MD & A

The company operates a business related to the production of aluminum and zinc die-cast parts according to customer requirements, primarily using molds for production in various industrial sectors, such as the automotive industry, electrical appliance industry, and agricultural machinery parts industry.

In 2025, the company's overall performance slightly decreased from 2024. This was due to a decrease in domestic sales value resulting from the sluggish domestic economy. However, in 2025, the company expanded its exports to the United States, increasing by 7 percent of total sales. The company improved its production processes by enhancing production efficiency and machine utilization, which resulted in reduced production costs. Overall, even though the total sales value decreased, the company maintained a better profitability ratio than in 2024.

Operating results and profitability

2025

• The company had a net profit of 62.88 million baht, representing 8.55% of total revenue, a decrease of 5.91 or 8.58%. Meanwhile, total revenue was 735.62 million baht, a decrease of 93.73 million baht or 11.3% from 2024. The main factor was a decrease in sales due to the sluggish domestic economy. However, the company was able to increase export sales to the United States by 7% of total sales, while production costs decreased due to increased efficiency in machine utilization and internal cost reduction.
• The company's gross profit margin was 22.52% of total revenue, an increase from 2024, when the gross profit margin was 20.76% of total revenue.
• The company's operating profit margin was 10.25% of total revenue.

2024

• The company had a net profit of 68.79 million baht, representing 8.29% of total revenue. This year, the company's total revenue was 829.35 million baht, an increase of 59.78 million baht or 7.78% from 2023, due to an increase in order volume from existing and new customers who are confident in the quality and price of the products.
• The company's gross profit margin was 20.76% of total revenue (or 19.49% of sales revenue), an increase from 2023, when the gross profit margin was 19.32% of total revenue.
• The company's operating profit margin was 11.32% of total revenue.

2023

• The company had a net profit of 54.61 million baht, representing 7.10% of total revenue, and total revenue was 769.56 million baht, an increase of 51.91 million baht or 7.23% from 2022.
• The company's gross profit margin was 19.32% of total revenue, an increase from 2022, when the gross profit margin was 14.42% of total revenue.
• The company's operating profit margin was 7.99% of total revenue.

Asset management capability

The Company's total assets at year-end 2025, 2024, and 2023 were 650.25 million baht, 547.14 million baht, and 541.99 million baht, respectively.

In 2025, the Company had total assets of 650.25 million baht, an increase of 103.11 million baht or 18.84 percent from 2024, primarily due to an increase in land and improvements by 35 million baht and an increase in machinery purchases by 61 million baht in 2025. Total assets comprised current assets of 313.64 million baht, representing 48.23 percent of total assets, and non-current assets of 336.61 million baht, representing 51.77 percent of total assets.

In 2024, the Company had total assets of 547.14 million baht, an increase of 5.15 million baht or 0.95 percent from 2023. Total assets comprised current assets of 283.39 million baht, representing 51.80 percent of total assets, and non-current assets of 263.75 million baht, representing 48.20 percent of total assets.

In 2023, the Company had total assets of 541.99 million baht, an increase of 28.32 million baht or 5.51 percent from 2022, primarily due to an increase in land, buildings, and equipment by 35.35 million baht resulting from increased machinery orders to meet growing customer demand. Total assets comprised current assets of 279.33 million baht, representing 51.54 percent of total assets, and non-current assets of 262.66 million baht, representing 48.46 percent of total assets.

• The return on assets (ROA) in 2025 was 10.50 percent, a decrease from 2024 due to increased investment in land, buildings, and equipment. In 2024 and 2023, the ROA was 12.63 percent and 10.35 percent, respectively.
• The asset turnover ratio in 2025 was 1.23 times, a decrease from 2024 due to a reduction in sales revenue. In 2024 and 2023, the ratios were 1.52 times and 1.46 times, respectively.
• Net trade receivables and accrued income in 2025 amounted to 115.89 million baht, a decrease from 2024 due to a reduction in sales revenue. In 2024, the balance was 131.18 million baht, and in 2023, it was 121.40 million baht.
• The trade receivables turnover ratio in 2025 was 5.85 times, a decrease compared to 2024 due to reduced sales revenue. In 2024, it was 6.46 times, an improvement compared to 2023, where it was 6.23 times.
• The average collection period in 2025 was 62 days, an increase from 2024, where it was 56 days. This is an improvement compared to 2023, where it was 59 days.
• Inventory in 2025 amounted to 94.40 million baht, a decrease of 11.40 million baht from 2024, due to reduced sales revenue and stricter control over inventory storage and shelf life. In 2024, it was 105.80 million baht, an increase from 2023, which was 92.91 million baht.
• The inventory turnover ratio in 2025 was 5.69 times, in 2024 it was 6.61 times, and in 2023 it was 7.57 times.
• The average inventory holding period in 2025 was 64 days, in 2024 it was 55 days, and in 2023 it was 48 days. Due to increased production volume and higher orders at the beginning of 2026, inventory must be stocked to accommodate this.

Liquidity and capital adequacy

In 2025, the Company had cash flow from operations of 131.23 million Baht, an increase of 42.67 million Baht from 2024 and an increase of 40.79 million Baht from 2023. This was due to net profit, inventory management, and accrued income. Cash flow from investing activities amounted to 52.73 million Baht, resulting from the purchase of machinery to support increased orders. Cash flow from financing activities amounted to (22.72) million Baht, due to the repayment of short-term and long-term loans, including lease-purchase debt payments, and dividend payments to shareholders of (15.83) million Baht. Meanwhile, in 2025, long-term borrowings from financial institutions increased by 50 million Baht, primarily for land and buildings, and investment in machinery and energy-saving solar panels.

• The debt-to-equity ratio in 2025 was 0.81 times, an increase from 2024, due to an increase in long-term borrowings for investment. In contrast, the ratio was 0.75 times in 2024 and 1.11 times in 2023.
• The liquidity ratio in 2025 was 1.91 times, an increase from 2024, due to a decrease in short-term loan obligations by 21 million Baht. The ratio was 1.64 times in 2024 and 1.26 times in 2023.
• The debt service coverage ratio in 2025 was 3.14 times, a decrease from 2024, due to a decrease in earnings before interest and depreciation, coupled with an increase in debt obligations due within one year. The ratio was 6.18 times in 2024 and 3.87 times in 2023.
• The interest coverage ratio in 2025 was 20.81 times, 26.53 times in 2024, and 12.30 times in 2023.