MESSAGE FROM CHAIRMAN DEAR SHAREHOLDERS,
The severe impact that the global economic crisis 2009 had on numerous industries had caused an unfortunate contraction on Thailand’s overall export value. Frozen shrimp export from Thailand on the other hand continues to grow in the positive direction because of food safety concern of products from China, shrimp disease and flood in key shrimp producing countries, and also an increase in Thailand domestic shrimp production. Above favorable factors in combined with management realignment and production cost improvement have resulted in a 23% sales revenue increase in 2009 as compared to 2008. A remarkably 134 million baht increase in net profit to 183 million baht is company’s record high within the past 8 years. Company holds 1,432 billion baht in total asset along with strong financial status, high liquidity, and exceptionally low interest bearing debt. In 2010, company expects a continuous growth in Thailand’s shrimp export sector as a result of global economic recovery, possibility of US anti-dumping duty rescind, and the effective of Free Trade Agreement with South Korea. There are some factors that need to be closely monitored however. Those are fragile global economy, baht currency volatility, increase in inflation rate, and overall shrimp supply output. As a precaution, company has already devised its preparedness plan to handle these uncertainties. We would like to thank all shareholders, customers, partners, and employees for continuous support and trust. In order for us to pursue a sustainable growth, it is our commitment to produce safe and quality product, to broaden our employee capability, to improve administrative and management system, to promote ethical practice under good corporate governance, and to embrace social responsibility.
Yours sincerely, (Narit Chia-Apar) Chairman
1 / Annual Report 2009 /Seafresh Industry Public Company Limited