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To: Shareholders of
Pylon Public Company Limited
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In 2024, the global economy remains in a state of slowdown, primarily due to the prolonged impact of stringent monetary policies implemented by major economies such as the United States and the European Union. Although these economies have gradually shifted toward more accommodative financial policies toward the end of the year, the lingering effects of earlier tightening measures have resulted in liquidity constraints across financial systems. Furthermore, geopolitical tensions and the continued deceleration of China's economy—one of the world's key economic players—have added to the global economic challenges. |
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For 2025, despite early signs of improvement driven by monetary policy easing in several countries, significant risks remain. These include uncertainties surrounding the economic policies of the United States, particularly the potential reintroduction of stringent trade measures that could impact global commerce. Additionally, persistent geopolitical risks continue to pose challenges. As a result, the global economic outlook for 2025 remains highly uncertain, with an expected growth rate of approximately +3.3% by International Monetary Fund (IMF), broadly unchanged from that of 2024. |
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In Thailand, economic growth in 2024 was lower than anticipated due to several factors, including the slowdown of the global economy—particularly in China, one of Thailand's key trade partners—fluctuating energy prices, the intangible effects of government economic stimulus measures, and weak domestic purchasing power. According to the Office of the National Economic and Social Development Council (NESDC), Thailand’s GDP growth for 2024 was reported at +2.5%. |
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For 2025, the Thai economy is expected to remain stable at a similar level to 2024. However, if the government can effectively implement and expedite its economic stimulus measures, particularly those aimed at strengthening domestic purchasing power, private sector confidence could be restored. This would lead to increased consumer spending and business investment, potentially fostering a more positive economic trajectory. The office of the National Economics and Social Development Council (NESDC) has projected Thailand’s economic growth for 2025 to range between +2.3% and +3.3%. |
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Regarding the construction industry, 2024 saw a slowing growth. This was mainly due to delays in the commencement of large-scale public infrastructure projects, as well as challenges in the private sector, including subdued purchasing power and stringent lending policies by financial institutions, which impacted the launch of new residential and condominium projects. As a result, the overall market demand remained below the industry’s production capacity, leading to intense competition throughout the year. |
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Despite these challenges, the Company has successfully navigated this difficult period by implementing strategic measures to mitigate risks. These included stringent cost control, maintaining liquidity at appropriate levels, continuously improving internal work processes, and leveraging new technologies to enhance management efficiency. These proactive measures have enabled the Company to sustain its business operations effectively despite the market slowdown. |
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For 2025, the construction industry is expected to show signs of recovery, driven by the anticipated commencement of key public infrastructure projects, such as the Orange Line (Bang Khun Non – Thailand Cultural Center) and the Chatuchot – Lam Luk Ka Expressway, which are expected to begin construction between the first and second quarters of the year. In the private sector, while the condominium market remains sluggish, the recovery of the tourism industry has spurred an increase in hotel construction projects. Additionally, the expansion of AI-driven technology has led to a rise in demand for data center construction. These factors indicate a potential revival for the construction industry, including the bored pile foundation sector, in 2025. |
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With its aim to build stable growth in the long term, the Company continues to maintain a policy of expanding its customer base and prioritizing customer selection, cost control, liquidity management and continuous development of its personnel, taking into account its stakeholders, society and environmental impacts. |
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On behalf of the Board of Directors, I would like to take this opportunity to thank all shareholders for your trust in the company’s management and operations. Special thanks go to those who have provided to the company their endless support. I also would like to thank the Company’s management team and all of its employees for their joint efforts in carrying out their duties with accountability and diligence. All these factors play an important part in laying solid grounds for Pylon PLC's future development and ensuring its growth as well as ultimately achieving both its short and long-term goals. |
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