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Core Policy for Sustainable Development for Achieving Net Zero Greenhouse Gas Emissions in TPI Polene Group by the Year 2043 (B.E. 2586)


TPIPL aims for sustainable development in order to create a balance in terms of economy, environment, and society under good corporate governance. The terms “Circular Economy,” “Green Economy,” and “Bio Economy” are used interchangeably to refer to the Bio-Circular-Green Economy (BCG), which is used at every stage of the value chain by using waste fuel instead of coal to produce cement and aiming to run a clean renewable energy power plant by completely eliminating the use of coal.

In addition, TPIPL adheres to the principle importance of conducting business operations by emphasizing the balanced consideration of all related parties, to create high returns on investment forto shareholders in compliance with the principles of good corporate governance, Codes of Conducts and/or related regulations or any legal issues on the basis of business ethics. 

Consistently bright 2022 operating performance

For the year 2022, the Company and its subsidiaries registered earnings before interest, taxes, depreciation and amortization (EBITDA) of Baht 13,371 million, an increase of Baht 730 million or increased by 5.78 % compared with Baht 12,641 million for the year 2021.

As of December 31, 2022, the Company and its subsidiaries’ net IBD/ EBITDA ratio equated 4.47 times.

In 2022, the Company and its subsidiary registered normal operating profit for the year of  Baht 7,573 million  compared with normal operating profit for the year of Baht 7,067 million in 2021, an increase of Baht 506 million or increased by 7.16 %.  In 2022, the Company and its subsidiaries registered profit for the year of Baht 7,845 million compared with profit for the year of Baht 6,918 million in 2021, an increase of Baht 927 million or increased by 13.40%. Profit for the year of Baht 7,845 million in 2022 was comprised of normal operating profit of Baht 7,573 million, net foreign exchange gain of Baht 437 million and tax expense of Baht 166 million.  

The Company's credit rating upgraded to "A-" (Single A Minus) while the credit rating outlook was set at "Stable"

The increased profitability has come mainly from TPIPL’s strategy to focus on specialty chemicals, significantly boosting the profit margins of its polymer business. In addition, the Company’s continuing efforts to streamline costs and improve production efficiency have enhanced the performances of the construction material business. This includes coal-fired fuel replacement projects with municipal waste fuels and other cost- streamlineing measures, which can generate stable profits and cash flow for the Group continuously. As a result, on February 24, 2023, TRIS Rating upgrades the company rating on TPI Polene Plc (TPIPL) and TPI Polene Power Plc (TPIPP) and the ratings on its senior unsecured debentures to “A-” (Single A Minus)  from “BBB+” (Triple B Plus).

 TPI Polene Group’s Target to be Net Zero Greenhouse Gas Emission Producers by 2043

The Board of Directors and the top executives have a policy to conduct business towards a low-carbon society by setting a goal of Net Zero Green House Gas Emission in TPI Polene Group net zero emissions by the year 2043 (or B.E. 2586) in order to comply with the policy of the Greenhouse Gas Management Organization (From waste to be used as alternative fuel in the Company’s cement production process and in the power generation process of TPI Polene Power Public Company Limited’s power plant). Thailand has announced that it will achieve its carbon neutral goal by 2050 and achieve net zero emissions by 2065.

In 2022, cement factories can reuse approximately 360,675.09 tons of waste, or approximately 12.29% of total waste fuel (from the target of 25%) due to all 4 cement plants have been gradually replaced by coal instead of coal in 2022. However, the last cement plant started using waste fuel instead of coal in December 2022. Therefore, it is expected that by 2023, the cement plant will be able to use waste fuel  to replace coal by up to 25%.

In addition, the power plant has been able to use approximately 2.73 million tons of waste as fuel instead of coal, with the TG7 power plant being able to use waste fuel instead of coal to 100% since December 2022. As for the TG8 power plant, approximately 10% of waste fuel has been replaced by coal in 2022, and will be able to use 100% of waste fuel instead of coal in 2025. This will result in the power plant of TPI Polene Group being a 100% clean energy plant (Coal Free Power Plant).  

Restructure the Group of Companies to be in line with Business Operation

            TPI Polene Group reorganized its business activities in early 2023 to align with the following product groups:

  1. TPI Polene Bio Organics Co., Ltd. TPI Polene Bio-Organic Co., Ltd. sells plant-related products such as bio-organic fertilizers and soil improvers, etc., and sells livestock and fisheries products such as yellow powder, TPI Bio-san, etc.
  2. TPI Bio Pharmaceuticals Co., Ltd established a pharmaceutical compounding facility, as part of an initiative to invest in the creation of contemporary medications for people (in the form of powder and tablets). The business will keep submitting applications to the Food and Drug Administration for registration of contemporary medicines for individuals and for a license for GMP certification.

TPI Polene Group employs a team of pharmacists to conduct research and produce their own goods using raw materials that are the active ingredients stated in contemporary drug formulations employing clean, contemporary, and risk-free manufacturing techniques for customers.

  1. TPI Healthcare Co., Ltd. sells products for occupational hygiene such as Bio Knox, mouthwash, soap, and stain remover.

Enhance Machine Efficiency for Continuously Reducing Production Costs

TPI Polene Group is working to lessen the environmental effect of its value-chain operations, for instance, the Company’s factories carry construction stone raw materials from the mine to the factory using electric trains and conveyor systems rather than fuel-powered vehicles. TPI Polene Group has a policy to switch the vehicles used to carry TPIPL Group's products from combustion systems to electric vehicles, which helps lower both transportation costs and greenhouse gas emissions that contribute to global warming and lessen the impact of PM2.5 dust.

Reduce Risks and Create Opportunities to Maintain Sustainable Growth (Sustainability Risk)

TPI Polene Group is still looking for possibilities to invest in companies with high profit margins and growth rates, while also controlling manufacturing costs and lowering overhead costs to maximize its chances of success. In addition, it continues to focus on developing technology and applying innovation to drive business to reduce risks and create opportunities for sustainable and stable growth (Sustainability Risk). Due to current changes in technology and new innovations to increase the efficiency of various operations, there is a greater influence because every business must use new technologies to increase efficiency in various operations to increase competitiveness. If new investment is not taken into consideration, the Company will lose out on commercial prospects, be unable to provide sustainable income, and possibly even go out of business if it cannot keep up with the Disruptive Industry. In addition, TPI Polene Group continues to manage risks throughout the organization by analyzing risks and responding to risks at an acceptable level.

To be a Leader in Specialty Polymer Business

The Company has successfully entered the technology market by converting its polymer business into environmentally friendly specialty polymers with higher added value and higher margins by improving production technology and machinery to be more flexible, the Company can create added value and profit margins that are higher than the general market. The Company must therefore conduct research and develop this knowledge. As the only manufacturer in Asia, the business tests new markets and product samples before creating the technology that will be used in the production line itself in the future. The Company expects to be able to start producing new types of specialty products within 2024.

TPI Polene and Sustainability Management

In 2022, the Board of Directors has approved the adoption of all 3 sustainability issues that are material to business operations covering Environmental, Social, and Economic aspects, including good corporate governance to formulate a sustainability policy. According to its definition, it serves as a tool to motivate the Company to realize its goal of sustainable development in accordance with the goals and plans of TPI Polene Group. The sustainability issues that have been approved by the Board of Directors have been used to prepare the Sustainability Report 2022 in accordance with the standards of the Global Reporting Initiative (GRI).

Sustainable Development Performance

With the success of the Company adopting sustainable values to continuously drive business operations, resulting in the year 2022, the Company received awards and certifications from recognized organizations in promoting sustainable development, including good corporate governance as follows:-

  1. The Company was selected as one of the ESG100 securities companies with outstanding performance in environment, society, and governance (ESG) from the assessment of listed securities in 2022 by Thaipat Institute.
  2. The Company was selected to be in the sustainable stock THSI (Thailand Sustainability Investment) for the year 2022 from the Stock Exchange of Thailand.
  3. The Company received the Corporate Governance Report of Thai Listed Companies : CGR for the year 2022 by the Thai Institute of Directors (IOD) at a very good level (Very Good).

On behalf of the Company, the Company’s Board of Directors would like to take this opportunity to thank all related parties for a well-coordinated effort and their ongoing trust in the Company to create unswerving progress for the organization.  It is a major goal of the management team and all levels of the entire staff of the Company’s staff to move the business forward to overcome obstacles, to achieve the goal of creating stability for the organization, and to enhance the sustainable strength of the corporation, the community, and the country. This was achieved, by emphasizing the balanced consideration of all related parties and conducting business with fairness for all stakeholders through a policy of reducing emissions to solve global warming, by consistently creating a good surrounding environment by reducing the impact of climate changes caused by natural disasters to further enhance the sustainable growth of the country.


Sincerely Yours,


 Mr. Khantchai Vichakkana
Chairman of the Board and Independent Director

Mr. Prachai Leopairatana
Chief Executive Officer