Power and Public Utilities Businesses Power and public utilities businesses were adversely affected by the COVIDS-19 pandemic. However, the global economy continued to expand in 2021. As coronavirus vaccines reached the general population, the authorities gradually phased out lockdown and travel restrictions. This resulted in a resumption of economic activity and growth in domestic spending. Together with the government’s economic stimulus measures, the economy returned to growth territory albeit at a lower rate than in previous quarters. With this positive turn of event, IRPC’s customers resumed full operations, its power and public utilities revenues returned to pre-COVID levels. However, the positive outlook for a robust global economic recovery suffered a setback with the outbreak of Omicron variant, for which little was known about its contagiousness and whether the current available vaccines would be effective against it. Some countries re-imposed lockdown and travel restrictions. This could dampen Thailand’s economic recovery in the first quarter of 2022. Port and Storage Tank Businesses In 2021 the COVID-19 pandemic had negative impact leading to economic slowdown in Thailand and in other countries around the world. IRPC believes that the situation will ease up and start to turn around in the second quarter of 2022. A strong economic recovery will lead to the establishment of large-scale production base for industries in this region. IRPC’s port and storage tank businesses stand to benefit from an increase in cargo traffic as imports and exports begin to pick up in earnest. Port Business Positive factors relating to the government’s investment infrastructure projects, such as the construction of electric train system, as part of an economic stimulus package to ensure a strong recovery. COVID-19 has been brought under better control as mass vaccination gathered momentum. The country’s tourism and the services sector are expected to stage a solid comeback, encouraging more investments. Storage Tank Business IRPC is in the process of upgrading storage facilities to accommodate additional types of products. The company’s investment plan calls for an upgrade in pipelines and storage tanks to better utilize existing assets. Once completed, the storage facilities will be able to provide external customers with storage tanks for crude oil, special-grade diesel as well as basic chemical products. Property Management Business A 90 per cent cut in land and building taxes was announced as a relief package due to the COVID-19 pandemic, according to the 2021 decree to reduce taxes for certain types of land and buildings (No. 2), dated January 31, 2021. In August 2021, the IRPC paid Baht 9 million in land tax. If no tax relief policy is announced, in 2022, the company will be subject to land and building taxes at a reduced rate of 75 per cent of tax payable. In 2022, the government announced the use of the same tax rate, according to the royal decree determining land and building tax rates for 2022 and 2023 tax years, dated December 13, 2021. As for the development of the WHA Industrial Estate Rayong in collaboration withWHA Industrial Development Public Company Limited (WHAID), the project development experienced a setback in 2020 due to COVID-19 pandemic. This caused a delay in the implementation of the public hearing process. As a result, the project development plan is delayed for a period of one year. 89 Structure and Business Operations of IRPC IRPC PUBLIC COMPANY LIMITED
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