COVID-19 outbreak has caused the world to experience an economic crisis. Thailand's economy in 2020 was minus 6.1 percent, the number of tourists dropped from 39.9 million in 2019 to 6.7 million, and export value decreased 6.1 percent. Along with the export and tourism sectors, which have a high economic value, is the country's GDP, causing widespread impacts at all levels across the nation. Termination of employment of the businesses and declining purchasing power both domestic and abroad has affected the Company's primary business such as the air conditioner industry group, total production of 20.9 million units, decreased 9.0 percent compared to 2019. The automotive industry had only produced 1.4 million vehicles, a 29 percent drop compared to 2.0 million in 2019, and this was the second consecutive year of decline.
Although the domestic industry's contraction has affected part of the Company's operations, it is due to the expansion of the business and investment from 2019 to 2020 to accommodate a wide variety of new customers and new products and production for export directly. As a result, the 2020 operating results grew with a total income of Baht 8,961 million, the profit of Baht 407 million, an increase of 35 and 20 percent, respectively. It is expanding the customer base and product categories and reducing the business risk.
In 2021, the Company has announced a capital increase to fund the ongoing expansion as planned. Therefore, the Board of Directors and the Management believe that the business will grow steadily over the long term and appreciate the shareholders, partners, and all stakeholders who have always given generous support.