Sri Trang Group is a global leader in the natural rubber and glove industry. With deep roots in the rubber business in Thailand, we started from a single smoked sheet rubber plant in Songkhla and have steadily grown over the past 37 years. Today, we operate 41 natural rubber and rubber glove factories across Thailand, Indonesia, Myanmar, and Ivory Coast. We also have distribution centers in Thailand, Singapore, China, the United States, Vietnam, and the Philippines, expanding our footprint to 9 countries worldwide. What has remained at the core of our ethos is our commitment to "continuous development."
Key Achievements in 2024
2024 was a significant year for Sri Trang Group as we experienced robust growth amidst the recovery of the natural rubber industry. The softening impact of El Niño led to more stable weather conditions that resulted in a more stable natural rubber supply before the transition to La Niña towards the end of the year. The recovering demand from the tire manufacturing sector helped drive rubber prices up by nearly 30% from the previous year and had a clear positive impact on the Company’s financial performance, with a full-year total revenue of THB 114,374 million, increasing by 35.8%, with a net profit of THB 1,670 million, demonstrating robust growth. Sales volume for natural rubber reached 1.4 million tons, an 8.3% increase over the previous year. At the same time, rubber glove sales hit a record of 38,549 million pieces, marking a 22.8% growth.
Furthermore, we are well-prepared for the EU’s Regulation on Deforestation-Free Products (EUDR) and have already started selling and delivering EUDR-compliant rubber in the past year. These measures have an effect to enhance our product value and strengthen our competitiveness in markets that prioritize sustainable supply chains.
Additionally, our business continues to grow across all sectors. In 2024, Sri Trang Rubber & Plantation Co., Ltd. (SRP), which focuses on rubber plantations and other economic crops, achieved profitability for the first time. This milestone followed years of investment and the long duration needed for rubber trees to mature, with this past year marking SRP’s peak harvest. The rising rubber prices further contributed to this achievement, which demonstrated Sri Trang Group’s strength in managing a fully integrated rubber supply chain from upstream and midstream to downstream.
Innovating for Sustainable Growth
Beyond outstanding financial performance, Sri Trang Group seeks to effect transformation across multiple dimensions, integrating cutting-edge technology and sustainability into our operations. We have embraced Artificial Intelligence (AI) and established an AI-focused team that is implementing AI-driven solutions at the operational level, enhancing efficiency across all business processes.
At the same time, we have been expanding our natural rubber production capacity through a long-term project that has been ongoing for over three years. The decision was made in 2021 to prepare for future growth. At the time, our production capacity was 2.82 million tons per annum. The expansion has increased our capacity to 3.72 million tons per annum at the end of 2024 and is nearing completion, with the final phase set to bring our total capacity to 4.00 million tons per annum by 2026.
Sri Trang Group is continuing to strengthen its global production network. Following the establishment of a raw material purchasing center in Ivory Coast in 2023, we successfully set up a new processing facility there in 2024. This marks another key milestone that reinforces our global production capabilities and ensures we can meet the growing market demand. Our expansion further solidifies our position as a global leader in the natural rubber industry.
2025: A Year of Reaping the Rewards
The year 2025 will be a turning point for Sri Trang Group, a year where we begin to reap the rewards of our years of investment and effort. With our expanded rubber processing capacity, we are fully equipped to meet the increasing global demand while seizing new opportunities arising from global economic shifts.
Our strategy this year will focus on maximizing the potential of our existing resources to enhance our competitive edge. AI will be a driving force in improving operations, while supply chain transparency and sustainability will be reinforced through the traceability system, a crucial factor in aligning our business with global standards. Therefore, 2025 will not only be a year of harvesting success but also a year of sustainable and stable growth. We are ready to face any challenges and step into a stronger future.
One Sri Trang: Moving Towards a Sustainable Future
Sri Trang Group today is powered by a harmonious blend of two generations, our pioneering team hat laid a solid foundation and a new generation that brings innovation and creativity to drive transformation. Together, we are shaping the future and becoming a true game changer in the rubber industry.
Our success today is the result of the collaboration between our employees, business partners, and all stakeholders. I sincerely thank you all for your trust and continued support. Sri Trang Group remains committed to making a difference, breaking through limitations, and driving the company toward sustainable and enduring growth.
Thank you.
Dr. Viyavood Sincharoenkul
Chairman
Sri Trang Agro-Industry Public Company Limited