Achieving New Milestones in the Oil Business

The year 2024 has been another remarkable year for the Company, as we set new records with fuel sales reaching 6.548 billion liters, a 12.9% increase from the previous year. This is in stark contrast to the national oil market, which grew by only 0.4%. This means we outpaced the market by 12 times. This achievement was not solely due to the expansion of PT gas stations but also the growth of our PT Max Card membership network, which has allowed us to strengthen customer loyalty and deliver products and services that meet the needs of today’s consumers. Despite the intense competition, our ability to expand sustainably reflects both the strong foundation of our business and the continued trust that our customers have in the Company.

Expanding Boundaries and Creating New Opportunities

The Company is dedicated to investing in new businesses to strengthen its competitive edge and enhance growth potential. We have consistently expanded our business ecosystem (PT Max World) through a variety of projects. These include investing in Paisan Capital Co., Ltd. (“Paisan”) to expand leasing and refinancing services for used trucks, and in Thai Paiboon Equipment Co., Ltd. (“TPB”) to advance the waste management and Refuse-Derived Fuel (RDF) sector. Moreover, we have extended our success in the food and beverage industry by establishing Goluck Co., Ltd. (“GL”) to manage and operate the Subway franchise in Thailand. This strategic move is a major milestone in building a solid long-term business foundation, with a goal to expand to over 500 locations within the next decade. These efforts will further bolster the Company’s strength and flexibility, driving both revenue growth and competitiveness in a rapidly evolving market.

Non-Oil: A New Driving Force for the Company

In 2024, our non-oil business achieved remarkable success. Our Punthai Coffee shops expanded to a total of 1,347 locations, demonstrating our market potential and competitive capabilities. We have also partnered with the Thai Credit Guarantee Corporation (TGC) to support SME entrepreneurs in becoming owners of Punthai Coffee franchise stores. In addition, our Autobacs automotive service centers have experienced robust growth, with sales surging by 70.9% compared to the previous year, thanks to the expansion to 117 locations. This growth has allowed us to broaden our reach and improve our customer service capabilities. Furthermore, we launched the “PT Max Card Plus EV” to cater to the rising number of electric vehicle users. The Max Card system is more than just a membership card; it plays a pivotal role in connecting over 25 million customers to our business ecosystem (PT Max World) through a range of benefits across both oil and non-oil businesses, fostering stronger relationships and building lasting loyalty to the the Company brand.

Innovation for Value, Reaching All Stakeholders

We have focused on developing innovations that add value for our customers and all stakeholders. Renewable energy projects, such as waste-to-energy power plants and electric vehicle charging stations, along with supporting the cultivation of Arabica coffee in local communities, reflect our commitment to conducting business responsibly toward society and the environment. Additionally, we have received international recognition, including being ranked 58th among the largest companies in Southeast Asia by Fortune Southeast Asia 500, and earning the Best Companies to Work for in Asia 2024 award from HR Asia. These awards demonstrate our success in managing the organization with quality and excellence.

2025: Transforming Towards a Future of Progress

In 2025, the company will continue to push forward towards even greater goals. We are committed to developing new products and services that meet the demands of customers in the digital age, with the Max Card membership system serving as the core for connecting and gathering insightful data. This data will be used to develop innovations and services that align with the lifestyles of our customers. Furthermore, we will continue to prioritize sustainable business development, with plans to expand our renewable energy business and forge new partnerships to enhance our capabilities in all aspects.

The Power of Collaboration, Towards Sustainable Success

All of our successes are made possible through the collaboration of all parties, including shareholders, customers, partners, and our dedicated team. I would like to express my sincere gratitude to everyone who has contributed to driving the organization forward with stability and sustainability. We are confident that our cooperation will lead to the creation of a better future, both for our organization and society as a whole.

Finally, I would like to reaffirm my commitment to guiding the Company toward a future filled with hope and opportunities. We will continue to hold steadfast to our vision of connecting everyone to a life of true “well-being and contentedness.”