grow higher this year comparing with the private sector’s construction. The construction by private sectors have slowed down significantly due to postponement of projects or financial problems, which reflected on residential, economic building and manufacturing industries.

Thailand’s construction industry in the third quarter has slightly expanded with the contribution of Government sector. The residential construction started to slow down due to the smaller number of new residential projects in Bangkok and suburban area, compared to the previous year. The massive projects of economic buildings’ construction in Bangkok have begun, but the expansion rate in suburban area was slower. Materials’ price decreased 1.7 percent in relation to decreasing of price of steel (decreased 8.1 percent) and concrete (decreased 2.2 percent).

The Company still strives “to be one of Thailand’s top five largest construction contractors with international standard, stability and sustainability together with responsibility to society and the environment”. In this year, the Company was successfully awarded in the bidding of the new projects, thus the Company has the highest number of backlogs ever since the Company’s establishment which its revenue will be continuously recognized in the next three years. The Board of Directors commits to create the growth of the organization continuously and the stability in long-term period, generate satisfactory returns to shareholders, stakeholders and all related parties, and to create value on the overall economy of the country. The Board also committed to conduct the business in accordance with the guideline of sustainable development in terms of economy, society and environment under the good corporate governance principle. The Company has the vision and mission to operate its business sustainability and prosperously by harmonizing with current situation and environment, including in line with other businesses trend in terms of operating and managing. In 2020, the Company earned 4-star Corporate Governance Rating and the certification from Thailand’s Private Sector Collective Action against Corruption coalition (CAC). The Board regularly oversees and monitors the Management to perform their duties with carefulness, prudence and responsibilities to all stakeholders as well as provides them from time to time with recommendation on management of surrounding factors which have challenged the business operation in order to minimize risk to an acceptable level.

For the direction of the Company, the Company remains its operation in construction business, focusing on largescale projects of the Government and private sectors which suit the Company’s expertise. At the same time, the Company will continue to seek for works from the private sectors both in Thailand and in neighboring countries, namely Cambodia, Laos, Myanmar, and Vietnam (CLMV), which are enjoying their economic growth and are supported by financial institution such as World Bank, ADB, JICA and NEDA. Furthermore, the Company has conducted the business of pre-cast concrete products manufactured with the technologies from Europe and is also expanding its manufacturing capacity to meet the increased market demand in the Eastern Economic Corridor, which will be the hub for the country’s economic growth. For the real estate business, the Company’s strategy will focus on the demand in possible markets with a favorable growth rate. In 2021, the Company will make its paces in becoming an organization that has the potential at the international level to strengthen its foundation, prepare for the economic recovery and more intensive competition. In this regard, the Company shall improve its operation in all aspects, managing risks more efficiently and effectively, controlling construction and labor cost together with the quality of materials and equipment, enhancing the efficiency and effectiveness of work execution to acquire the quality and standard that meet the customers’ highest satisfaction while optimizing the return on profits. Moreover, the Company shall develop its personnel in both technical and management aspects on a continuous basis which shall include encouraging awareness of social and environmental responsibility, since they are valuable resources and key essential of sustainable growth.

The Board of Directors, executives, employees and subsidiary companies of Nawarat Patanakarn Public Company Limited would like to show our gratitude to all shareholders, bondholders, business partners, customers, all related parties, public and society for your support and trust in the Company as always. We do hope that we will continue to receive such honor, trust and good support. Kindly believe that we will keep on our commitment and dedication to conduct business with prudence, caution, transparency and in compliance with the principle of good corporate governance, the framework of sustainable development for the utmost benefits of all parties concerned and for becoming an organization with stable and sustainable growth in Thailand as defined in the Company’s vision.