In 2020, the world was hit by the COVID-19 epidemic, which brought businesses to a virtual standstill, especially in terms of international trade. With most countries implementing lockdown measures, operators in the global logistics industry were forced to urgently adapt their business plans to meet the ever-changing crisis.

Accordingly, Triple i Logistics PLC. also adjusted its strategy, including its short-term plan for 2020, by looking for new sources of income to make up for the losses made from the slowdown in the air-cargo business. The company came up with a 3-year business plan (2019-2021) covering its four core operations and worked on developing new ventures.

Despite difficulties throughout 2020, Triple i Logistics still generated good profits, especially in the third and fourth quarters. The company’s net profits rose by 48% compared to the same period in 2019, resulting in net profits of 162.5 million baht, close to net profits made in 2019, when the economy was normal.

The outstanding performance was driven by the company’s vision and strategy developed in line with its existing logistics services. Triple i Logistics also ventured into new highly potential business to boost income as well as diversify risks by adjusting business operations consistent with market conditions.

The company broadened its outlook instead of focusing on one particular sector, and worked on bringing down its cost burden, seeking new sources of income, and also developed local and regional business networks to reach a wider range of customers. Moreover, the businesses that Triple i Logistics has invested in have very well performed consistently.

On behalf of the management, I want to thank all shareholders, customers and business partners for their trust and consistent support of Triple i Logistics. I would also like to thank the board of directors, employees and affiliated companies who have worked so hard to survive this challenging year together. I am confident we will continue moving forward with our business strategies to achieve our intended goals.

Tipp Dalal
Chairman of the Management Committee and Chief Executive Officer