2024
In 2024, the Company faced significant challenges in the automotive sector, with new car sales dropping to the lowest level in 15 years. As a result, the overall tire market growth compared to 2023 was only 1.2%. Nevertheless, the Company successfully maintained strong performance, particularly in the 17-inch and above segment, which is a key market trend for the future, while sustaining profitability from operations.
Dr. Dhiraphorn Srifuengfung
Chairman
Message from the Chairman
To navigate these challenges, the Company focused on enhancing production efficiency, reducing costs, and strengthening its market competitiveness. Additionally, the Company invested in expanding production capacity to better meet customer demands, reinforcing its business capabilities. Following the completion of Sapphire 2, we have already begun to see tangible results from the project. At present, Sapphire 3 is underway, aimed at expanding radial tire production for the aviation industry. This investment supports the industry's shift from bias tires to radial tires and will significantly enhance the Company's position in the commercial aviation market.
As we step into 2025, we remain committed to expanding distribution channels to increase our market share in the 17-inch and above segment and further enhance business profitability. Moving forward with confidence, we are dedicated to meeting the needs of our customers, investors, and business partners to the fullest extent.
Thank you for your continued support throughout our 57-year journey.