Globally, the IMF had forecasted a 3% worldwide growth in 2023, with a potential slowdown to 2.9% in 2024; Locally, Thailand's growth course was in tune with the global situation and projected to decelerate by 0.1% on a Year- on-Year (YoY) basis to 2.5% in 2023. The downward revision was strongly attributed to a weak performance in the third quarter, associated with significant decline in stock accumulation and contraction in exports. Furthermore, the national election emerged as a significant factor impacting the Thai economy, introducing an additional layer of complexity to our operational landscape.

In 2023, we successfully seized strategic opportunities, issuing additional shares for a private placement to expand our horizons on a global scale. Our partnership with Well Siam Co., Ltd., which is 100% owned and managed by an outstanding Japanese entity, Marubeni Corporation, marked a significant milestone in the development of the Company. This alliance will greatly strengthen our brand and product presence on the global stage through its extensive network and established global footprint, in addition to the capital it brought to the table for ever-more aggressive expansion plans.

Amidst flourishing sales opportunities and vigilant expense management, the Company realized a total Operating Revenue of THB 2,455.49 million during the past fiscal year, marking an impressive 30.95% increase from 2022. Net Profit reached 27.57% or THB 660.96 million, showcasing a noteworthy YoY growth of 102.13%. Building upon the impressive financial performance of the past fiscal year, in 2023, the Company continues to demonstrate robust growth and profitability. Specifically, the profit breakdown reveals a substantial contribution from the beauty and cosmetic business, amounting to 2,397.52 THB, representing 30.34% growth from the previous year. Additionally, unrealized profit from MGI shares amounted to 85 million THB, further bolstering the Company's financial position Furthermore, other property income added 26.15 THB to the overall profitability, showcasing diversified revenue streams and sustained profitability across various sectors. In line with the broader macroeconomic recovery, the Company distributed a total interim dividend payout of THB 248.60 million, equivalent to THB 0.26 per share.

The Return-on-Equity Ratio concluded at a robust 29.10%, underscoring the company's efficiency in generating returns for shareholders, while the Return-on-Asset ratio recorded 20.74%, indicating effective asset utilization. Our Retained Earnings remained solid at THB 843.62 million, further solidifying KARMART's status as a preferred choice on the Stock Exchange of Thailand.

In closing, on behalf of the Board of Directors, I extend heartfelt gratitude to all stakeholders, with a special acknowledgment to our dedicated staffs, who have steadfastly supported us through the significant challenges of the past years. The resilience and commitment exhibited by the KARMART team have been instrumental in navigating these storms. Looking forward, our team remains dedicated to charging forward, channeling our collective efforts towards achieving even greater success in the coming year, especially on the international business scene. We invite you to witness and be a part of our imminent strides toward realizing the Company's vision of becoming one of the leading branded beauty providers for everyone worldwide.