Message from Chairman

Dear Stakeholders,

As we conclude another year, I would like to express my gratitude for your continuous support and confidence in our company. In 2024, we achieved a total factoring volume of Baht 32,186 million and loan volume (leasing/hire purchase and inventory financing) of Baht 936 million or approximately a 5% increase as compared to 2023. This reflects our ability and commitment to deliver exceptionalz factoring services to Thai SMEs through a challenging market period.

Despite the slight growth in business volume, we saw a decrease in net profit due largely to elevated impairment losses as well as an increase in IT-related investments to improve productivity and client experience. While these items impacted our financial performance in the past year, we maintained a healthy financial position with equity growing 3%, ensuring financial stability and the ability to invest for future growth.

In 2024, we embarked on a joint venture focusing on the electric vehicle (EV) car rental business mainly for the Corporates and Government Agencies. This venture aligns with our commitment to sustainability and innovation, positioning us to participate in a rapidly growing industry while diversifying our portfolio.

Additionally, I am proud to report that we have made strides in our environmental initiatives, achieving lower emissions compared to 2023. Our focus on reducing our carbon footprint is not only beneficial for the planet but also reinforced our commitment to Corporate Social

Responsibility. We also successfully renewed ourcommitment to the Thai Private Sector Collective Action Against Corruption (CAC).

We are pleased to announce that the Board is proposing a dividend payment of Baht 0.1480 (or 14.80 Satang) per share for 2024, totalling Baht 73.04 million or 53.31% of the net profit, in line with the Company’s dividend policy to distribute not less than 50% of the net profit after provision for legal reserves. This will be subjected to the approval of the 2025 Annual General Shareholders’ Meeting to be held on 21^st April 2025.

As we look ahead, our priority remains clear - to elevate productivity, strengthen our risk management, and seek opportunities that align with our long-term vision. We will also explore strategic partnerships that can strengthen our relevance and impact in Thailand. We will continue to develop the supply chain financing business, expand our international factoring volume, and find new ways to support local SMEs as they grow and expand. We are confident that these efforts will position our Company for long-term success.

On behalf of the Board of Directors, I would like to thank shareholders, investors, and all stakeholders for their trust and belief in IFS’ potential and their continued support. I would also like to express my sincere gratitude to our Management and Staff who have devoted their efforts to the Company. With your continued support, we can scale new heights together.

Randy Sim Cheng Leong
Chairman
20^th February 2025