Dear Shareholders, Signs of global economic recovery have emerged since 2021, but uncertainty lingered. At the height of COVID-19 pandemic, no country was spared from its devastating impacts. Damaging effects were felt by ordinary people, and all sectors of the economy, including themanufacturing industries, which came to a halt or had to reduce their activities. Mass vaccination and drastic measures taken in the fight against the coronavirus may have worked initially until the more contagious delta and omicron variants began to spread. In addition to Covid-related problems, companies everywhere had to watch out for risks associated with high global inflation and oil prices that have stayed high and stable following a strong rebound from a low base in 2020. The Dubai crude price averaged USD 69 per barrel in 2021. Be that as it may, Megatrends move inexorably forward, changing the way people live and do business. Such sweeping transformational forces compel businesses to change course, brings about new rules, regulations and standards. To capitalize on Megatrends, IRPC focuses on strategies to maintain competitiveness while adapting to rapid changes by setting a new vision andmission in anticipation of a new future. IRPC has announced our new vision “To Shape Material and Energy Solutions in Harmony with Life” and the mission “To Deliver with Innovations the Better Attributes and Solutions of Sustainable Material and Energy for the Future.” To ensure sustainable business growth going forward, IRPC has aligned its operations with the United Nations Sustainable Development Goals. In addition, IRPC has set 2030 quantitative financial and sustainability goals as follows: EBITDA Baht 35,000 million, greenhouse gas emission reduction by 20 per cent from its business plan. To achieve the targets, the company needs to create new revenue streams and raise new businesses’ share in its total income while maintaining the strength of its existing main businesses. IRPC has established a framework for implementing strategies and business direction, which focuses on Core Uplift based on existing internal strength and expertise to expand into Adjacent Businesses in a different value chain, while also on the lookout for Step Out Businesses to drive the company’s growth, guided by the new vision and mission to transform IRPC into a sustainable material and energy innovation company. Through various operations and projects in 2021, the company has pushed the proportion of specialty products 20 per cent by weight in its product portfolio and expanded into the market to health and personal hygiene businesses, etc. IRPC was first in the country to develop innovative PPMeltblown pellets, used as raw material for the manufacture of innovative non-woven fabric, capable of filtering out particles, such as PM 2.5 and germs. The company also made an entry to agricultural innovation market to improve the livelihood of Thai farmers with the introduction of ZnONANO, and investment inUltraCleanFuel (UCF) project tomeet thegovernment’snew fuel standard: Euro 5-compliant diesel, with commercial production expected in 2024. Along with the development of human resource management system to improve efficiency, leading to positive corporate culture in line with the company’s new vision and business growth plan through New Organization Agile Human project, as well as adopting digital and technology systems in all of the company’s operations, includingRobotic Process Automation (RPA) with Automation Anywhere in financial processes to lay the groundwork for further transformation along the pathway towards IRPC 4.0 under the company’s strategic plan. Message from the Board of Directors Mr. Kris Imsang Chairman, IRPC Public Company Limited Guided by the new vision and mission, IRPC Group has set ambitious financial and sustainability goals: EBITDA Baht 35,000 million and GHG emissions 20 per cent below the business-as-usual level by 2030. 26 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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