Dear Shareholders

             Leo Global Logistics Public Company Limited (LEO), a Thai-owned integrated logistics service provider, has been in the logistics service industry on a solid foundation for 32 years in 2022, managed by professional team with experience, expertise, and commitment to grow and overcome challenges in all situations with resiliency and initiatives.

          In 2022, the COVID-19 situation was getting better and better in many countries including Thailand, with opportunities for tourists to travel more. The global economies have gradually recovered and tried their best to cope with the obstacles for brighter years ahead.

          TIn 2022, LEO's operating results reflected strong growth, enabling gross profit of sales that exceeded the sales target according to the business plan 2022 by 129%. The Company's total revenue was THB 4,495.3 million, an increase of 33% from the same period of last year at THB 3,369.7 million. The gross profit margin was up 20% compared to the year before at 19%. The net profit (owners of the parent company) was THB 304.6 million, a 53% rise from the same period in the previous year at THB 198.8 million. The net profit has hit a new high record for the 3rd (third) consecutive year since the Company was listed on Market for Alternative Investment (mai) in 2020, and considered the 5th (fifth) consecutive year since 2017. The factors that have supported the net profits to increase continuously resulted from the ability to generate income and strategic management in the decision to adjust the marketing and sales plans to suit the ever-changing market situation and competition superbly.

          The year 2023 will be another challenging year for the logistics business due to the global economic slowdown impacted by the ongoing conflict between Russia and Ukraine. Moreover, the sharp increase of inflation from high interest rates and rising cost of living will also cause global trade volume to slow down.

          As an end-to-end logistics services provider that has operated the business strongly for over three decades, LEO has adjusted the strategy and developed new services to always be in line with the changing economic conditions. LEO's strategic plan for 2023 is called 365 Degree Collaboration, which means LEO will collaborate with business partners both locally and internationally to develop new services and projects in all dimensions, inclusive of Freight, Non-Freight and Non-Logistics. The concept of 365 Degree Collaboration will help make LEO a Growth Stock with exponential growth. We will integrate the strengths of each partner to develop businesses and create synergy with the belief that the results will not be 1plus1 = 2, but will be 3 or 4 or 5 or more. This will enable LEO to further expand the scope & scale of the business and services, while embracing a more diverse new customer base.

         The Company pays attention to the development of new businesses, and has a clear strategy to expand and increase revenue in the areas that are not sea freight or air freight which are our current core businesses (Non-Freight). In addition, we will also place importance on the development and revenue boost from railways or rail transportation, including businesses that regularly generate recurring income such as Warehouse & Logistics Center, Cold Chain Logistics Center or Self-Storage business. LEO is considered the first entrepreneur to seriously market the Self-Storage business until it is widely known today. LEO aims to generate income from the Non-Freight business at a higher ratio, on top of the sea and air freight, within the next few years.

         LEO is confident that expanding business by partnership will grow LEO's income continuously and sustainably. During the roadshow meeting with investors before the Company was listed on Market for Alternative Investment (mai), we promised to make LEO a blue chip stock of the logistics business in Thailand, an end-to-end logistics service provider, with exponential growth and sustainability, as well as the ability to pay dividends to shareholders regularly. We will live up to your expectations. We will drive LEO to level up to be listed on the Stock Exchange of Thailand (SET) within the year 2024.

         During the past 32 years, we have been committed to and have focused on sustainable business operations, by applying the principles of good corporate governance and risk management, enhancing quality of life for people in the society, realizing the importance of corporate social responsibility or CSR. We carried out many social activities and environmental projects to upgrade the well-being of people in the society and the education of students in remote areas. In 2022, LEO continued the My School Project # 5 to help support students in Wat Na Talay School, Laplae District, Uttaradit Province in the northern part of Thailand, which is a school in an old building built 99 years ago, some classrooms not in good condition for teaching-learning purpose. LEO has therefore set up a fundraising project to help the renovation of the kindergarten and elementary school buildings, installing blackboards and replacing the walls, including creating a library, giving books, equipment and modern teaching materials to the school. Significantly, LEO received full support not only from our employees but also from our customers, business partners both locally and via our network worldwide, until the project was successfully completed. All in all, LEO still adheres to ethical principles, creating benefits for all stakeholders and the society as a whole so as to move forward together and grow steadily.

         On behalf of Leo Global Logistics Public Company Limited or LEO, I would like to thank all of our shareholders, customers, business partners and our benefactors for having trust and confidence in LEO as always. Notably, we would like to thank all LEO executives and employees who have greatly helped drive LEO to grow continuously every year. LEO is committed to being a leading organization in the logistics business, in line with our vision of being Thailand's Leading End-to-End Global Logistics Services Provider with sustainable growth and be the first company of choice for customers, employees and investors.


Mr. Kettivit Sittisoontornwong
Chief Executive Officer

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