Throughout the year of 2021, the world continued to be faced with the COVID -19 outbreak from the previous year.  All sectors remain united in their efforts to ensure strict adherence to various government measures. Likewise, Bangkok Expressway and Metro Public Company Limited or BEM, as an expressway and mass rapid transit service provider, was also one of the organizations which still encountered the aforesaid crisis situation, due to a considerable decrease in the traffic volume on expressways and the volume of MRT passengers, with its lowest in August. The government’s relaxation of control measures, however, resulted in a rapid increase in travel volume.  Moreover, the Company continues to manage and control expenses to suit this ongoing situation, with emphasis on the disease preventive measures for the safety of expressway and metro users, and meanwhile, the Company is still committed to not only taking care of staff but also society. 
 

In the context of service improvement, the Company has developed the toll payment system with a contactless credit or debit card based on the Europay Mastercard Visa (EMV) standard to facilitate expressway users’ travelling, in collaboration with the Expressway Authority of Thailand (EXAT) and Krung Thai Bank Public Company Limited, which offers the payment service faster than toll payment with cash, as another alternative for expressway users, and to reduce the volume of vehicles accumulated in front of the toll plazas while simultaneously minimizing cash exposure during the COVID-19 outbreak situation. Other than this, the Company is preparing to launch the MRT fare payment service with EMV system by early 2022. 

With regard to financial management, the Company is regarded as Southeast Asia’s first private transportation company which has issued and offered for sale the Sustainability Bond worth Baht 6,000 Million, with the aims of repaying the existing liabilities and/or refinancing in the MRT Blue Line Project, which has been greatly received by investors, reflecting investors’ confidence in BEM for environmentally and socially responsible business operations in the face of the COVID-19 crisis.  As a result, BEM was presented with the Best Sustainability Bond Awards 2021 by The Asset, the leading financial magazine in Asia. 

Despite the fact that the Company must conduct its businesses under the threat of the difficult circumstances, the Company is still striving to adhere to corporate governance in the business operations. To that end, BEM has been successively rated as a listed company with the “Excellent CG Scoring” or Five Star in Corporate Governance; and moreover, BEM was selected as one of 146 listed companies on the “Thailand Sustainability Investment” (THSI) 2021 for the fifth consecutive year, proven the comprehensive transportation service provider which is simultaneously pursuing sustainable development. BEM also has been awarded the Thailand’s Top Corporate Brands 2021, as a company with the Thailand’s highest brand value in the transportation and logistics sector for the second consecutive year.  All of these achievements are underpinned by the Company’s commitment to operating the businesses based on corporate governance and attaining the sustainable development.
 

In the previous year, the Si Rat - Outer Ring Road Expressway Project (Chatuchak - Chimplee) became due for the toll rate revision, which shall be made every 5 years in accordance with the Concession Agreement, with effect from December 15, 2021.  In this regard, the Company has supported the Ministry of Transport’s policy to alleviate the burden of people’s living costs owing to such toll rate revision, by offering for sale toll coupons at the same rate for a period of 1 year. 

In respect the operating results of 2021, BEM had the net profit in the total amount of Baht 1,010  Million, a decrease from the previous year due to the impact of COVID-19. Nonetheless, BEM reaffirmed the commitment to taking care of stakeholders, especially shareholders, whereby the Board of Directors resolved to propose that the Shareholders’ Meeting consider approving the dividend payment for 2021 at the rate of Baht 0.08 per share. 
 

We would like to extend our gratitude to all shareholders, service users, both the expressway and MRT systems, counterparts, public and private agencies, along with all concerned parties, as well as executives and staff, for the great sustained support in BEM’s business operations. Under any circumstances, especially during the crisis situation, please rest assured that BEM still remains committed to operating the businesses based on the good corporate governance principles, with social and environmental responsibility, in the pursuit of sustainable development, while serving an instrumental in enhancing the quality of people’s travel life which will bring smiles of happiness for all expressway and MRT service users.  Finally, BEM would like to encourage all Thai people to become stronger and more resilient so that we can overcome these tough situations together.        

 

( Mr. Plew Trivisvavet )

Chairman of the Board of Directors