In 2024, the International Monetary Fund (IMF) projected global economic growth to stabilize at 3.2%, with inflation expected to decline to 3.5% by year-end. Thailand’s GDP grew by 2.5%, driven by strong exports and increased government spending. Adapting to these conditions, KARMART proactively pursued strategic initiatives, forging key partnerships, expanding into international markets, and investing in innovation to strengthen its market position and drive sustainable growth.

The Company continuously reinforces its market presence through strategic expansion and operational enhancements. Actively seeking investment opportunities, the Company remains focused on identifying strategic partners in Thailand and abroad to strengthen commercial capabilities. International market expansion also gained traction with new brand introductions in key Asian markets, further solidifying KARMART’s regional footprint. Sustainability and innovation remain at the forefront, with the planned installation of a solar roof at the Rayong factory, EV truck trials for domestic distribution, and a comprehensive brand revamp aimed at positioning KARMART as a globally recognized beauty brand.

KARMART delivered a strong financial performance in the past year, driven by leverages of market opportunities, strategic investments, and disciplined financial management. Total revenue reached THB 3,204 million, a 31.33% increase from the previous year, supported by sustained growth in the beauty and cosmetics segments, which remained the Company’s core revenue drivers. Net profit stood at THB 678 million, reflecting a 2.57% YoY increase after taking into account unrealized losses on change in fair value of investments in equity instruments totaling approximately THB 78 million, which if added up to the current net profit would aggregate THB 756 million, presenting a proportional 31.13% YoY growth in net profit, as the Company balanced growth initiatives with operational efficiency.

The Return-on-Equity (ROE) clocked 20.33%, reinforcing the Company’s ability to generate shareholder value, while the Return-on-Assets (ROA) recorded at 15.11%, highlighting efficient asset utilization. Retained earnings remained strong, while revenue diversification—including investment gains and rental income—further strengthened financial stability. Despite rising expenses due to market dynamics, KARMART remained focused on executing its long-term strategy, ensuring profitability while expanding in domestic and international markets.

Looking ahead to 2025 and beyond, KARMART remains committed to sustained growth through expansion and innovation. The Company shall continue to strengthen its international presence, introducing more brands in key Asian markets while actively exploring opportunities beyond Asia, thereby enhancing its positioning as a globally recognized beauty brand. Digital transformation remains a key focus to support this growth, with advancements in internal systems and HR capabilities targeted to optimize operational efficiency.

On behalf of the Board of Directors, we extend our sincere appreciation to our shareholders, partners, employees, and all stakeholders for their unwavering support and trust in KARMART. Your votes of confidence has been instrumental in driving the Company’s success through an ever-changing business landscape. At the core of our next phase of growth journey, we reaffirm our commitment to you, ensuring that every strategic move aligns with long-term value creation, market leadership, and sustainable success. With a clear vision and strategic direction, we will remain steadfast in our goal to become a leading branded beauty provider on a global scale, delivering value, innovation and excellence to consumers worldwide.