The COVID-19 pandemic in 2020 had an unprecedented impact on the global economy, and to deal with this, many countries implemented strict lockdowns and closed their borders, banning all travel.
This had a direct impact on the aviation industry, bringing international air freight and logistics businesses to a virtual halt because airlines were unable to operate as per normal.
Triple i Logistics PLC. was also impacted by the economic fallout from the virus pandemic. However, thanks to close monitoring and assessment of the situation, the company was able to make timely strategic adjustments to navigate the crisis successfully.
The company developed a fresh business model designed to serve customers’ changing needs in the “new normal” era. As a result, Triple i Logistics managed to maintain its competitiveness and continued achieving good operating results.
In 2020, the company continued to generate profits despite negative business factors, such as the drop in Thailand’s import-export business, which brought the volume of air cargo down by 33.7% and sea freight down by 4.8% compared to the previous year.
Though 2020 was a challenging year and the company faced operational obstacles throughout, it maintained its commitment to implementing strategic plans for expansion. The company’s board of directors still attaches great importance to good corporate governance and adherence to transparent, ethical operations that are beneficial to all stakeholders, communities and society.
In 2020, the company was marked “excellent” in an evaluation by the Thai Institute of Directors Association (IOD) on corporate governance of companies listed in the Stock Exchange of Thailand.
On behalf of Triple i Logistics’ board of directors, executives and employees, I thank all shareholders, customers, partners and stakeholders who had faith in the company and supported it through the crisis. Our aim is to jointly continue developing the company so it remains a leader in integrated logistics in the region with stable growth and can continue creating sustainable added value to the business world.
Chairman of the Board of Directors