Throughout 2024, global economic and energy conditions remained volatile due to various factors, including geopolitical conflicts, trade barriers among major economies, stringent monetary policies implemented by central banks, as well as climate change and natural disasters. These challenges contributed to an economic slowdown in the Asia-Pacific region, including Thailand. Nevertheless, the Thai economy experienced slight growth, supported by public sector investments and various economic stimulus measures, which led to increased private consumption, improved transportation activity, and a recovery in the tourism sector.
Amid these challenges, Sea Oil Public Company Limited ("the Company") remained committed to its core businesses in energy supply and services, striving for continuous growth in alignment with its strategic goals. The Company remains focused on driving sustainable development and balancing business operations across environmental, social, and corporate governance (ESG) dimensions. The Board of Directors and management team has been closely monitoring various changing situations, adapting investment strategies and conducts its business with careful consideration to align with the evolving business as a result, in 2024, the Sea Oil Group achieved a total net profit of THB 357 million, with total revenue from sales, services, and rental reaching THB 17,499 million, marking a 4% and 26% increase, respectively, compared to the previous year. The Company continues to maintain a strong financial position and has sustained its dividend payout ratio at a level exceeding its policy threshold.
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The Board of Directors recognizes the importance of conducting business with transparency, fairness, and good corporate governance, while ensuring consideration for all stakeholders. We emphasize sustainable business practices in response to the digital era and the energy transition, incorporating innovative low-carbon technologies into our operations. In 2024, the Company signed a Memorandum of Understanding (MOU) with strategic partners to develop environmentally friendly products, contributing to the sustainability of the maritime transportation industry. Beyond achieving its business targets, the Company continues to be recognized 5-star "Excellent" corporate governance rating for the sixth consecutive year from the Corporate Governance Assessment of Thai Listed Companies. Additionally, the Company successfully renewed its certification as a member of the Thai Private Sector Collective Action Against Corruption (CAC) and received the Distinguished Ethics Award from the Thai Chamber of Commerce (TCC), reflecting the company's commitment and responsibility in conducting business with transparency and ethics in accordance with the principles of good governance.
On behalf of the Company, the Board of Directors and I would like to express our sincere gratitude to our shareholders, business partners, financial institutions, and valued stakeholders for their continued trust and support. We also extend our deepest appreciation to our management team and employees for their dedication and hard work in driving the Company toward success. Please be assured that the Company remain committed to continuously developing and sustainable growth, delivering appropriate returns to our shareholders, and ensuring the long-term prosperity of all stakeholders.
