Page 101 - KEX EXPRESS (THAILAND) PUBLIC COMPANY LIMITED : ANNUAL REPORT 2024

KEX EXPRESS (THAILAND) PUBLIC COMPANY LIMITED 101

Management Discussion and Analysis

for the year ended 31 December 2024 Operational Highlights and Financial Summary

2024 Highlights

In 2024, KEX Express (Thailand) Public Company Limited (“KEX”) successfully
navigated a complex economic landscape, demonstrating resilience and
Operational Highlights and Financial Summary
adaptability amid challenges and opportunities. Throughout the year, KEX
reinforced its commitment to becoming a one-stop service provider under
the concept of “GLOBAL CONNECTIONS, LOCAL DELIVERIES.” The
company remained focused on strengthening its retail and corporate
customer base while expanding its international shipping services. Key Milestones

Key Developments in 2024
Key Milestones

In the first quarter of 2024 During 2Q/2024 In the third quarter of 2024
SF Holding Co., Ltd. (“SF Kerry Express initiated a stra- KEX successfully completed its Right Offering
Holding”), the largest inte- tegic rebranding, transition- in August 2024, raising THB 5.64 billion with a
grated logistics service pro- ing from the name “Kerry” total of 1,762,393,295 new ordinary shares. Business Overview
vider in China and Asia, be- and/or “Kerry Express” to This capital infusion strengthened the compa-
came the major shareholder “KEX” as part of the long- ny’s balance sheet and improved liquidity, po-
Business Overview
of KEX, holding indirectly a term strategy to drive busi- sitioning KEX for sustainable growth. In addi-
total of 62.66% of the total ness transformation and tion, KEX was honored with the ‘No.1 Brand
issued and paid-up shares. smooth transition to align with Thailand 2024’ award for the seventh consec-
the future development of the utive year, underscoring strong consumer trust
Company. and satisfaction.

For the year 2024, KEX experienced a decline in delivery volume by 23% Governance Structure and Practices
YoY, primarily due to our strategic shift toward high-yield
customers and a more calculated approach in the e-commerce platform
segment. This reduction in total delivery volume was partially offset by
growth in the RKA and C2C segments, aligning with the ongoing strat-
Governance Structure and Practices
egy to shift focus toward the CKA/C2C segments to reduce
operating losses due to intense competition among 3PL providers. By
leveraging SF Express’s global network and advanced technology, KEX
has also expanded its service offering to facilitate international parcel
deliveries. Financial Performance

A special service, GLOBAL EXPRESS PLUS (GE+), which is a
collaboration between “UPS” and “SF Express”, two leading
Financial Performance
international logistic providers, enhances the customer experience by
offering a superior express parcel delivery to numerous destinations worldwide.

Looking ahead, KEX remains fully committed to long-term growth in Thailand and continues to focus on enhancing
service quality and optimizing our network to meet growing customer demands. The company’s commitment to
operational excellence and this market is unwavering until it achieves its set strategic goals within the near future.
KEX will continue to navigate the evolving economic environment and its ongoing mission to deliver value to our Sustainable Development
stakeholders.

Sustainable Development