Strong Performance Due To Disciplined Business Decisions and Effective Cost Management

M.L. Chandchutha Chandratat, Chairman of the Board of Chememan PCL. (“CMAN”), a leading global lime producer under the 'CHEMEMAN’ brand, disclosed that CMAN’s total revenues of THB 3,826 million were a record high and increased 9.2% from the previous year. Adjusted EBITDA, excluding special items, reached THB 1,022 million, up 24.6%. Net profits attributable to shareholders of THB 252 million were another record high and increased 84.9% from the previous year. Excluding non-cash items and special items, net profits attributable to shareholders would have been THB 395 million, equivalent to a 10.3% net profit margin. Based on these strong financial results, CMAN is proposing a record high dividend of THB 0.12 per share, equivalent to 48% of its consolidated net profits, with the dividend to be paid on May 21st.

The company’s outstanding performance was driven by higher average selling prices of lime products and higher average selling prices and sales volume of limestone. Combined with well controlled energy costs and operating expenses, the gross profit margin increased significantly. Net profits were achieved despite foreign exchange losses of THB 129 million from intercompany loans with its subsidiaries in Vietnam and Australia. Foreign exchange risk will decrease this year, because the Australian subsidiary successfully secured local bank financing and repaid its loan to the parent company.

M.L. Chandchutha further highlighted that the company has upgraded the Prabuddhabaht plant with a dual-firing fuel system that can use not only natural gas but also coal and biomass. This investment will provide greater flexibility, increase production capacity, and drive sales growth, marking another significant milestone in CMAN’s growth strategy. The dual-firing fuel system is scheduled to commence in Q2-2025. Entering its next phase of growth, CMAN’s goal is to increase its market reach and business investments across the Asia-Pacific region and build the first lime production facility in Khimsar, Rajasthan, located in northern India, with a target completion in 2027. Furthermore, CMAN is supporting its Vietnamese subsidiary to secure local financing to reduce its foreign exchange risks.

CMAN remains committed to driving sustainability initiatives across all business areas, including increased investment in solar power projects, adoption of electric vehicles (EVs), utilization of biomass energy, and integration of advanced technologies, as well as workforce development and organizational transformation to align with its long-term strategic goals.