Chairman
Chairman Statement
we develop SUTHA into a leading South East Asian
lime and limestone producer -
we contribute to a better world !
The Board of Directors, management, and all employees of SUTHA remain committed to conducting our business responsibly and delivering meaningful value to our customers, shareholders, and all stakeholders so that we grow and succeed together. We extend our heartfelt appreciation for your continued trust and support. It inspires us to keep moving forward with dedication and purpose.
Mr. Sripop Sarasas
Chairman of the Board of Directors
Mr. Sathish Kumar Pushparaj
Managing Director and
Chairman of the Executive Committee
To Shareholders, Customers, Business Partners, Employees, the Governance unit of Golden Lime PLC “SUTHA”
This letter is part of SUTHA’s Annual Report. As a public company, we publish mandated quarterly data, but we also feel responsible for sharing our perspectives on your investment and our business approach. We aim to communicate transparently, as we would expect if our roles were reversed, reporting both positive and negative developments at SUTHA.
Our goal is to provide you with all relevant facts, figures, trends, and insights needed to assess your investment—fulfilling the true purpose of an Annual Report.
Quicklime
the product Golden Lime makes via calcination of limestone from the Thai Marble LLC. owned Khao-Kao quarry Revenue generated from the sale of lime products represents SUTHA’s core income stream, accounting for 82% of total revenue from Sales and Services in the previous fiscal year. Of this amount, 96% was derived from domestic sales and 4% from export markets. The Company serves a broad range of domestic industrial sectors, while export sales were distributed to Bangladesh, Taiwan, Singapore, Korea, the Philippines, Laos, and other countries. Production volumes remain under pressure due to market conditions characterized by excess supply and limited demand, coupled with intensified competition among numerous producers. The Company’s key business activities and major customers continue to center around lime products, with demand concentrated in the following core industries:
Steel Industry
The steel sector remains the principal consumer of lime and contributes 20% of the Company’s revenue. The industry has shown signs of stabilization and modest recovery following a downturn in 2023 and continued contraction in 2024, largely driven by a slowdown in construction activities. Several domestic steel manufacturers ceased operations in prior years, while the remaining producers continue to face competitive pressures from imported steel and low-quality steel produced locally using induction furnaces.
Although regulatory momentum emerged after the collapse of a large building impacted by the major earthquake in March 2025—prompting authorities to strengthen industrial standards to curb the use of substandard steel—these measures have not yet provided sufficient protection for domestic producers against unfair competition from Chinese imports. Despite slight improvements supported by construction projects and automotive manufacturing, the sector continues to face structural challenges from subdued construction demand and persistent oversupply from China.
Construction Industry
The construction sector, targeted for the Company’s CAVA products, has yet to achieve expected performance levels, including sales from the subsidiary. This industry accounted for 15% of total revenue but has been affected by a downturn in the real estate market since the second half of 2024, with no material signs of recovery. Nevertheless, sales of construction stone continue to provide partial support to the Company’s revenue base in this segment.
Chemicals Industry
The chemical industry remains an important customer group, contributing 14% of revenue. Growth potential exists due to continued foreign investment in Thailand and the country’s role as a production base for organic chemicals. However, increasing competition has led to downward pressure on selling prices and declining sales volumes.
Sugar Industry
The sugar sector contributed 10% of total revenue and experienced reductions in both volume and selling prices due to competitive pricing pressures within the market. As a result, revenue from this segment declined compared to the previous year.
Export Sales
Export sales represented 4% of total revenue. Export volumes decreased relative to the prior year due to the continued appreciation of the Thai Baht, which adversely impacted the competitiveness of Thai products in international markets.
Dolime
The dolime product line, now in its sixth year of continuous production and sales under the Company’s new product development initiative, serves as a substitute material in steel manufacturing to replace imported magnesium. Performance remained below expectations due to the prolonged downturn in the steel industry since 2023. Over the past two years, reduced production levels resulted in significant accumulation of inventory. Moreover, continuous fault in the dolime briquetting machine prevented production of briquetted products, further contributing to inventory turnover delays.
In 2025, these accumulated impacts led to adjustments in product valuation and downward revisions of future value estimates. Nevertheless, capital expenditure for upgrading the briquetting machinery has been approved, including the installation of an additional machine to expand processing capacity and support future production and sales.
Calcium Carbonate
The Company manufactures calcium carbonate from both calcite and marble sources, offering products across high-grade and medium-grade quality levels. High-grade calcium carbonate is produced from calcite using small-scale production capacity, while medium-grade products are manufactured using raw materials sourced from the Khao Ngob quarry operated by the Thai Marble LLC. These products collectively form the Ground Calcium Carbonate (GCC) product group.
Following the Company’s investment in GCC production facilities and machinery, product acceptance improved notably during the first half of the year. However, demand subsequently softened due to the impact of the “Trump Tariffs”, which affected customers using GCC to manufacture export-oriented products destined for the United States. As a result, purchase volumes declined.
Limestone aggregates
The Company’s crushed stone products, sourced from the Khao Khao quarry of Thai Marble LLC, are used in road construction, flue gas desulfurization processes, and concrete production. While this business contributes to the revenue of Golden Lime Public Company Limited, its impact on EBITDA remains limited, as crushed stone is primarily produced as a by-product from limestone extraction for kiln operations. Nonetheless, this product segment remains a strategic area for generating incremental value and supporting long-term EBITDA growth.
Marble aggregates
The marble scrap business, introduced by the Thai Marble LLC two years ago, has developed into a small-scale commercial activity that is profitable and contributes positively to the subsidiary’s EBITDA performance.
Marble ornamental stone
The decorative marble business is the long-established core business of the Thai Marble LLC, with a legacy spanning over 60 years. It remains a stable contributor, representing not less than 9% of the Company’s EBITDA. This business reflects the continuation of traditional Thai architectural craftsmanship and forms a solid foundation supporting the long-term stability of SUTHA Group.During the past fiscal year, production relied on domestic raw materials from the Khao Ngob quarry—the largest marble quarry in Thailand. Finished products comprised both locally manufactured marble and imported marble, complemented by installation services and artisanal craftsmanship. This segment continues to represent a key revenue source for the Thai Marble LLC, a major subsidiary within the SUTHA Group.
Performance Overview
In 2025, outcomes reflected a mix of business challenges, including an unresponsive economy, strong market competition caused by low demand and abundant supply, and ongoing decreases in both sales volume and pricing. These trends stemmed from leading industry companies adopting aggressive price reductions to capture market share, as well as geopolitical instability, slower economic growth, and persistent drops in revenue.
In 2025, the Company generated total revenue from sales and services of THB 1,298.35 million, representing a contraction from THB 1,354.71 million in 2024 and THB 1,428.44 million in 2023. The year-on-year decline reflected weaker market demand and price pressure across key product segments. EBITDA for the year amounted to THB 158 million, decreasing from THB 243 million in 2024 and THB 226 million in 2023. This level of EBITDA is materially below the 2022–2023 performance range of approximately THB 225–226 million. The reduction was primarily driven by the softer revenue base and margin compression in the second half of the year. On a statutory basis, the Company reported a net loss of THB 9.10 million in 2025. The loss was attributable to exceptional items recognized during the third and fourth quarters, which adversely affected operating profitability. Excluding these exceptional items, the Company would have recorded a normalized net profit of THB 46 million, underscoring the resilience of core operations despite external headwinds.
Outlook for 2026 and Future Prospects
The economic environment in 2026 is expected to experience a gradual recovery, while interest rate trends begin to ease. Nevertheless, geopolitical volatility remains elevated. For Thailand, economic expansion is anticipated to be driven by public sector investment and growth in the industrial sector. Meanwhile, capital market sentiment may improve following shifts in policy direction under the new government administration.
To navigate challenges and overcome external pressures, SUTHA has undertaken structural adjustments within the organization, including strict cost-reduction measures, workforce development, skills enhancement programs, and initiatives aimed at strengthening employees’ decision-making capabilities. The Company has also implemented clear management actions to mitigate risks and reduce the severity of potential impacts. Investment decisions are prioritized in alignment with working capital conditions and cash-flow management.
Through these measures—combined with timely execution, operational efficiency, accurate and complete data-management systems, and strengthened collaboration across all functions, the Company aims to reinforce organizational capability. Support from key stakeholders, including shareholders, customers, and strategic partners, is expected to play a critical role in enabling SUTHA to overcome challenges and progress toward a path of sustainable growth.
Management remains focused on developing high-growth product segments and maintaining operational excellence through strict quality control and cost discipline. Strategic expansion of the Thai Marble LLC’s presence in the calcium carbonate market, together with the acquisition of new customers and penetration into new markets, will continue to serve as key drivers of business growth.
The Company also continues to pursue diversification and secure high-quality raw material sources to strengthen long-term supply stability and enhance product quality. Financial structure management will prioritize achieving targeted levels of free cash flow while reducing short-term debt obligations through effective working capital management. Additionally, organizational capability will be enhanced by eliminating structural redundancies and reinforcing performance accountability through clearly defined KPIs and continuous monitoring to achieve long-term objectives.
Operational Excellence and Competitive Capability
During the past year, SUTHA continued to strengthen its organizational foundation with a focus on long-term resilience, guided by our mission: “We contribute to a better world.” We remain committed to delivering value to our customers, shareholders, and stakeholders through strategic business development aligned with principles of sustainability.
Organizational enhancement efforts included the development of our people, continuous process improvement, team-building initiatives, and investments in technology and information systems to enhance data accuracy, connectivity, and internal communication. These initiatives support transparent disclosure and meaningful stakeholder engagement, fostering a culture that prioritizes long-term relationships and responsible operations in delivering high-quality products and services to our customers.
The year 2026 will continue to present significant challenges as the Company strives to reinforce its business strength and enhance competitiveness. Our key strategic objective remains the enhancement of customer satisfaction to support business growth and operational performance. A central priority across all processes is the safety and well-being of employees and stakeholders throughout the supply chain. The Company remains committed to maintaining its safety record and achieving zero-injury performance.
To support this direction, the Company has established the following strategic priorities:
(1) Sales Growth
(2) Raw Material Sourcing
(3) New Product Development
(4) Organizational Restructuring and Efficiency Enhancement
(5) Working Capital and Resource Optimization
Key undertakings (GRI: 2-22)
SUTHA remains committed to sustainability initiatives across three key areas: environment, society, economy, and governance (ESG). The board of directors, executives, and employees collaboratively design and implement activities that align with the Company's sustainability policies (ESG Policies)
Environment
In the realm of the environment, SUTHA is dedicated to fostering a positive ecological impact. The executive team and staff actively engage in environmental initiatives that adhere to critical environmental management policies, which include energy Management, energy Conservation, water Resource Management, waste Management, Biodiversity Management, greenhouse gas management. SUTHA ensures compliance with ISO 14001 environmental standards. This involves pollution control measures and the installation of systems that utilize air quality data for ongoing improvements in environmental management.
Social
SUTHA recognizes the critical role of human resources and workplace safety in its operations via implementing safe processes throughout its business chain with the objective of achieving zero accidents. To this end, it conducts safety training programs for employees at all levels, promoting ten essential rules for life protection. Additionally, SUTHA seeks to foster a collaborative network by encouraging the adoption of four key behaviors, with support from major stakeholders inviting employees to actively participate in various organizational activities by sharing their ideas and feedback, fostering a sense of ownership and commitment to responsible operations that meet defined outcomes.
SUTHA is committed to fair labor practices and upholding employee rights, ensuring adherence to labor laws and welfare standards. This includes ethical practices, prohibiting child and forced labor, and maintaining a safe and healthy work environment. The organization follows the international standard ISO 45001 to guarantee that its safety and occupational health systems meet strict safety criteria. SUTHA promotes non-discrimination and establishes a framework for equitable practices, allowing employees the right to organize collective bargaining. SUTHA also takes responsibility for its products and engages with customers, while actively participating in community and social initiatives. This includes collaboration with civil society and local organizations to support activities related to education, religion, culture, natural resource management, occupational health, safety, and improving the quality of life for disadvantaged groups, as well as addressing water management and sanitation issues to reduce social inequality.
Economic and governance
The corporate governance initiative serves as a catalyst for implementing and enhancing processes aligned with sustainability principles, risk management, and administration aimed at mitigating the effects of fluctuating demand and market competition. This includes advancing cost-saving initiatives to manage and lower production expenses, as well as identifying alternative customer segments to offset losses from decreased demand and the overall downturn in the industry. Nevertheless, the successful collaborative management of the business chain, which delivers value to essential stakeholders, is underscored by the recognition received through the "Sustainability Award." This accolade reinforces the company's dedication to adapting its business practices in line with sustainable growth objectives while fostering trust and confidence among stakeholders.
SUTHA underwent a significant transition in its executive leadership. The new leadership team was appointed through a nomination process supported by the Company’s major shareholders, bringing in highly experienced executives from international
affiliate groups with a proven track record of success in managing operations within the same industry. This leadership transition marked an important milestone in strengthening the Company’s strategic direction and enhancing its long-term competitiveness.
With a distinct strategic outlook, strengthened expertise, and steadfast commitment to principled corporate governance, the new leadership prioritizes rational decision-making, operational rigor, and teamwork. The approach centers on collaborative management to reinforce organizational capabilities and address industry challenges effectively.
SUTHA acknowledges that cooperation throughout all levels of the organization supported by ongoing trust and active engagement from key stakeholders including shareholders, customers, and business partners—is essential for managing external pressures, reducing negative impacts, and reversing performance declines. These internal strengths, in conjunction with stakeholder support, are anticipated to drive significant momentum and create avenues for sustainable business growth in the years ahead.