MESSAGE FROM THE BOARD OF COMMITTEE
Beauty Community Public Company Limited
In 2023, Thai economy expanded at 1.9% per year, with an important factor from the slowdown of industrial production and export values. It is predicted that Thai economy will expand at 2.8% in 2024 due to domestic factors, including the continual recovery of tourism sector. The number of foreign tourists is expected to increase from 28.2 million persons in 2023 to 35.6 million persons in 2024. Although it has not yet reached 40 million persons as in the pre-COVID outbreak, there be will a positive impact on the country’s business.
Thailand is a main production base in the ASEAN region. The Thai cosmetics market in 2023 was worth of more than 246 billion baht, or a growth of over 8%, with the cosmetics and skin care market ranked 19th in the world. The behavioral trends of Thai consumers still focus on looking good from the inside out beauty. As a result, the anti-aging product group, as well as health supplement and hair care groups are gaining much attention. In addition, there is a strong competition in the beauty market. Both large and small entrepreneurs, international brands, have entered the market with fierce competition. This then causes Thai cosmetics and beauty companies to establish important strategies towards an increase potential of their competition, such as offering quality and standard products. Moreover, the market growth requires good partners and networks in business operations, in line with expanding distribution channels to create long-term marketing opportunities.
In the meantime, there is a need to monitor the household debt situations and important factors that closely affect Thai economy, such as global geopolitical conflicts, elections, fluctuations in the global financial market, and China’s economy which may have a long-term effect on Thai economy. In 2023, the overall Thai economy expanded by 2.6%, with the slowdown of industrial production when considering the Industrial Production Index. Additionally, the cosmetics market in 2023 will expand by 9.46% from the previous year, with a direction of more expansion. Due to the changes in consumer behaviors according to lifestyles, there are different and unique beauty trends around the world. People of all genders and ages are becoming more interested in beauty and health towards better appearances, more strengths, and less flaws. This also increases confidence and personality. Thus, the beauty business starts to grow rapidly, in combination with the direction of Thai beauty industry which is now developing to support the trend of medical tourism towards an international health center or Medical Hub according to the needs of consumers and changing trends at all time.
In 2023, the Company had its operating results with a total income of 441 million baht, an increase of 20% from the same period last year of 365.5 million baht, or a net accounting loss of 45.7 million baht, a decrease of 32.5% from the same period last year of 67.7 million baht. The overall operating results tend to improve subsequently from various supporting factors as aforementioned. In 2024, the Company focuses on 3 main strategies: 1) Increase business performance, 2) Manage cost efficiency, and 3) Develop the skills of personnel. The Company is confident that the operating results in 2024 will likely have more improvement towards potential profits this year.
Finally, on behalf of the Board of Directors, we would like to thank you to all shareholders, customers, business partners, and employees who have joined to provide such a good support the Company all along. The management would like to assure that we will lead the Company towards a sustainable growth and strength in the future. Also, the Company adheres to its transparency and principles of good governance, with social responsibility for maximum benefits of the public.
Board of Directors
Beauty Community Public Company Limited
