Mr. Chaiwat Atsawintarangkun
Chairman of the Board of Directors, Independent Director

Dear Shareholders,

2021/22 was another challenging year for people across the globe, thanks to the impact of the COVID-19 pandemic that had been ongoing for 2 years. Governments around the world have had to initiate rigorous measures to contain the spread of the virus, plunging the global economy and changing people’s way of life as a result. Like many other businesses, MACO had also suffered the consequence of the pandemic. But we did not despair. Our management and staff continued to do our utmost to help the Company get through the crisis.

In the past year, MACO’s domestic and international advertising business were the hardest hit, especially in Malaysia, which continued to suffer from the impact of the pandemic since its first year. This led us to decide to scale down our advertising business in Thailand and Malaysia. In Thailand, we sold all of our billboard assets to Plan B Media Public Company Limited (“PlanB”), the Company’s asset manager for domestic advertising business. However, we still retain ownership of our Street Furniture media, which has high growth potential, thanks to the expansion of the new BTS Skytrain lines.At the same time, we have also disposed all investment in Malaysia, but still maintained our outdoor media operations in Vietnam and Singapore.

Moreover, we have continued to strengthen our System Integration Business under Trans.Ad Solutions Company Limited and Roctec Technology Limited, a leading technology and system integration provider. To better respond to the “New Economy” and the “New Normal” lifestyle, particularly the Digital Transformation, we have also shifted our strategic direction towards the digital and technology market to diversify our business offerings beyond Out-of-Home advertising business. Starting with our investment in Zipmex Asia Pte Limited, Asia Pacific’s fastest growing digital assets exchange platform, followed by our joint venture with YGGDrazil Group Company Limited, or YGG, breaking new ground into the gaming industry.

Through this strategic transformation, our total revenue in 2021/22 reached THB 2,135mn, with a net profit of THB 34mn. We also raised THB 812mn through Rights Offerings of 2,076mn shares to our shareholders; while we also have a plan in place to issue Warrants to Purchase Newly Issued Ordinary Shares No. 4 (“MACO-W4”) amounting to 2,029mn units to our existing shareholders. Such capital gains have enabled us to bolster our financial position and liquidity; in turn gearing us up to seize new business opportunities.

Amidst the pandemic, we did not only strive to keep pace with the changing business landscape, but also to ensure the health and wellbeing of our staff and the society. This was demonstrated through the safety measures put in place in our office, from providing COVID-19 insurance, ATK sets and vaccinations for our employees and their family members to offering the work-from-home option to minimize the risk of transmission. Meanwhile, we maintained our corporate social responsibility through the MACO Media for Share campaign, in which we offer our media space free of charge for charitable and non-profit organisations to share positive and useful contents with the general public, for instance those concerning societal and environmental issues and road safety.

Lastly, on behalf of the Board of Directors, I would like to express my heartfelt thanks to our management team and all our staff for your dedication and perseverance during this difficult time. I would also like to thank all of our stakeholders for your trust and confidence and constant support. The COVID-19 pandemic has taught us an invaluable lesson. I firmly believe that through our experience and teamwork both from within our organisation and from our partners and clients, along with our strategic transformation, we would be able to get through this crisis and be able to come back even stronger to deliver utmost benefit to all stakeholders once more.