• The Company increased its registered capital to THB 150 million to invest on a new kiln, increasing quicklime production capacity by 54,750 tons/year.

• Increased its registered capital to THB 175 million for business expansion
- Invested on another kiln (increasing quicklime capacity by 54,750 tons/year)
- Used for land acquisition to expand raw material storage
• Obtained an investment privilege from Board of Investment of Thailand (BOI) in December 2007 for Calcium Oxide business
• The Company received ISO 9001:2008 certificate for its quality control system

• Increased its registered capital to THB 190 million for 50-Rai land acquisition to expand the Chongsarika factory
• The Company received Awarded Excellence of “Stone Mill & Mining” from the Pollution Control Department .

• The Company received Awarded Excellence of “Stone Mill & Mining” from the Pollution Control Department .

• Building another 2 kilns which start operation in Dec 2011 and Feb 2012 respectively
• Improve concrete area and local transportation around the plant
• Awarded Excellence of “Stone Mill & Mining” Award for 3 consecutive years (2008-2010) from the Pollution Control Department

• Increased its registered capital to THB 225 million in order to restructure company capital structure preparing to listing in Stock Exchange of Thailand (SET); the increased capital was used as working capital for capacity expansion
• Obtained an investment privilege form Board of Investment of Thailand (BOI) in April 2011 for Calcium Oxide and Calcium Hydroxide business
• Received ISO 14001:2004 certification for its environmental control system
• Received OHSAS 18001:2007 certificate for safety control and industrial hygiene

• Build the Calcium Oxide grinding plant and installation of additional crushing

• On 27 March, 2013, shareholders passed a resolution on public company conversion to prepare for listing in Stock Exchange of Thailand
• Certified 3rd level green system of the Green Factory Standard by the Ministry of Industry from 2013-2016

• On August 19, 2014, the Company applied for investment promotion from the Board of Investment Thailand (BOI). The investment was to increasing Calcium Oxide production capacity to 120,000 tons with 250 million baht investment. The project location was at Branch no. 3 Huai Pa Wai, Phra Phutthabat District, Saraburi. The Company planned to build 2 lime kilns with product capacity of 150 tons per day. They planned to build one kiln at a time. The project was expected to complete in 2017.
• On April 2 2014, the Stock Exchange of Thailand received shares from the Company as listed security in the Stock Exchange of Thailand with “SUTHA” as the stock symbol. The first day trade was on April 3, 2014.
• On March 31, 2014, the Company received paid-in capital and registered paid-in capital change with Ministry of Commerce. The company received paid-in capital of 300 million baht
• On March 26 – 28, 2014, the company offered 75 million common shares at 3.7 baht each to the public. The total price of all these shares was 277.5 million baht.

• The Company was given an award from worker skill development for business demand 2015 project from Department of Skill Development, Department of Employment.
• The Company was awarded with a dedicated security establishment award from Her Royal Highness Princess Maha Chakri Sirindhorn.
• The Company was invited to participate and promoted campaigns for worker skill development for business demand 2015 project in Suphanburi, Ang Thong, Saraburi, Lopburi, Phra Nakhon and Si Ayutthaya area. The campaigns were organized by Srinakharinwirot University and Department of Skill Development.
• The Company received Corporate Governance Report of Thai Listed Company. This was the first year the Company was surveyed after joining the Stock Exchange of Thailand in 2014. The Company has received overall good result. The survey was carried out by Thai Institute of Directors.
• The Company received Assessment of Sustainability Development Level of Listed Company result which is a part of Sustainability Development project for listed company. The assessment was carried out by Thaipat Institute sponsored by Securities and Exchange Commission Thailand (SET). This was the second time since the company has joined the Stock Exchange of Thailand. The company received level 3 “Established” on Anti-corruption progress indicator.
• For the first time, The Company’s annual general meeting 2015 was evaluated as a part of Annual General Meeting 2015 evaluation project initiated by Securities and Exchange Commission Thailand (SET), Thai Investors Association, and Thai Listed Companies Association. The company received “Excellent” result from Annual General Meeting 2015 evaluation.
• The Company developed new products from Barite, a mineral containing barium sulfate (BaSO4). The new products have undergone experiment and production testing before selling them on the market. The products were sold to oil industry first.
• The Company delivered machines and equipment as part of manufacturing machines and equipment sale project. After the delivery, customers will start an installation. Commissioning test will start as soon as the installation has completed. The Company will assist the customers throughout commissioning testing process.

• The Company launched the first machines and equipment sale project in Indonesia. The First project has started on production mode on November 2016.
• The Company received Halal certificate for Lime and Calcium Carbonate product sold under the trademark of RHINOCEROS certificate no. HL 70/2559 registration date: October 31, 2016.
• On October 10 – November 15, 2016, CE Lime (Thailand) Co., Ltd submitted tender offer. According to tender offer report on November 16, 2016, the number of shares has 7.13 Percentage of Total issued and Paid-up Shares at the time during the tender offer was made. As a result, CE Lime (Thailand) Co., Ltd owns 52.13 percent of company share after the tender offer was made.
• On September 29, 2016, company’s shareholder structure changed when CE Lime (Thailand) Co., Ltd purchased 45 percent of the Company shares. The purchase has affected company’s board of director and executive structure.
• The Company Registered the trademark no. 161104081 on September 13, 2016
• The Company received Thai Industrial Standard symbol for industrial lime; license no. 1240-7/319 issued on July 4, 2016 under the trademark of RHINOCEROS BRAND and MOUNTAIN BRAND.
• The Company received the investment promotion of Calcium Hydroxide products; promotion certificate no. 59-0430-100-1-0; production capacity at 116,800 tons.
• There are some changes to major shareholder structures and executive structure from Mr. Kiatikul Monsereenusorn family, the founder of the company. The new major shareholders are a Carmeuse affiliated corporation which is the world's leading lime supplier and GP Group affiliated corporation.

• The Company has successfully registered a subsidiary named Golden Lime Engineering Company Limited on 15 March 2017 and has the shareholding of 99.99%. The business is mainly focused on engineering consulting services and engineering design, including the production and distribution of machinery and equipment under the trademark EOD? Lime Kiln.
• Received the certificate of the Registration of the trademark no. 171102641 on 2 October 2017 for the trading of products and services of the lime kiln machinery for the general chemical industry, under the company name Golden Lime Engineering Company Limited, a subsidiary company.
• Received the certificate of the Registration of the trademark no. Bo71433 on 26 July 2017 for the trading product and services of Program development and designed for the control system of Limekiln machinery for the general chemical industry, under company the name Golden Lime Engineering Company Limited, a subsidiary company.
• The Board of Directors appointed Mr. Geza Emil Perlaki as the new Managing Director.
• Relocation of the head office of the Company to No. 89 Cosmo Office Park, 6th Floor, Unit H, Popular Road, Banmai Sub-district, Pakkret District, Nonthaburi Province 11120, the system of the value-added tax effective on 1 December 2017.

• On 19 March 2018, the Company has successfully closed the acquisition of entire equity interest in Saraburi Quicklime Co., Ltd. (“SQL”) comprising 48,500 fully paid ordinary shares from all existing shareholders who are not related person to the Company for total consideration of THB 320 million.
• On 20 April 2018, the Division of the Industrial factory to approve the factory permit at Huai Pa Wai to was running the factory operation with Kiln 7 (EOD? Lime Kiln) complete the test commissioning and running on the production.
• On 15 May 2018, the Board of Directors approve the organization chart that integrated between Golden Lime Public Company Limited and Subsidiary (Saraburi Quicklime Co., Ltd.) and approved appointment the Executive to administration according to the integration planning.
• On 5 October 2018, the Company was awarded the Innovation Organization Award from the National Innovation Agency (Public Organization) and the Stock Exchange of Thailand. According to the innovative program for entrepreneurs in the Stock Exchange of Thailand.

• On 14 May 2019, the Board of Directors Meeting no.3/2019 has approved the Company to sign on the Memorandum of Understanding (“MOU”) with the Contractor who offered the best commercial proposal on the Solar Farm Project with a 2 MW capacity at branch 2 Chongsarika Plant to produce the electricity supply for the production process. The said project has received the BOI promotion refer to the Notice of Resolution no.1305/004859 as of 25 July 2019, the BOI certificated reference number 62-1008-1-04-1-0 issue on 12 September 2019. And the Factory permit (RN-4) approved by the Department of Industrial Works(“DIW”) for the Solar Farm project to generate electricity power located on land deed no.1285 at Moo.12, Chang Sarika, Pattananikom, Lopburi, the certificate issued date on 30 January 2020.

• On 14 May 2019, the Board of Directors Meeting no.3/2019 has a resolution to propose the Extraordinary General Meeting of Shareholders which was held on 14 August 2019 and the said shareholder meeting approved the restructuring plan of the company group by transferring the Entire Business of Saraburi Quicklime Co., Ltd. (“SQL”) to Golden Lime Public Company Limited (“GL”). In this regard, GL holds 99.99 percent of SQL’s ordinary share. For this transaction, GL appointed the Legal & Tax Advisor from KPMG Phoomchai Tax Ltd. for undertaking this matter until its completion.
• On 1 October 2019, GL registered its branch No. 4 which is same address of SQL for preparing the acquisition of entire business transfer of SQL.
• On 1 December 2019, SQL has transferred its Entire Business to GL and also, transferred the factory license including all operating permits and ownership of land and buildings, other assets such as cash, bank deposits, trade accounts receivable and all other current assets as well as the outstanding debt burden with trade and financial institution creditors to GL, the transferee.
• On 17 December 2019 after the Entire Business Transfer, SQL registered the dissolution with the Department of Business Development and enter into the liquidation process and will return the remaining capital to GL, its shareholder, after the tax audit on dissolution and entire business transfer by the Revenue Department is completed.

• On 21 December 2020, the Company received promotional privileges from the Board of Investment for the capacity expansion of the manufacture of Calcium Oxide by using the electricity from the solar farm with a 1.0 MW capacity at Prabuddhabaht plant.
• On 13 May 2020, the Company entered to the acquisition transaction of Thai Marble Corporation Limited (“TMC”) which operates the production and distribution of marble products and by-products from marble production including owned concessions limestone and marble quarries as well as sublease a quarry to others. The acquisition transaction was of 3,305,126 paid-up ordinary shares of TMC, the Company proceeded the payment to the seller - the Ministry of Finance and CPB Equity Co., Ltd. who are the previous shareholders and not be as the connected persons with the Company total amount of 605 million Baht.
• The operation of Branch 1 (Na Pralarn) was stopped and received a permit to temporarily stop the operation according to the factory license no. 10190200225354 since 3 August 2020. The relocation of machines was managed under the Network Rationalization project to minimize the operation cost, raw material transportation cost and others in the long term. However, this project will not affect production capacity and customer demand.
• The operation of Branch 1 (Na Pralarn) was stopped and received a permit to temporarily stop the operation according to the factory license no. 10190200225354 since 3 August 2020. The relocation of machines was managed under the Network Rationalization project to minimize the operation cost, raw material transportation cost and others in the long term. However, this project will not affect production capacity and customer demand.
• On 19 June 2020, the Company received the permit approval of the solar farm project total capacity 1,999.80 KW to generate the electricity used in the production process located on the land deed no. 1285 according to the Factory Permit no. 40160036125635 (Ror Ngor.4) registered no.02-8/2563 dated 19 February 2020 issued by the Ministry of Industry.
• On 26 June 2020, the Company received the License of Electricity Generation no.KorKorPor 01-1(1)63-946
• On 17 June 2020, the Company received the License of Energy Control no.KorKorPor.(PorKor.2)-262/2563 from Department of Alternative Energy Development and Efficiency
• On 21 August 2020, the Company received the permit approval from PEA to connect the generator from Solar farm with PEA’s electricity system
• On 14 August 2020, the Company entered the medium-size connected transaction of CAVA Project to purchase machines and equipment with the licensed technology. This CAVA technology will enable the Company to produce a new premium grade lime product selling to new customers to be more competitive and to increase the market share.

• On 11 August 2021, the Company entered into the medium-size connected transaction for Engineering, Procurement and Construction in order to increase 0.5 MW generation capacity to Solar Farm at Chong sarika. This project investment was granted investment promotion from the Board of Investment as per BOI certificate no.62-1008-1-01-1-0 dated 12 September 2019 to increase solar farm capacity from 2.0 MW to 2.5 MW.
• On 17 August 2021, the Company achieved the certificate from the Department of Labor Protection and Welfare for the application to the Good Labor Practice (GLP) into the Company’s business management and administration practices.
• On 29 September 2021, the Office of the Board of Investment approved to GL in adding more product types without additional investment to BOI Promotion Certificate No. 64-0133-1-04-1-0 dated February 8, 2021 for both products; calcium oxide (Calcium Oxide) and Calcium Magnesium Oxide (Calcium Magnesium Oxide), including their production capacity at 151,500 tons. In this regard, the application of tax privileges for added calcium oxide and calcium magnesium oxide products started from 26 August 2021.

• On 13 December 2022 , Golden Lime Public Company Limited or SUTHA received the “ Excellence “ Award in Environment, Social and Governance of ESG Supplier Award 2022 presented by the customer, namely POSCO THINOX.
• On 21 November 2022, Golden Lime Public Company Limited or SUTHA received the 2022 ‘Outstanding’ award for the sustainability model organization in the Thai capital market, for supporting disabled people, from the Securities and Exchange Commission in collaboration with the Department of Skill Development, Department of Employment, Department of Empowerment and Development of the Life of Persons with Disabilities - Ministry of labor, Thai Listed Companies Association and the Association of Disabled Persons Council of Thailand.
• On November 10, 2022 Golden Lime Public Company Limited or SUTHA received "2022 Environmental Governance " organized by the Lopburi Provincial Industrial Office as a reward for enterprises that developed efficient environmental management and monitored the impact of pollution toward the nearby communities and stakeholders in order to promote environmental governance and maintain industrial networking.
• On 10 November 2022, the Board of Directors Meeting No. 5/2022 resolved to approve the Extraordinary General Meeting of Shareholders (EGM 1/2023) on January 6, 2023 and 28 December 2022 announce the final allocation ratio and number of offered shares for the Rights Offering to propose for approval of the increase in the registered capital of the company including the amendment of the Clause 4. ; the Company's Memorandum of Association (regarding registered capital) to be in line with the increase of registered capital from the registered capital of 300,000,000 baht amended to 375,000,000 baht by issuing ordinary shares in the amount of not more than 75,000,000 shares at a par value of 1 baht per share, totaling increased registered capital of 75,000,000 baht.
• On 10 November 2022, the Board of Directors' Meeting No. 5/2022 resolved to approve the Company to enter into the Asset Acquisition Transaction consisting of adding 1 MW capacity of Solar Farm and purchasing 1 plot of land of 5 rai. There is a connected transaction for the engineering, procurement and construction service contract of the solar farm adding 1 MW capacity at Chong Sarika branch (Phase 3), which is considered as a medium-sized transaction as reported to the SET on November 11, 2022.
• On 18 August 2022, The corporate structure was changed as a result of the completion of liquidation of Saraburi Quicklime Co., Ltd., a subsidiary company, which registered its liquidation with the Department of Business Development, Ministry of Commerce with the completion of capital repayment. (Lands and plants, the core assets of Saraburi Quick Lime Co., Ltd. were transferred to Phra Phutthabath branch since October 2019 and to be operated under the management of Golden Lime Public Company Limited).

• On December 26th 2023, SUTHA successfully registered GHG emission reduction program, developed by Thailand Greenhouse Gas Management Organization (TGO) namely Thailand Voluntary Emission Reduction Program (Standard T-VER) with its GHG emission/result in carbon sequestration at 1,543 tCO2eq per year of the period registered January 1st 2023 - December 31st 2029 (SUTHA carbon offset is irrelevant to this registered project due to decreased scope 2 emission from the decrease of purchasing electricity. The Carbon credit gained from this project is tradeable via registering for annual carbon credit trading for other firms to purchase carbon credits for compensation for their future greenhouse gas emissions.)
• In November 2023, Golden Lime PLC received “A” certification from “SET ESG Rating” , the former Sustainable Stocks Project (THSI), according to the company's sustainability development performance.
• In November 2023, Golden Lime PLC received “Excellent” for the 4th consecutive year (Y2020-2023) from the Corporate Governance Report of Thai Listed Companies 2023 (CGR)
• On September 20, 2023, the successful purchase of 5 rai land for the solar farm expansion project connected with the company's existing land of 5 rai, totaling 10 rai land for solar farm expansion
• March 2023, evaluated and ranked for an "excellent" level for the second year in a row.
• In December 2023, Golden Lime Public Company Limited, based on 2023 performance, received a “GOLD” certificate from Ecovadis.
• On February 15, 2023, the change in paid-up capital from the right offering was successfully registered with the Department of Business Development, Ministry of Commerce, issuing 75,000,000 newly issued common shares for 4 baht per share, at an offering ratio of 4 existing common shares to 1 new common share. The subscription period and payment of subscription fees for newly issued ordinary shares started from February 6, 2023, to February 10, 2023 (total 5 business days) and at the end of the subscription period, the total number of shares subscribed and paid for is 62,393,057 shares, resulting in the company’s paid-up capital of 362,393,057 THB with a par value of 1 baht to 362,393,057 common shares.
• January 6, 2023, The Extraordinary General Meeting of Shareholders approved the increase of the company's registered capital from the original registered capital of 300,000,000 baht to a new registered capital of 375,000,000 baht by issuing 75,000,000 additional common shares with a par value of 1 baht per share, totaling 75,000,000 baht. The change in the company's registered capital was registered and the Company's Memorandum of Association, Section 4, was amended on January 12, 2023 according to the above details at the Department of Business Development, Ministry of Commerce.

Major reorganization of the company.

• Addition in engineering and project department
The budget expenditure management for Golden Lime Engineering Co., Ltd. (GLE), which primarily manages the company's projects and those of its subsidiaries, is undergoing optimization. To better align income and expenses with the risk management plan and improve budget efficiency, the organizational structure has been updated. This includes establishing new engineering and project units and reallocating engineers and related personnel from GLE to lead these divisions. The new structure will report directly to the Deputy Managing Director of Operations and will concentrate on investment projects, process enhancements, and various engineering elements of major investment initiatives, starting September 1, 2024.;

• The change of command in the Human Resources Department.
Following the recruitment of personnel to support the key succession plan and oversee the Human resources development planning resulting in the recruitment of new personnel to hold the position of Senior Executive of Human Resources, the direct reporting structure to the Managing Director and Senior Manager of Human Resources who will retire in 2025 has been changed. The original Human Resources line of command that reported directly to the Deputy Managing Director has been changed to report directly to the Senior Executive of Human Resources, effective from October 1, 2024.

• Transition of the top position in accounting and finance.
The Senior Manager of Accounting and Finance previously held the highest level of responsibility within the Accounting and Finance department. This structure has been revised, with the position now reporting directly to the Senior Executive of Accounting and Finance, who has been elevated from the role of Manager of Financial Analysis and Control. This change will take effect on October 1, 2024, as part of a strategy to align with the succession plan for key roles, which has been developed in response to the personnel retirement plan.

The development of business characteristics :

Economic and governance

1. Diversity and Supply security : Focus on establishing a diverse and stable supply of raw materials, boosting sales, and generating operating profits to enhance net profits.

•SUTHA and its affiliated companies are on track to secure a reliable resource supply for their production processes. They have received authorization to extract limestone from the Khao Khao mining concession in Saraburi Province, which will serve as a key raw material for SUTHA's kiln operations. This concession is held by Thai Marble Company Limited, a subsidiary acquired by SUTHA through a share purchase from the original owners in 2020. The concession, which expired in October 2023, can be renewed for an additional 20 years, starting from that date. This renewal is crucial for enhancing economic stability, enabling SUTHA to pursue long-term growth and tackle challenges while fostering its sustainability development for the business and its stakeholders.

• SUTHA is committed to sourcing fuel for its production from dependable suppliers, ensuring that the raw materials possess high heating efficiency. The procurement strategy is designed to meet storage requirements and align with demand levels, allowing for adequate inventory management.

• The introduction of new products aims to mitigate revenue impacts and stabilize sales. However, challenges remain due to intense competition, pricing strategies, and the need for consistent product quality across industrial sectors. Additionally, the steel industry has seen a decline in demand, partly due to competition from cheaper imported substitutes from China. Continuous development is essential to recover and enhance sales within the steel sector, aiming for growth and improved market performance.

2.Industry Leadership: Strive to become a frontrunner in the production and distribution of lime, calcium carbonate powder, and marble products by ensuring responsible delivery of products and services.

• Investment in increasing production capacity: In light of the anticipated demand for lime products in 2024, which does not align with current production capabilities, the project to expand lime production capacity and the plan to build the 8th lime kiln have been put on hold. This decision allows for a thorough evaluation of the overall market conditions, shifts in market demand from initial projections, and exploration of alternative options, such as acquiring lime kiln assets from other manufacturers. A comprehensive feasibility study will assess investment viability and environmental considerations, indicating that no actions will be taken this year.

• Investment in increasing production capacity of calcium carbonate powder: To achieve leadership in the calcium carbonate powder market, Marble Co., Ltd., a subsidiary, is launching an initiative focused on GCC products.

• In 2024, the Executive Board and Board of Directors approved a project to enhance the production capacity of calcium carbonate (GCC Project). This initiative aims to double the current capacity from 60,000 tons to 120,000 tons by investing in new machinery and processes. The project is expected to be operational by 2025. It will involve careful oversight of the design, machinery procurement, and budget management, with a total investment of around 48 million baht. The Engineering and Project Department of GLE will handle the process design, source machinery from manufacturers, and oversee the installation of major equipment, including imports from abroad.

Innovation and technology : Develop processes and products that leverage technology and innovation to unlock business growth opportunities through new product development.

• Product development for the lightweight brick sector Customizing the Two Vertical Shaft Kiln 150TPD lime kiln for lime production tailored to the lightweight brick sector. The high-performance mill lime initiative is a key project that incorporates advanced production technology, with the company securing machinery and equipment from the Carmeuse Group, an indirect stakeholder, under a confidentiality agreement regarding know-how and copyright. This initiative aims to enhance the production process, ensuring the lime produced meets the specific requirements of the lightweight brick industry. It marks the first instance of utilizing production technology and innovation in Thailand's production processes.

The innovation and design engineering of the EOD Lime Kiln involves the development of the Parallel Flow Regenerative (PFR) Technology EODTM lime kiln system, which has a production capacity of 150 TPD. This initiative focuses on optimizing resource and energy management for maximum efficiency. By enhancing the capabilities of the Parallel Flow Regenerative (PFR) Technology, which features a vertical lime kiln with two chimneys, the design incorporates a heating system that segments the combustion process into three distinct phases:

(A) Preheating Zone for lime before the kiln process
(B) Burning Zone for the active combustion phase
(C) Cooling Zone to dissipate heat from the burned lime before offloading.

PFR technology operates on the principle of recycling excess heat from unused combustion gases (Waste Gas) emitted from the combustion chimney. This heat is redirected back into the chimney designated for combustion in the Preheating Zone, maximizing energy efficiency and heat utilization. The design and engineering of this system align with the objectives of advancing technology and creating innovative products that enhance resource utilization. Under the Purchase Agreement Kiln contract for the Kurnia 2 project, Golden Lime Engineering Co., Ltd. (a subsidiary) has successfully delivered all machinery and equipment as per the contract. The customer is nearing the completion of installation after a suspension of over two years. Currently, the Kurnia 2 project is 90% complete in terms of machinery and equipment installation, with only 10% remaining for the commissioning phase. This project represents a significant advancement in Thai lime kiln technology and innovation, marking the fourth EOD Lime Kiln brand. It is anticipated that the project will be fully operational and ready for production by the second quarter of 2025.

In 2024, a new production process for hydrated products was initiated to align with customer requirements, involving a 5.5 million-baht investment in the Replace Hydrated Lime Classifier project. This initiative aims to refine the production process to achieve the desired size and fineness specifications set by customers.

Recognizing the critical need for investment to meet customer-centric objectives, the primary machinery investment project will involve the installation of a Classifier to produce finer hydrated lime. This project is expected to be completed within 120 days, managed by the Engineering and Project Department of GLE, and is scheduled for completion in 2024.

Additionally, in 2024, advancements were made in the lime production process for the lightweight brick sector. An investment of 5.5 million baht was allocated to customize the production process for delivery-grade lime specifically for this industry. SUTHA has worked on enhancing the quality of Mill Lime AAC grade lime to fulfill the needs of lightweight brick manufacturers. This project, which aims to better meet industry demand, will be executed over a 90-day period, with oversight on design, machinery procurement, and installation handled by the engineering team of GLE.

Sustainable growth : Ensure sustained business expansion to achieve long-term profitability and generate returns for stakeholders.

In 2024, the long-term growth and profit objectives have yet to reflect positive economic growth trends. Financial indicators suggest that due to intense competition in the market, along with shifts in customer demand and pricing pressures, achieving the goal of increasing revenue may fall short of expectations. Nevertheless, SUTHA remains capable of adapting to various challenges and mitigating impacts through effective risk management and ongoing developments. This resilience helps maintain competitiveness, a stable revenue base, and an improving profit margin driven by efficient cost management and fuel sourcing.

Sustainability development SUTHA adheres to its sustainability development framework to align systems and business processes with sustainability development, utilizing standardized practices recognized by stakeholders. This commitment is reflected in the "ESG Rating," where the assessment for 2024 improved to "AA," up from "A" the previous year.

Good Corporate Governance : Establish and implement effective corporate governance across all managed entities, ensuring a robust internal control system and risk management processes capable of addressing all risks, to promote sustainability development business practices.

According to the evaluation results from the CGR Score project in 2024, SUTHA achieved top scores for the fifth consecutive year, reflecting a strong commitment to enhancing every operational aspect. This commitment to good corporate governance is demonstrated through transparent management, ethical business practices, and dedicated leadership.

1. Safety and Health : Engage in business while prioritizing safety, occupational health, and a suitable environment for employees, customers, partners, communities, and stakeholders.
SUTHA successfully reached its objective of minimizing accidents within the safety management sector for its employees to zero. Nevertheless, incidents that resulted in work stoppages occurred among the company's contractors. However, cultivating safety awareness behaviors in employees is achieved the goal in 2024.

2. Equal employment : Promote equal employment opportunities, employment of local personnel, equality under human rights principles.

3. Education and skill development: Promote educational opportunities and skills development to enhance potential of personnel as a human resources development plan

4. Stakeholders engagement: Fostering collaboration and engagement with stakeholders as a sustainability development across organizations, businesses, and society. The so called “the Behaviors in the SPOTLIGHT” comprised of Honesty feedback, Collaboration, Ownership and Passion aims to facilitate various activities through open dialogue, active participation, and a collective sense of ownership. This approach encourages overcoming challenges and embracing accountability in work responsibilities. By harnessing Passion and leveraging knowledge, skills, experience, and expertise, individuals can enhance their contributions within their roles, ensuring that the organization delivers value to customers and stakeholders while maintaining a commitment to social and environmental responsibility.

1. Environmental Management : Oversee procedures aimed at minimizing environmental effects, which includes implementing strategies to address climate change and its associated risks. Focus on waste management by decreasing the volume of scrap and materials sent to landfills, as well as reducing process waste to the lowest possible level.

2.Biodiversity Management : Manage biodiversity and the impact of business processes on ecosystem services, promote conservation and restoration of nature.

3. Environment Conservation : Encourage and facilitate environmental conservation initiatives while promoting the use of the Company's products to minimize environmental impacts, support the circular economy, and optimize resource management for maximum advantage.

In 2024, motivated by a commitment to corporate governance, the focus will be on aligning operations and processes with sustainability principles. This includes managing risks to mitigate the effects of fluctuating demand and market competition, as well as implementing Cost-saving projects to lower production expenses. Additionally, efforts will be made to identify new customer segments to compensate for lost volumes and address challenges posed by a declining demand by industry.

The success of collaborative supply chain management will be highlighted by the value delivered to key stakeholders, culminating in the receipt of the "Sustainability Award." This recognition underscores our dedication to adapting business practices in line with sustainability development while fostering trust and confidence among stakeholders.