The Company is confident that in the future the Company will continue to grow in terms of revenue and profit and be able to repay debentures and pay dividends to the shareholders on a regular basis.

The year 2019 is marked as the anniversary of the Company’s operations for over 30 years. With accumulated experience from the past, the Company strives to improvement of operations for its operating results to grow on a continued basis, aiming for opportunities on new innovations in transport systems by using modern technologies in traffic management and toll collection systems and other factors that contribute to the Company’s growth, which includes stronger financial positions and experiences of the Company’s personnel from the past, as well as opportunities to expand into new projects to participate in bidding for state projects.

However, in 2019, the reopening of road surfaces for traffic in the areas around the Tollway such as Phahonyothin Road, Local Road, and Ratchada Phisek Road, as well as the Ratchayothin Underpass and flyover bridge to Don Mueang Airport terminal since November 2018, has caused the traffic in the areas to return to normalcy in this year, resulting in a decline of traffic volumes on the Tollway leading to the reduction of toll revenues from Baht 3,204 million in 2018 to Baht 2,816 million or by 6.9 percent. Besides, the realization estimation of the maintenance obligations in 2019 has increased which in line with the accounting standards on the realization of the estimated expenses and long-term debts, such as Traffic Control & Surveillance System (ITS) improvement, Structure and Tollgate Building Improvement, Manual Toll Collection System Improvement, Concession Amartization Cost has increased due to the change in traffic volume forecast. The realization of previous employee benefit cost has increased due to the amendments of Labor Protection Act B.E. 2562, resulting in a decrease of net profit from Baht 1,457 million in 2018 to Baht 1,159 million or reduced by 20.5 percent.

Moreover, in December 2019, the outbreak of the Coronavirus or COVID-19 occurred in Wuhan, the capital city of Hubei Province in China. In 2020, the Company will closely monitor the situation and further develop strategic solutions. The Company is confident that in future the Company will be able to repay debentures and pay dividends to the shareholders on a regular basis. In 2019, the Company has fully paid debentures matured in December 2019 at the amount of Baht 1,100 million, making the total amount of the Company’s outstanding debentures to decrease from Baht 2,740 million in 2018 to Baht 1,640 million at the end of 2019. Besides, the Company paid dividends to shareholders in the total of Baht 416 million. As of the end of 2019, the Company’s Debt to Equity Ratio was at 0.59 times; the Company is confident that it will make profits for dividend payment and debenture repayment in every year for the shareholders to receive dividends, providing sustainability and security to the shareholders in the long run.

On the service improvements for motorists to travel on Don Muang Tollway with convenience, speed and safety, the Company has contracted Metropolitan Expressway Co., Ltd. from Japan as consultant to the Company in developing traffic management and facilitation systems on the Tollway. The Company has decided to invest in improving and replacing equipment on the Tollway for modernity and higher efficiency in traffic management on the Company’s Tollway. It is expected that the new system will be put in place for service within 2020. Meanwhile, the Company has developed the electronic toll collection system for more convenience and alternative in toll payment for motorists while complying with the government’s policy in promoting the use of Electronic Toll Collection System.

Regarding the case that the Company are talken legal action against, along with some state agencies in three administrative cases, the Supreme Administrative Court has acquitted the Company in two of the cases. Therefore, there is only one administrative case remaining in the stage of appeal at the Supreme Administrative Court. The Company, in cooperation with its legal advisor, has exercised utmost efforts in handling this matter with confidence that the Cabinet had passed the resolutions lawfully, anticipating that the outcome of the remaining case will be in favor of the Company, as in the other two cases that the Supreme Administrative Court has already acquitted the Company.

The Company has been talking the key role is in establishing and managing the "Dream for Achievement Foundation" since 2013, with the intention to provide scholarships to low income students who are well behaved and possess high capabilities and have been accepted for admission by the leading national universities at the undergraduate level. For the pass success since 2013, the foundation has given a total of 127 scholarships to qualified students and all of them have well discipline and excellent academic records. Since the beginning of the foundation in 2013 until 2019, a total of 42 scholarship students have graduated. Of this number, 21 students or 50% of them, graduated with first-class and second-class Honors. The Dream for Achievement Foundation will continue to provide scholarships to support these knowledgeable, capable, but low income and disadvantaged youths so that they can grow and become a force in developing the country. The Company will continue to support the Dream for Achievement Foundation and would like to invite other donors who wish to make contributions in supporting education under the foundation’s objective, Such donation support will make the foundation a sustainable charity organization for the society (More details at website: www.daf.or.th).

Finally, on behalf of the shareholders, the Board of Directors, the Management and all the employees of the Company, we would like to express our appreciation to the users of tollway services, state and private agencies, shareholders, debentures holders, and stakeholders for their continued support and trust in the Company. Altogether, I would like to thank and applaud to the Board of Directors, the Management and employees at all levels of the Company for their cooperation, commitment, dedication, and harmony in performing duties throughout the past 30 years. As a consequence in the Company achieves robustness in all aspects while able to provide tollway services to motorists with efficiency and well fulfill of the Company’s mission and vision.


Mr. Sombath Phanichewa

Chairman of the Board of Directors