Mr. Rit Thirakomen

Chairman and Chief Executive Officer

Dear Shareholders

Over the past three years from 2020 to 2022, countries around the world have faced a major crisis arising from the outbreak of Covid-19 pandemic. The continuing spread of the virus with multiple strains has had a negative impact on almost all types of businesses, especially restaurants, hotels, and airlines. As a result, sales and profits of the Company suffered significant declines for the year 2020 and 2021 due to the government’s measures to control the spread of the virus such as social distancing, and the closure of restaurants for certain periods of time while allowing only delivery services to operate. During these difficult times, the Company placed greater importance on cost savings and improving efficiency in all areas of operations in order that the Company could continue to support its employees as well as its suppliers. However, since the end of 2021, the spread of Covid-19 has decreased steadily due to the majority of the population being vaccinated and the severity of the infections has also decreased significantly. In addition, hospitals and other healthcare facilities have become more prepared and capable of taking care of patients effectively. As a result, the government has eased its Covid-19 control measures at a quicker pace including the relaxing or cancelling restrictions on foreign tourists to make it easier for them to travel to Thailand. In addition, in order to stimulate the economy to recover at a quicker pace, the government has consistently launched stimulus measures to stimulate private spending such as the Half-Price Sharing scheme, the We Travel Together scheme, etc. All of these government measures have resulted in the continuing recovery of the tourism, trade and service sectors. Likewise, sales and profit of the Company for the year 2022 have also rebounded strongly, which is a testament to the fact that the Company’s customers still have confidence in the food, service, and cleanliness of the restaurants in the MK group

The financial performance of the Company for the year 2022 may be summarized as follows: the Company’s revenue from sales and services was Baht 15,728 million representing an increase of 40.7 percent from the previous year while net income for the year 2022 also increased by 998.5 percent year on year to Baht 1,439 million. As a result of the increase in net income, earnings per share also increased from Baht 0.14 per share for 2021 to Baht 1.56 per share for 2022

In order to sustain its long-term growth as well as to maintain its market leadership in the restaurant business, the Company continued to expand its restaurant branch network in 2022 by opening 19 new restaurant outlets consisting of 8 MK restaurants, 6 Yayoi Japanese restaurants, and 5 Laem Charoen Seafood restaurants.

Furthermore, in order to enable the Company to continue to grow sustainably and stably after post Covid-19, the Company has placed importance on six strategies to support its future business development as follows:

  1. 1. Tracking and studying the behavior of consumers that may have changed from the past in order to adjust the restaurant format and the service method accordingly. 
  2. 2. Continuously investing in projects that will reduce operating costs, such as installing solar panels on the roofs of all the buildings in the MK group, increasing the use of robotic servers in food service, and implementing the use of hybrid working system in the office.
  3. 3. Expanding into overseas markets for the two main brands, namely MK Suki and Laem Charoen Seafood. 
  4. 4 .Negotiating to join other food businesses that have potential to grow and generate good profits. 
  5. 5. Developing the skills and competencies of high level executives to replace those who are due to retire in the near future (Management Succession Plan Development).
  6. 6. Expanding the branch network of all brands that have potential to continue to generate good profits


In the conduct of its business, the Company has realized the importance of corporate social responsibility and has consistently made contributions and provided necessary support and assistance to the society. In 2022, the Company in collaboration with Aunty Thongkam Foundation participated in activities related to social assistance as follows:

  • • Donated Baht 20 million to Ramathibodi Hospital for the construction of two I-Cure OR rooms
  • • Delivered over 26 tons of fresh food materials to the community kitchens for cooking over 294,000 meals.
  • • Donated money to the Liver Foundation of Thailand to support its operations throughout the year
  • • Donated money to the Yuvabadhana Foundation to support the "Nutrition for Children" project
  • • Donated money to the Somdet Phra Yanasangworn Foundation to support the 6th “Walk with Virtue” project
  • • Donated money to UNICEF to support the Early Childhood Development project 
  • • Donated the total annual net profits of the four restaurants in the MK Group regularly to Siriraj Piyamaharajkarun Hospital where the restaurants are located.

The Company believes that giving back part of its profits to the society will bring pride and satisfaction to customers, partners, and shareholders, and hence will further strengthen their support for the operations of the Company.

In view of the operating result of the Company for the year 2022 showed an increase in net profit from the previous year, and the financial position of the Company at the end of 2022 remained strong, coupled with the high liquidity position of the Company, the Board of Directors of the Company thus resolved to recommend a higher dividend rate than last year or at the rate of Baht 1.40 per share (Y2021: Baht 0.80). As an interim dividend of Baht 0.50 per share was already paid to shareholders, the final dividend of Baht 0.90 per share, subject to the approval of shareholders at the 2023 Annual General Meeting, will be paid to shareholders who are entitled to receive dividends on May 24, 2023

Looking ahead, the restaurant business is expected to maintain its recovery momentum in 2023 due to the continuing recovery of the tourism sector, as it is expected that the number of foreign tourist arrivals in Thailand will rise significantly especially after China opened its borders and allowed its tourists to travel to foreign countries in February 2023. The recovery of the restaurant business is also supported by the fact that people gradually resume their economic activities almost as usual. Despite the favorable outlook, the Company still faces several challenges in 2023, such as pressure from rising operating costs including raw materials, labor and energy costs, intensified competition, rapidly changing consumer behavior according to prevailing trend, and the political uncertainty arising from the general election which is expected to take place in May 2023. Nevertheless, with the capable and long experienced management team who are dedicated and ready to face these challenges, I am confident that the Company will be able to overcome these challenges and achieve a better operating result than the previous year.

Lastly, on behalf of the Board of Directors, I would like to thank our shareholders, joint venture partners, suppliers, customers and all other relevant parties for their continued support and trust. I also would like to take this opportunity to wish everyone good health and free from all kinds of illnesses.