Good morning, ladies and gentlemen, and warm welcomes to everyone here in the room and also online who are joining us this morning for the analyst conference for the first quarter of 2026. My name is Wachara, Head of Investor Relations, and I will be your moderator today. We are pleased to welcome all guests here today. For those joining online, please kindly enter your name and your company so that we can accommodate you accordingly. Today's presenters are as follows. SCG's management will be led by Khun Thammasak Sethaudom, the CEO of SCG. He will lead you through the consolidated results and highlights. The management team from each business unit will highlight the key operational issues. Beginning with the Chemicals Business, Khun Sakchai, the CEO of SCG Chemicals.
He will provide you with a deep insight into the global industry's deep volatilities in Q1 and also highlight SCG Chemicals' high agility and adaptability. Khun Surachai, the President of Cement and Green Solutions. He will detail Cement and Green Solutions' solid and exceptional performance in cement businesses for the first quarter. Khun Wiroat, the President of SCG Smart Living and Distribution and Retail. He will highlight the business building material sector and the performance of the listed SCG Decor Public Company Limited. SCG's financials and SCG Packaging Public Company Limited's results will be summarized by Khun Chantanida Sarigaphuti, the CFO of SCG. Now onwards to today's presentation. Please, Khun Thammasak.
Good morning, everyone. Today we have a lot of contents to discuss, and we allocate a lot of time for P'Sang. I know many people will ask him, so I will go brief on the Q1. First quarter, I have to say this is a very chaotic and the situation have changed on a day-to-day basis since the war began in Iran. This will ultimately, as International Monetary Fund point out, it actually dragged the global GDP down. If you read the International Monetary Fund report. Instead of the 3.2% for this year, it could drop to 2.5% or even at 2%. This is the cost of war. Everyone knows. Behind the scenes, behind this figure, we see a volatility, we see an uncertainty just impacting the global energy and supply chain on a day-to-day basis. We see a higher inflation that is undeniable.
In term of the SCG, we take a short-term immediate measure. Of course, we learn something called a day-to-day war room. Every day bringing those who procuring feedstock, raw materials, production, marketings, those who take care of the customer and top management to make a decision on a day-to-day basis. Basically, we try to get more feedstock and expedite the non-Hormuz sourcing, especially in the chemical business. You could see that a number of new cargos that we can acquire during the first few months after the war. Also, we have to protect the customer, especially those are using our high value added. By definition, high value added is not commodities. The meaning that not commodity, meaning that our customer will find more difficult to switch to the other supplier. That is why we really have to put priority for this customer.
We take care of all these HVA customer carefully and also the other local customer. Again, we are accelerating the energy cost reduction, internal efficiency. You could see that all of the alternative fuels has been increased to negate the increased cost of coal and solar and renewable energies. Also we manage the transportation, especially the EV, because there is a point of time where diesel may be an issue. I still believe that diesel will be an issue further into the future. That is why we are acquiring more EV fleet for our logistic. That is the immediate measure we implement. However, we never forget about our two-year plan, two-year target.
We still focus pretty much on carefully spending our CapEx, especially we prioritize the energy saving because that even quicker return if we implement the energy saving project and supply chain resilience. You will see that we have higher cash on hand. More importantly, we are strengthened the long-term competitiveness to a transformative measure. This is actually the key highlight for today's discussion also. Especially on the chemical, the ethane project is the long-term competitiveness enhancement project. Yesterday we announced another competitive enhancement on the [Pexco] olefin and polyolefin national champion joint venture. This one, P'Sang will explain more. Let us see the result of the Q1. Adjusted cash EBITDA, we registered close to THB 15 billion for the first quarter, and that is a 66% increase on the Q1Q. Adjusted profit is THB 1.8 billion.
If you look at the reported profit is THB 6.2 billion for the first quarter. Cash on hand increased from THB 52 billion -THB 67 billion. Basically, our cash on hand increased. Net debt decreased by almost THB 3 billion. Net debt to EBITDA now declined to 5x. Everything in line with our target. In more detail, this is the THB 15 billion adjusted cash EBITDA. Chemical now represent 25%. If you remember, 2025 chemical represent only 8%, now jumped to 25%. If you look in our business unit, on the Q on Q basis, chemical, Cement and Green Solutions, SCG Smart Living and SCG Packaging, every business sector adjusted cash EBITDA increased across the board. If you look at in detail, this is the highlight. Chemical really focused on agilities.
Day-to-day decision-making count because every day if you miss it, that mean a lot of opportunities. Really decisive decision is in need to optimize, to maximize our operation. That is why we see a performance improvement. Construction related, we increased the EBITDA margin in our subsidiary business, CGS, SCG Smart Living, Distribution and Retail, and SCG Decor, attribute to the cost reduction, a major cost reduction that we have implemented, especially on the low carbon cement alternative fuels. SCG Packaging, you see a big turnaround in Indonesia operation performance. That reflects the commitment that management had gave you since last year that we need to fix this, and we are on the right path to make it into the profitability again. In terms of financials, we have a very strong cash on hand, and we can lower our net debt.
Of course, we enjoy the benefit that we take the recycling effort last year. Last year we took THB 5.3 billion write -off one time. This year we lowered the expense by THB 4.3 billion THB. This is something that we leave the benefit from last year effort. If you look at in term of the revenues, actually sale revenue not increased because we shut down the Rayong Olefins in March. That why if you look at the total revenue is actually not increased. In term of the breakdown by destination, ASEAN still represent 83% of our total sale. ASEAN is the area that still have a vibrant growth, and this is almost 85%. Basically, this a big chunk for our operation. Just to point out one thing, that China, we sell back to China about 3%.
Adjusted cash EBITDA, as I report, is a quick turnaround to almost THB 15 billion . There are many reason. Seasonal demand of the construction material, inventory gain at the SCG Chemicals, and improved performance of the SCGP, especially in Indonesia, and also improved performance of the SCG Decor. Reported EBITDA registered at THB 17.5 billion, roughly . Adjusted profit registered at THB 1.8 billion . If you look at the reported profit is THB 6.2 billion. This is the result of the Q1 effort. May I pass to Pisak?
[Non-English content] Good morning. Look at the chemicals, what happened in the first quarters. Actually, in this year, the overall capacity from China will be less than the last year. What we planned in the beginnings, the petrochemicals industry in this year, probably the situation will improve a little bit. Anyways, come to the months of the wars, actually started at the end of February, and whole month in March, that would be affected by the war. Look at the feedstock price in the world increased significantly. That also made the products price also increase significantly. Not only the pricing, then also availabilities and also some of the supply chains, resilience in almost all country. SCG Chemicals, we normally use the domestic feedstock about 20%, 30%, and the less import and the major source of import from the Hormuz is about up to 50%.
Unfortunately, the whole month in March, we were canceled in terms of the orders feedstocks. That's mostly from Hormuz. That makes us to have to announce force majeure in ROC. because the feedstock that we plan for ROC. and MTPOC. in Thailand very much rely on the Hormuz cargos. We try our best to look for, to secure the cargos from non-Hormuz. Anyways, as we may know, not only Thailand we rely on Hormuz cargos. The countries such as Korea, Japan and other country in South Asia is also rely on Hormuz cargos. All in all, the war, we all know several of the asset damaged by war. For the Asian chemicals' producer, we affected by the feedstock's shortage, especially from the Middle East producer. This is the summaries of the damaged capacity in Middle East.
So far, it is about 20% of the global ethylene capacity is non-operations. If you remember, normally we are talking about the capacity, the supply over demands, we are talking about 20%. So, it means if the 20% capacity lost, it means if you would like to fulfill global demand, every cracker have to run 100%. That is why in the short term, in the second quarters that make olefin or olefins market very tight. Look at the spread, the average Q1 that actually dominated by the month in March. You look at the, let us say, the naphtha price in March increased almost 80% from February. So, in March, the average price shoot from THB 600 something up to almost THB 1,000. Naphtha price still keeps increasing, peak over THB 1,100, but on average in April is about THB 1,050.
Look at the gap, HDPE naphtha gap. Average in first quarters 324, but you look at only March is increased to 400. In April it is increased to 545. PP the same level. So March 347 and April 420. On average in first quarter, 285. PVC, EDC, C2 gap also the same. Especially, EDC price increased significantly. At the same time, PVC price increased, but not in line with the cost increase because of the acetylene PVC from China, they ramp the capacity and sell into the market. So it seems that the gap of the industry improved significantly. But look at the break-even production cost of the petrochemicals. I always say we have to look at two key factors, the even gap and also the feedstock price. Because petrochemicals, the feedstock price is higher, it makes the conversion cost higher.
So, it means HDPE naphthas at the cost above THB 1,000 or THB 1,100. That requires the break-even gap about THB 500 or THB 550. So, it seems April market gap is THB 545. That is all the producers try to increase the price just based on the additional cost. This is the volumes what we sold. You look at in the first quarters, both Thailand and Vietnam more or less, probably a little bit lower than Q4 last year because of LSPE. LSPE's Vietnam production more or less the same, but the sale volume is much lower than average. That sale lower than production, that inventory will carry over to the second quarters. So, it means LSPE in the second quarter will show the sale increase. All in all, Thailand's PE and PP, we even sell higher than the last quarter. Value change is the same.
We also, both in Thailand and ASEAN operations, combined sale volumes are higher than the last quarter, or even higher than the same quarter last year. This is the financial performance of SCG Chemicals. The first quarter's adjusted EBITDA without LSPE is THB 2,739 million. Once we say adjusted EBITDAs of the chemicals, means excluding the stock adjustment and NRV. This is only the pure performance of the first quarters. If includes LSPE, adjusted EBITDA would be THB 2,253, a little bit lower. So, reported, you will see the last low, Q1, it shows THB 6.1 billion. That is because of the stock adjustment and NRV. Look at net profit, it is aligned with the EBITDAs. Adjusted earning without LSPE still THB -363 and including LSPE, that is THB -3 billion. But if you look at including everything, stock adjustment and will be reported net profit is THB 1,738 million.
This is the outlook in the second quarters. As I mentioned, the global ethylene capacity damage about 20%. Actually, it is not 20%, it just combines the sum is the capacity damage in the Middle East, some is the Asian ethylene capacity could not utilize full capacity because of the shortage of the feedstock. For example, ROC., and we also just announced we plan to temporarily shut down our LSPE in Vietnam. It seems global supplies in the second quarter are still really tight. And also the naphtha and crude price are really volatile. Even those in the past week, once the peaceful talks close to finals, it has made energy prices drop down. Every time that the war escalated, that makes again, the feedstock price, the crude oil prices appreciated significantly.
That is why SCG Chemicals, we adopt the crisis mode, I mean we have to gather and make decision day by day because the feedstock, what we secure, most of the supplier who have the physical feedstock, they also try to mark up and put the premium on their products. It is not only difficult to secure the feedstock, but we have to carefully manage the cost of the feedstock. Vinyl chain, also EDC prices surge and, as I mentioned at the same time, the PVC supply size from China. China, there are a huge capacity of the acetylene PVC. That is right now the ramp up the capacity. That is why they make the PVC price up, but some ceiling. This is the effort we have done and also going forward in term of the feedstock sourcings. We put out all effort to find a non-Hormuz feedstock.
At this moment, one cracker in Thailand, definitely we can run long. Also, if we would like to resume the second cracker, that really must depend on the feedstock availability and also affordability of the feedstock. Right now, we carefully to manage the feedstock sourcing and also carefully look at the economics of the crackers. It is possible to resume the second cracker or not. And the MTPOC, we keep running full and feedstock, I mentioned that is no worry. And ROC., we will do it. We look at the situation. But the plan or condition are ready to resume. LSPE, we just announced to shut down because of also the feedstock availability. At the same time, we also have worked something that is also benefit to the team, to our new project, LSPE.
We just utilize this shutdown period to do some turnaround and also tie-in work in order to accelerate the ethane project in the future. Of course, HVA contributes a lot to SCG Chemicals at this moment. As Khun Thammasak mentioned, commodities probably right now is really volatile and also demand supply in each country is the earliest, not the same. But HVA is a must. Customers, they need this kind of products. For example, in automotive, in the pipe industry, and also some of the high-quality packaging, multilayers of the food packaging, that they really must rely on this kind of the product. Yes. The switching source supply, not easy. Anyway, we also try our best to prioritize our product portfolio to support the customer. Of course, customer in Thailand is the first priorities.
Not only we utilize our capacity in Thailand to Thai customer and Thai consumers, we also import some portion from Vietnam to fill up the gap. That's why now we can confirm, we can commit to our customer in Thailand. We keep supplying 100%, same as the past to the Thai customer. This LSPE updated, of course, we just mentioned and we were going to shut down temporarily the mid of May and look at the progress of our two storage ethane tank. That is on time. Right now, 54% completed and also on budget. We plan to finish these two storage tanks the first half of next year. Of course, not only the storage tanks. The others are plant modification that also we plan to do is about the mid of the next year. That also will take a few months.
Another important is the vessel ethane VLEC, the large vessels that is under building in Korea. That also on plan and will be completed almost the same time as our plant modification. That's all. I just pass to [Num].
Thank you, [P'Sang]. Good morning. [Non-English content] For Cement and Green Solutions, I would like to begin with the highlight that we have done in the first quarter. We continue to reduce our production costs by investing in a decarbonization project that we can use more alternative fuel and support our green road map. The hourly figure, which we can use 40% in alternative fuel and 40% in IE. But AF capability can be ramp up to 60%. It means that we still have a room to improve and reduce our cost reduction further. Currently, biomass prices are trending upward, resulting in lower saving compared to coal. Therefore, RDF will be the key alternative fuels for cost reduction in this year. This is an example of alternative fuel usage at Thung Song Cement Plant in the south of Thailand.
We increase RDF and biomass by investing in kiln bypass and external combustion chamber technologies. It could reduce our energy costs, and this enable our cement plant to achieve 55% alternative fuel usage. The figure is higher than average, and similar projects at Kaeng Khoi and Khao Wong Cement plant in Saraburi Province is nearly completion in the quarter three of this year. During the energy crisis, we leverage our strong location advantage with our plant close to our market to keep costs competitive. At the same time, we optimize distribution with flexible supply source supported by our nationwide cement plant and ready mix concrete network. So we can reduce energy cost pressure through efficient logistic and close collaboration with our dealer to ensure reliable and timely delivery.
For the low-carbon leadership, we strengthen our leadership through a global expansion in sustainable construction material, and we receive a top award for our low-carbon cement product, decarbonization project from [TJDA]. You can see in the graph, in the quarter one, our low-carbon cement penetration rate is higher than 80%. Let us move to the financial part. Revenue in the quarter one registered at THB 21 billion, increased by 5% Q-on-Q and 1% year-on-year. For the EBITDA in the first quarter was THB 4.4 billion, increased by 45% Q-on-Q and 20% year-on-year, mainly driven by revenue expansion and our cost-saving effort. For the profit in the quarter one registered at THB 2.1 billion, increasing significantly by 77% Q-on-Q and 48% year-on-year. This is in line with our EBITDA growth. Move to the market situation. Market situation in Thailand.
Cement demand in the first quarter decreased by 1% year-on-year due to soft demand, especially in the residential segment. If you look at the infrastructure segment, we can see 1% growth in the first quarter. However, in the overall situation in ASEAN, the market improved compared to the same period last year, particularly in Vietnam and Cambodia. You can see our two-digit growth. For the business outlook, we will continue our cost reduction program, focusing on two key areas. First, we will increase the use of alternative fuel and renewable energy to lower our production cost. Second, we will improve our production process by using AI to reduce waste and improve our production efficiency. For the new product development, we continue to increase high-value product to improve our margin. At the same time, we also expand Smart Value Products to reach more customers.
For example, we offer saline resistant concrete that is suitable or good for our customers in the southern and northeastern area. For the green product, we accelerate the adoption of low carbon cement, the third generation, through more prototype testing projects. You can see we have a testing project in Khao Yai and a parking lot in One Bangkok project. We are also positioning Vietnam as a key export hub of low carbon cement due to cost efficiency for exporting. That is all for my part. May I pass to [Pi Boy].
Good morning. [Non-English content] For the SCG Smart Living and SCG Distribution and Retail, I would like to highlight the strategic milestones. First, we have continued to diversify portfolio to align with the customer demand. A key innovation is our Comfort Tile, which achieve temperature reduction of three degrees Celsius to seven degrees Celsius with the new designs. Also, we have the integrating our roof and ceiling solution into heat protection system. Finally, our Smart Value Product or SVP continue to gain significant market traction. We are further diversifying our offering. We have introduced a new shade of SRA Ceramic Roof Tile to align with the customer preference. Second, operation efficiency initiative contributes THB 31 million to our profit this quarter. Key success is we use the M-Sand integration in production process, which allow us to save cost around 40% over traditional natural sand while maintain the consistency and quality standard.
For the next is, despite the current transport shortage, driven by the high logistics cost, our plan is more than 400 distributors are strategically located across the country, which maintain resilient supply chain and deliver more efficiencies. Move to our financials. Our sales revenue trend upward this quarter, showing a solid Q on Q improvement. However, we remain behind the year-on-year benchmark due to the softened market demand. We also saw slightly decrease in adjusted cash EBITDA compared to the previous years. This reflect the market softening as I mentioned earlier. In term of the profit, we achieved significant growth in net profit, both year-on-year and Q on Q. This gain from the direct result is a higher sale from last quarter and operational cost reduction. In term of the market landscape, Thai building material sector declined 3% year-on-year.
Despite this, public sector remain a growth driver. Regionally, we are seeing similar trend where public sector initiate and FDI remain primary catalyst for the demands. Looking ahead to the next quarter, while we anticipate continued support from the government investment across domestic and regionals, we are maintaining cautious outlook on geopolitical uncertainties. To navigate geopolitical uncertainties and strengthen our competitiveness, we are prioritize four key strategic pillar. First, we are accelerate integration of the alternative fuel, renewable energy and alternative raw materials to enhance sustainability and cost resilience. Second, we are deploying AI and advanced digital solution to drive operational excellence. The third one, we are shifting product mix toward the SVP to align with the customer need. Lastly, we are mobilize our nationwide distribution network to achieve fully optimized supply chain. That all for the SCG Smart Living. Next, for the SCG Decor. Moving to SCG Decor.
SCG has the revenue from sales is THB 5,550 million, down - 7% year-on-year from the Thailand slowdown and the Thai baht appreciate from regional performance consolidation. If without the FX impact, revenue from sales would drop only - 4% year-on-year. Revenue also improved Q on Q mainly from the better Thailand sales volume. EBITDA and the net profit recorded strong performance amid volatilities and soft market demand with the EBITDA of the THB 780 million improved from Q on Q and slightly declined year-on-year. The net profit of the THB 247 million improved both Q on Q and year-on-year from the cost-saving initiative, which have been done continuously. That all for my part. Pass to [Pipat].
Good morning. Let me start with a recap of the financial performance of SCG Packaging. They announced quite impressive financial performance for Q1 despite a lower revenue both year-on-year and Q on Q due to the lower volume sales and also the average selling price. But in terms of the profitability and EBITDA, it improved both Q on Q and year-on-year. Pretty much that's because of the improvement in their packaging paper operation in Indonesia and also because of their continued effort in terms of the cost management for the energy mix and the productivity improvement. Let's move on to the financial position of SCG for Q1. Our financials remain solid pretty much because of our continuous effort in emphasizing on the financial discipline and deleveraging. As you can see from the net debt amount, it was down to THB 277 billion from THB 280 billion at the end of last year.
But looking back probably almost two years, it has been reduced quite significantly. Working capital this quarter increased a little bit. That is because of the higher price of both the feedstock and also the finished product. Cash on hand, as Pipat mentioned, it was about THB 67 billion at the end of Q1. I would like to put a note here that within the THB 67 billion, we have reserved about THB 10 billion for the redemption of the SCG debenture, which was due April 1st. So excluding that amount, cash on hand roughly going to be about THB 56 billion, which is still very strong and increase about THB 4 billion from the end of last year. In terms of net debt to EBITDA, as I have mentioned, we focus on the deleveraging, and you can see that the peak of net debt to EBITDA was about 5.5 x.
It has come down to 5 x. If you use the net debt to adjust that cash EBITDA, the ratio will be 4.7 x. This is another part of the financial discipline that we are very careful in terms of the spending. Capital expenditure for the first quarter was THB 5.5 billion, and you can see from the pie chart on the right side in terms of the distribution, both by business and by spending type. The full year estimate will still remain committed at about THB 30 billion in terms of the CapEx spending. Let us move back to [Pipat].
Thank you, [Pipat]. Look at Q2. Basically, when we look at second quarter, the turbulence is still there, and thing can change drastically on the day-to-day basis. So, this is something that we have to be very careful and vigilant. That is what I try to say. We still implement the daily volume. That is to guide for the quick decision because every day is count, and that will respond across the business unit. Active communication to customer, I think we believe that the best way we can do is to improve the communication so our customer can adjust. We have to safeguard the supply chain. As [Pipat] mentioned, the financial discipline is still very important in the very high uncertain world. So, we are careful, and we still continue our journey to reduce the debt, improve the return. We have to take care our stakeholder.
As you know, there are many angle that we have to take into account, not just our own operation or our immediate customer.
For the chemical, with this business that is subject to global volatilities. At the moment, we can run straight off the MOC, that is good news, with this, the MOC is highly loaded with the HVA. That is straight into the Q2 and Q3. For LSPE and ROC, we stay careful, ready, if the situation turns back, especially in the Hormuz. We believe that Hormuz situation can stay like this or even have a situation within the next months. That is still possible. We have to be careful. For the construction-related, the key point, the key strategy is to make it resilient, and one way to make it resilient is to reduce the energy cost and adjust the product to serve the internal market.
We know that the inflation already hit into the market, and we will have to offer a solution, a way, a clever design to reduce the impact or even help our customer to reduce the cost. Because we have technologies to do that. We have demonstrated many times that if we co-decide with the customer, we can help reduce the cost. We expect the 2026 growth through Thailand government's project. For packaging resilient margin, especially through the customer centricity and discipline portfolio, and also again, the Indonesian cement improvement that we have to focus. Our long-term competitiveness is our main focus for this year, next year. We expedite the LSPE. This is definitely no regret move. We are speeding up.
The cement in Vietnam, which is a high growth area, we are working tirelessly to deploy our low-carbon technologies that will give us a very strong advantage in Vietnam also. Packaging strengthen the integration for competitiveness and especially in Indonesia, you know that we made a series of acquisition in the past year and to improve the integration level, and that will create a sustainable business model into the future. Others, the clean energies, I think this is another price point. But we intentionally give more time to Pisak this time. Therefore, we just briefly touch on the clean energy. But let us assure that the clean energy is the long-term issue for every country especially, and that is the business opportunity for us also. The key transformative project mentioned in the LC yesterday to study to form a new JV. This is a new JV.
This is not a merging of the two companies. It is a take the asset of the two company and merge. Okay? That is why we have to give more time to [Pisak]. Okay, [Pisak].
So, we just announced the studies of these projects that PTTGC and SCG Chemicals, we will enter into the non-binding MOUs, actually, to explore a potential formation of a joint ventures of the olefin and polyolefin business in Thailand, I have to say, in Thailand. It is not just the two companies merging, but both sides just bring in the asset in the olefin and polyolefin chain to be. We intend to form a new companies with those assets . This is just the initial non-binding step to study opportunity together. Look at the asset by both sides. What I mentioned, we focus on the olefin and polyolefin business in Thailand. But for SCGC, we also will study the asset of our joint venture partners. But this is not yet officially confirms those asset will be under this scope because our partner well aware on these activities.
But so far we have not got any consent from the partners. You look at the. I just want to touch on the synergies and the strength of both sides. Of course, you look at PTT Group. There is really experience and have the very strong in the upstream. Actually, PTT Group, they have business from the exploration down to the refineries and petrochemicals. Both sides, we have been in this business quite sometimes. Both sides also try to improve the operational excellence in the operations. SCG Chemicals improvements in the track record in terms of the product innovation and also product portfolios. We always inform and also share our activities and also our success in the past in terms of the HVA. So far, we run our asset in Thailand with the HVA products portion over 60%.
These capabilities, together with this very strong upstream, we combine both strengths that will be stronger. That is in short summaries of both sides' strength. Look at how important our petrochemical industry in Thailand. During this war, this crisis, you remember starting the crisis and many issues, many industry in Thailand, they are suffering with the shortage of the feedstock. Petrochemical, it seems that it is on the upstream side. But over 70% of the industry rely on the petrochemicals raw material. You see, start from the food packaging. Once the petrochemical shortage of the polymers, that food packagings will be troubles. Our countries, everyone knows we is the champions of the food suppliers. We can distribute all the products worldwide because of the good packagings. Not only is the packagings industry, you will see the automotive.
Automotive, all the plastic components that are made of the plastic leasing. Many things, consumer goods and also even the healthcare business. During this time is also some of the material handlings of the healthcare or even the hospitals also really serious on how could they get the right devices and packagings to continue support for the patients. That is very important industry. That is why to have the strong and competitive petrochemical industry in any country is very important, not only in Thailand. To combine the strength, the intention just want to make this petrochemical industry in Thailand in the world-class state, not only is competitive in Thailand or in the regions. As I mentioned, both side, feedstock availability, feedstock competitiveness, plus the product innovation and also the great supply chain.
Both side, we can make optimization and also asset optimization in some situation that makes both side will be strong throughout the cycle. Not only is the petrochemicals itself, and if the strong, the downstream business, it will be strong. Petrochemicals is the upstream, as I mentioned, of many downstream industry. The last stakeholders are very important is customers. The customers is also will be insured in term of the supply abilities and also the product innovation, quality improvement, and that make the overall Thailand economics will be in a good shape if such important petrochemicals can be competitive. That's all of my presentation. Thank you