Dr. Thanong Bidaya
Chairman of the Board of Directors
Although Thailand has overcome the challenges of the critical period of the COVID-19 pandemic, the country’s economic and social situation remains continually affected by the severity of the pandemic, and the country has been further affected by the impacts of the Ukraine-Russia war on the global supply chain. In 2022, TTW stood by employees, customers, trade partners, shareholders, and stakeholders by sufficiently and consistently distributing quality tap water to water users in every sector as part of our promotion and support for the business, industrial, and tourism sectors, including small and medium enterprises (SMEs) to continue moving forward while retaining the ability to compete, generate income and return to economic growth. The Company’s strong performance is reflected by the following indicators received by the Company from various relevant organizations:
In terms of corporate governance, TTW was evaluated at the level of excellence in the Corporate Governance Report of Thai Listed Companies 2022 by the Thai Institute of Directors with a full score of 100 points (5 coins) on the AGM Checklist 2022 by the Thai Investors Association. Internationally, we were assessed for corporate governance at the ASEAN Asset Class level by the ASEAN Corporate Governance Scorecard (ACGS) and we aim towards another level of corporate governance.
In terms of finance, based on the Company’s strong financial position and ability to generate good cash flow, the Company has been assigned a TRIS rating of “AA-” with a “Stable” outlook for the 15th consecutive year by Thai Rating and Information Services Co., Ltd. In addition, the Company retains some cash reserves to reduce the risk of emergency situations or loss of liquidity by repaying principal sums in loan agreements and redeeming mature debentures while reducing unnecessary expenses. This enabled us to manage financial costs more effectively. In addition, profit shares from investments in affiliates with outstanding performance has helped support the Company’s bottom line performance to grow against a backdrop of crises for another year.
In terms of sustainability, TTW is listed on the SETTHSI and is one of 170 listed companies selected to be on the Thailand Sustainability Investment of 2022 by the Stock Exchange of Thailand (for the 7th consecutive year). In addition, the Company received the Sustainability Disclosure Award 2022 from the Thaipat Institute for the 4th consecutive year, reflecting the role of our performance in sustainable development in every dimension including the environmental, social, and governance (ESG) aspects.
The Company assessed its greenhouse gas emissions (GHG) from indirect business operations (Scope 2) caused by outside electricity consumption in water production and distribution processes. For 2022-2025, our goal is to reduce greenhouse gas emissions and electricity consumption by no less than 0.03 percent and 1 percent, respectively, in addition to using electricity from clean energy sources such as solar rooftops in support of Thailand’s goals and international goals to fully solve the problems of climate change by all means and move towards clean energy by achieving net-zero carbon dioxide emissions and carbon neutrality by 2050 and 2065, respectively.
In 2023, Thailand will continue to face challenges from economic turmoil, prolonged war, and higher costs of living, including fierce technological competition in the business world where nothing stays the same. As the country’s major private producer of tap water, TTW is confident in our capacity and readiness for business operations with the aim of supporting every sector in line with the Company’s mission of “growing on a firm, continuous and sustainable basis in order to accomplish our vision through the balance of interests among customers, employees, business partners, shareholders, communities, and environments.” I am confident that there is no problem we cannot overcome, as long as we all cooperate and move forward together. I also believe that it will not be long before we envision Thailand’s secure progress again.
On behalf of the Board of Directors, Executives, and Employees of TTW Public Company Limited, I would like to thank our shareholders, business partners, affiliates, communities, and supporters in all sectors for their constant trust and belief in the performance of TTW. In closing, I wish everyone would overcome every crisis and Thailand would move forward again in the future with smiles and better living conditions—that is my dream for all of us once these crises are over.