Creating Value for Society

Sustainable Product & Services

Risk

Both domestic and international business operators and investors are placing greater emphasis on global trends concerning environmental, social, and governance (ESG) issues, as well as on evolving regulations that impact business operations. At the same time, the public is increasingly attentive to the health and well-being implications of business activities. Consequently, the Company may lose business opportunities and competitive advantage if it fails to develop products and services that meet the evolving and more sophisticated needs of both current and future customers—beyond basic expectations. These needs include those related to climate change, energy, and greenhouse gas emissions. Moreover, the emergence of new competitors in the utilities and service sectors, who can respond to customer demands more quickly, is intensifying market competition. This could result in a significant loss of revenue from the Company’s products and services.

Opportunity

The Company serves a diverse customer base comprising leading firms across various industries. Through close engagement with these customers, the Company can effectively monitor and respond to evolving needs, enabling the swift and comprehensive development of products and services. By leveraging technology and innovative solutions, the Company is well-positioned to support emerging S-Curve industries and strengthen its long-term competitiveness. Furthermore, offering products and services that incorporate green technology enhances trust among local communities and fosters long-term coexistence with industry.

Management Approach

The Company is committed to the continuous development of AMATA City Industrial Estates under the concept of a perfect city that creates value for all groups of stakeholders in accordance with the Company’s ALL WIN philosophy, which focuses on being stakeholder centric.

Therefore, the Company has been focusing on developing products and services to address the needs and challenges of its manufacturing customers and to support their business success in the long run, as well as to respond to the needs of direct stakeholders who are affected by the Company's business operations, in order to gain good experiences in coexistence with the industrial sector and create mutual economic, social, and environmental values.  

Innovation plays a vital role in driving business growth, differentiating products and services, and enhancing their value. It also improves operational efficiency, reduces costs, and mitigates negative impacts on society and the environment. The Company has therefore established an “Innovation Management Policy” to foster an innovation-driven culture within the organization. This involves encouraging employees to express creative ideas, develop inventions, conduct experiments, and explore new solutions. The Company also promotes employee engagement in skill development and co-innovation initiatives with suppliers, business partners, and relevant stakeholders. These efforts are aimed at strengthening the Company’s competitiveness through its ability to generate innovations that create value for both business and society.

The Company has established a “Product & Service Development Framework” aimed at maximizing the value of its products and services to customers and all stakeholders. This framework focuses on stakeholder engagement, using various methods to survey, assess, and analyze the needs of current and potential customers, both regionally and globally. It includes trend and megatrend analysis, which are crucial in the real estate development business. The framework then uses this information to evaluate the impact, urgency, and importance of different factors to define the main objectives for product and service development. Meanwhile, it prepares for market readiness, collaborates with strategic business partners, and manages strategic innovation to design products and services that create competitive advantages. This also involves being open to feedback for continuous development. To achieve these goals, the Company has formed a SPRINT team composed of talented and creative employees, tasked with accelerating the development of products and services to meet customer needs more precisely.

Customer Engagement

In 2024, the Company collected information by conducting in-depth interviews with customers who are representatives of various industries to use the insights for analyzing and improving the Company's strategies and efficiently developing products and services that meet customer needs. The Company found that the environmental crises have become more severe, especially with climate change, leading to a global awareness of addressing environmental management across all sectors to mitigate the probability and severity of negative impacts. This has become a driving force for government agencies in many countries worldwide to declare and enforce more significant policies, and regulations, including new laws, and an increased demand for sustainability disclosure to prevent and mitigate negative environmental impacts. Factory operators in the AMATA Industrial Estate are crucial production hubs for major global investors who import and export to various countries.  Therefore, it is essential for them to comply with the laws and regulations of important trading partners and their importing countries and strictly adhere to the environmental policies of their parent companies. Moreover, they must manufacture products and provide services that meet the growing environmental, social, and governance demands of their global customer base. Thus, factory operators seek products and services that prioritize social and environmental responsibility, adhere to the principles of circular economy principles, and provide transparent and verifiable data for sustainability disclosure.

AMATA Smart City Development

The Company is committed to becoming a leading developer of Smart Cities, effectively responding to global trends and emerging risks, while addressing economic, social, and environmental challenges, as well as meeting the evolving needs of customers. The Company is focused on developing new investment zones with international standards, improving the social and environmental landscape, and fostering a skilled workforce. AMATA Smart City will serve as a comprehensive investment area within the Eastern Economic Corridor (EEC) and as a regional learning hub. This initiative aims to drive regional economic growth and create economic value for Thailand. The Company is currently developing the AMATA Smart City Chonburi Industrial Estate, which commenced development in 2023. Furthermore, the Company has collaborated with various organizations to jointly develop smart cities in 2024.

  • On 28 February 2024, a Memorandum of Understanding (MoU) was signed between AMATA Corporation Public Company Limited and BCEG Thai International Co., Ltd. The agreement outlines cooperation in developing infrastructure within the AMATA Smart City Chonburi and explores potential collaboration on the “AMATA Chinese Smart City” project, along with other infrastructure development opportunities.
  • On 24 June 2024, an MoU was signed between AMATA Corporation Public Company Limited and VNU Exhibitions Asia Pacific to foster the development of life sciences and promote a national health ecosystem. The collaboration aims to establish an international health and biotechnology cluster, including a world-class cancer center within the AMATA MediTown project, located in the Eastern Economic Corridor (EEC) zone.

Business Development in Foreign Countries

The Company has foreseen opportunities in CLMV countries where its strategic locations have high potential in connection to global supply chains and are now the focus of leading investors. Besides, the CLMV’s policies promoting regional economic development have become increasingly interconnected, presenting a high potential to support sustained economic growth in the future. The Company, therefore, has expanded its Eco-Industrial City business to CLMV countries by implementing its expertise and experiences in city development and introducing its AMATA Smart City model to open new business opportunities in some of those countries.

Projects in Vietnam

In recent years, Vietnam has emerged as a prominent destination for foreign direct investment (FDI), particularly in the manufacturing sector, which has increased consistently, especially by investors from China, Korea, and Japan. After the outbreak of COVID-19, Vietnam continued to expand its economic growth steadily.  Especially in 2022, the gross domestic product (GDP) rose to more than 8% due to the expansion of the manufacturing base in high-tech industries such as the leading companies in the smartphone and semiconductor technology group from the United States and Korea, which showed considerable interest in investing in Vietnam. In 2024, Vietnam’s GDP continued to rise by 7%, representing a 40% increase from 2023, supported by a recovery in the domestic industrial and construction sectors.

Vietnam faced a major disaster caused by Typhoon Yagi in early September 2024, which had a significant impact on the Vietnamese economy. The damage from Typhoon Yagi caused substantial disruptions to economic and social activities in the northern region of the country, leading to nationwide implications for the manufacturing sector and supply chains. The financial and economic impact on the country amounted to USD 1.5 billion (Source: United Nations Development Programme – UNDP). AMATA City Ha Long Industrial Estate, located in Quang Ninh Province, was directly affected by Typhoon Yagi. The estate experienced strong winds exceeding 120 kilometers per hour, resulting in damage to the internal power distribution system as well as to facilities of tenant companies within the estate. Through collaboration with provincial government agencies and tenant operators, some companies were able to resume operations within 17 days, and full recovery of the estate was achieved within 84 days, with all businesses returning to normal operation.

The Company has been investing in Vietnam since 1994, giving them 30 years of investment experience in the country. Currently, the Company has developed six industrial estates and cities in Vietnam based on the concept of “Perfect Smart City”, covering a total of 2,593.4 hectares, or 16,208.75 rai of land. All of these lands have been approved for Investment Registration Certificates in the southern and northern regions of Vietnam.  In 2024, the Company's projects in Vietnam, which are managed by AMATA VN Public Company Limited, experienced growth due to the expansion of the technology and clean energy industries.

The investment outlook in Vietnam remains strong, with both domestic and foreign direct investment (FDI) continuing to grow steadily. This growth supports the demand for industrial park leasing, particularly in eco-friendly, high-tech industrial development areas such as AMATA City Halong Industrial Estate in Quang Ninh Province and AMATA City Long Thanh Industrial Estate in Dong Nai Province, located in the northern and southern regions of Vietnam, respectively. These areas consistently attract investors due to several advantages, including strategic locations, investment incentives, international-standard infrastructure, and related services. These investments are expected to enhance Vietnam’s industrial sector and contribute to uplifting local employment and quality of life, with projected employment opportunities exceeding 1,000 positions in the near future.

In 2024, AMATA City Ha Long Industrial Estate, located in Quang Ninh Province, Northern Vietnam, garnered strong interest from investors in the electronics, electrical equipment, and automotive industries (including electric vehicles), particularly from manufacturing bases in Japan, South Korea, Taiwan, and Europe. This project has become a leading foreign direct investment (FDI) hub for the province. To date, 19 investment projects have been granted Investment Registration Certificates, with a total investment value exceeding USD 3 billion. These projects operate in environmentally friendly processing and manufacturing sectors, aligning with the development direction of both the Company and Quang Ninh Province, while contributing significantly to the province’s economic value and growth. As for the development of AMATA City Long Thanh Industrial Estate, located in Dong Nai Province, which is well-positioned to support investment from various industries, a total of 6 investment projects have been launched, with a combined investment value of over USD 190 million.

Project in Laos P.D.R.

Following the announcement of China’s Belt and Road Initiative (BRI) in 2013 to enhance the connectivity of the Chinese economy with other regions of the world, Laos is one of the land routes connecting the transportation of goods from Kunming in Yunnan, China, through northern Laos to Southeast Asia via a 1,035-kilometer-long medium-speed rail. This has resulted in investment in infrastructure development, particularly the China-Laos railway from Boten, on the border between China and Laos, to the capital city, Vientiane. This Vientiane-Boten railway has been officially operated since December 2021 and currently handles up to 19.6 million tons of cargo annually, or approximately 50,000 tons per day, of which 4.78 million tons are cross-border shipments. These figures highlight the railway’s strategic role in supporting regional trade and logistics across the Mekong subregion.

The launch of the China-Laos railway represents a pivotal opportunity to enhance economic connectivity between China and the rapidly growing Southeast Asia region. This aligns with the Company’s vision to develop perfect cities that create value for all stakeholders. As a result, AMATA City Lao Sole Co., Ltd. was established in 2020 to develop a Smart and Eco City in Laos.  In each project, it is possible to connect to Lao’s electricity grid, with a source of renewable energy production, especially hydropower, and the development of a smart network within the project to fulfill the business’s renewable energy demands.

On 14 March 2023, Mr. Malaithong Kammasit, Minister of Industry and Commerce of the Lao People's Democratic Republic (Lao PDR), Mr. Arsa Sarasin, Chairman of AMATA City Laos Company Limited, and Mr. Vikorn Kromadit, Chairman of AMATA Corporation Public Company Limited, together with senior executives of the Lao People's Democratic Republic and the AMATA Group, acted as witnesses in the signing ceremony of the Memorandum of Understanding (MOU) on the development of modern and environmentally friendly industrial estate between the Ministry of Industry and Commerce of Lao PDR and AMATA City Laos Company Limited, with Mr. Buavanh Vilavong, Acting Permanent Secretary of the Ministry of Industry and Commerce of Lao PDR, and Mr. Varong Tangpraprutkul, Managing Director of AMATA City Laos Company Limited, are the signatories of the cooperation. This MOU signing aims to foster cooperation in promoting the development of the modern and environmentally friendly industrial estate “Smart & Eco City” initiatives in Lao PDR. This includes development related to AMATA projects in Luang Namtha and Oudomxay Provinces, ensuring successful outcomes in economic, social, and environmental aspects under sustainable development principles.

On 25 August 2023, the Company was granted official operating licenses for two smart and eco-industrial city development projects in the Lao People's Democratic Republic: The AMATA project in Luang Namtha Province (AMATA Smart & Eco City Nateuy) And the project in Oudomxay Province (AMATA Smart & Eco City Namor).

In addition to project development, the Company recognizes the importance of enhancing the investment appeal of the Lao PDR. It has proposed that the government consider tax incentives to improve competitiveness, along with regulatory reforms to facilitate business operations in the country. Currently, Laos ranks 154th in the World Bank’s Ease of Doing Business index, which assesses factors such as procedural steps and timeframes for obtaining permits, operating costs, legal framework, regulations, and enforcement.

In 2024, AMATA City Lao Co., Ltd. began the design and construction of the AMATA Smart and Eco City Namor in the province of Oudomxay, which spans a total area of 31.5 square kilometers, with approximately 18.10 square kilometers designated for industrial use—accounting for 75% of the total area. Phase 1 of the project covers 8.98 square kilometers. With support from the Lao government and Oudomxay Province authorities, AMATA City Lao Co., Ltd. has initiated land compensation for Phase 1, and it is expected that investors will be able to begin construction in 2025, with operations starting in 2026.

These developments represent the Company’s commitment to expanding sustainable and environmentally friendly industrial infrastructure in alignment with the local economic growth and connectivity opportunities in the region. Therefore, the Company has adopted the environmental care, conservation, and management practices from its projects in Thailand for application in Lao PDR projects. This includes policies on water and waste management, development and management of green areas within industrial estates, and stakeholder engagement, to achieve balanced growth. The Company has initiated a concept to encourage companies operating within the project to share profits from operations to contribute to environmental impact reduction, protection of nearby forest areas, and promote the participation of businesses within the project according to the Company's ALL WIN business philosophy.

Business Development to Meet Stakeholder and Societal Needs

Human Capital Development

Based on customer feedback from the AMATA Industrial Estate, the Company has learned that factory operators within the estate place a strong emphasis on skilled labor issues. These operators are concerned with maintaining a sufficient, quality workforce for continuous business operations and with the ability to respond to future business technologies and innovations. Consequently, the Company has initiated human resource development in the Eastern region to enhance skills, knowledge, and abilities in alignment with customer demands. The following initiatives were implemented in 2024:

  • On 14 November 2024, AMATA Corporation Public Company Limited, through AMATA Facility Services Co., Ltd., signed a Memorandum of Understanding (MOU) with King Mongkut’s Institute of Technology Ladkrabang (KMITL) to enhance knowledge and skills of the workforce. The collaboration focuses on vocational training, career development for income generation, and the improvement of social skills to enable workers to continuously adapt to technological changes and evolving lifestyles.
Advancement in Clean Energy Development

Clean energy is one of the key issues that customers prioritize, as they increasingly set targets for reducing greenhouse gas emissions and achieving carbon neutrality. This has led to a significant rise in the demand for clean energy. In response, the Company has taken the following actions to meet the needs of its customers:

  • The Company has initiated the development of floating solar power generation project in the water reservoirs of AMATA City Chonburi Industrial Estate, AMATA City Rayong Industrial Estate and Nong Lalok Industrial Estate in collaboration with AMATA B. Grimm Power Co., Ltd. since 2023. This initiative supports the growing demand for renewable energy source among customers in the AMATA industrial estates, who have set targets to reduce greenhouse gas emissions or achieve carbon neutrality. In 2023, the Company commenced the construction of a 19.5 MWp solar power generation project utilizing floating solar panels at AMATA City Chonburi Industrial Estate. The project is presently under development to facilitate the transmission of electricity through the transmission network of AMATA B. Grimm Power Co., Ltd. In addition, the Company began studying the feasibility, in collaboration with factory operators within the industrial estate, for a 42.5 MWp solar power generation project using floating solar panels at AMATA City Chonburi Industrial Estate. This includes the development of renewable energy solutions to enhance efficiency, such as integrating floating solar energy with liquid cooling technology to reduce energy consumption, in line with the approach of transforming into a Smart Energy City.
Enhancing Customer Quality of Life

The Company prioritizes the quality of life for those working in industrial estates. To meet the needs of both Thai and foreign workers, as well as to accommodate the many domestic and international investors who come to the estate, the Company has developed the Nikko AMATA City Chonburi Hotel. This joint venture involves AMATA Corporation Public Company Limited, Fujita Corporation Co., Ltd. (part of the Daiwa House Group), and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN). Managed by Okura Nikko Hotel Management, a renowned international hotel chain from Japan, it is the first hotel in Thailand to be jointly invested by the Japanese government. Operating under the concept of 'Home for people away from home’, it offers comprehensive services to support the activities of its guests.

 Hotel Nikko AMATA City Chonburi is the first and only hotel located within the industrial estate area in Chonburi province, serving as an internationally recognized center of Japanese-standard accommodation. It caters to the needs of over 450 Japanese factories operating within the AMATA City Industrial Estate Chonburi, as well as investors who are considering investment opportunities in the Company's new phase and in the development area of the Eastern Economic Corridor (EEC).

Strategic Innovation Management

The Company has emphasized the significance of the innovation management process to make a difference and increase the value-added to its products and services.

This includes a focus on refining and improving work processes for greater efficiency, thereby reducing operating costs and mitigating the negative impacts on society and the environment.  Therefore, innovation is an important mechanism driving the Company to grow sustainably. Consequently, the Company has prioritized innovation development within the organization. This began with the development of innovative thinking skills, knowledge, and competency among the Company’s personnel, as defined in the attributes of the AMATA DNA, regarding innovative creativity and trying new ideas for development, which are also applied as indicators of employee performance evaluations at all levels.

In 2024, the Company has developed a strategic innovation management process to enable its innovation management to support its business strategy, create value-added products and services, enhance work efficiency, minimize negative environmental impacts, and leverage the quality of life of all groups of stakeholders.

In this regard, the Company has two approaches to acquiring business innovations (INPUT), which are 1) collaborating with strategic partners to develop innovations (EXTERNAL) and 2) promoting its employees to be the creators of business innovations (INTERNAL). The obtained innovations, either concepts or already implemented projects, will be supported with the resources required for further development to create additional value before delivery to customers and stakeholders.

1) Collaborating with strategic business partners to develop innovation

The Company has established strategies for the development of smart cities and supports projects through its strategic business partners to achieve high-quality business development rapidly. Consequently, the Company has collaborated with leading companies and organizations, both domestically and internationally, that are renowned in various fields, to develop new business projects under the AMATA Smart City concept. The AMATA Smart City area covers approximately 10 square kilometers, divided into smart city zones based on business partnership cooperation from countries such as China, Taiwan, Japan, Europe, and others. The goal is to support economic growth by attracting investment in target industries and research and development, as well as enhancing the quality of life for workers, promoting business ecosystem innovation, and facilitating research and development activities.

The cooperation with these leading companies and organizations will not only concretely drive the development of a smart city through various projects but also benefit Thai entrepreneurs in related industries. They will learn new technology concepts from foreign experts via the technology transfer process and apply these insights to research and develop their own technology. This will become a crucial mechanism for driving sustainable development in Thailand.

  • On 6 June 2024, AMATA Corporation Public Company Limited signed a collaboration agreement with Jia Tech International Investment Company Limited to jointly develop the "AMATA Taipei Smart City" project, aimed at attracting investment in research and development from the Republic of China (Taiwan).

2) Promoting employees to be innovation creator

The Company is committed to fostering a culture where employees at all levels are encouraged to unlock their potential and drive innovation for the betterment of the business, society, and the environment. To support this, the Company organizes an annual 'Innovation Project & Idea Contest,' providing a prestigious platform for employees to showcase their creativity and propose groundbreaking ideas that contribute to the development of innovative products, services, and collaborative excellence in the workplace.

In 2024, the Company organized the 'AMATA INNO Awards 2024' competition, where potential projects were reviewed and selected by a committee consisting of the Chief Executive Officer, senior executives, and external experts in innovation and sustainability. This committee was tasked with identifying high-potential projects for future expansion and development. To encourage employee participation, the Company allocated a total prize fund of 2.5 million baht, with 2 million baht sponsored by the AMATA Foundation. This year, a total of 23 entries were submitted, including 10 Innovation Projects that have already been implemented and 13 Innovation Ideas.

In 2024, the innovation projects that had already been implemented and were measurable in quantitative terms—both in economic and socio-environmental dimensions—generated tangible outcomes. Cumulatively, these projects created approximately 5 million baht in additional revenue for the Company and contributed to cost savings of approximately 12.13 million baht.

Economic Performance

In 2024, the Company achieved total revenue of 14,900.59 million baht, reflecting an increase of 53.63% from 2023. The net profit amounted to 3,473.38 million baht, representing a 41.13% increase from 2023. The main revenue structure can be classified into three segments: revenue from property sales of 9,004.13 million baht, revenue from utilities and services of 4,779.23 million baht, and rental and other income of 1,117.23 million baht.

Revenue from property sales

9,004.13

million baht

Revenue from Utilities and Services

4,779.23

million baht

Revenue from Rental and Others

1,117.23

million baht

The year 2024 presented several favorable macroeconomic and policy-related factors that stimulated demand for industrial real estate. These included ongoing infrastructure development, continued government support through reduced transfer and mortgage registration fees (effective from January 1, 2023), which it has been extended into 2024, and investment-promotion measures led by the Board of Investment (BOI). Through strategic collaboration with partner agencies, the BOI positioned Thailand as a key economic bridge, linking major global economies and promoting the country as a regional hub for high-tech industries. Investment relocation trends—particularly in the electric vehicle (EV), electronics, and advanced technology sectors—have remained robust. Notably, Chinese investors accelerated their expansion into Thailand, reinforcing the growing demand for industrial land within AMATA estates from both domestic and international investors.

In 2024, the Company experienced significant growth, driven by effective business management and the strategic execution of initiatives across key areas including land development, utility services, and rental operations. This progress aligns with the Company’s long-term vision of becoming a model sustainable industrial city—one that contributes to national economic development through renewable energy advancement, efficient water and waste management, and strong environmental stewardship. As a result, the Company achieved year-on-year revenue growth across all major business segments. Revenue from real estate sales increased by 87.43% compared to 2023, driven by higher land transfers both in Thailand and abroad. Utility service revenue rose by 23.32%, supported by project expansion and growing demand for essential services. Additionally, revenue from rental services and other income increased by 9.62% year-on-year, reflecting heightened demand for ready-built factory rentals and related services. This performance underscores AMATA’s commitment to sustainable urban-industrial development and its contribution to long-term community and economic resilience.

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Contact us for more details.

Thailand
+66 38 939 007
Vietnam

+84 251 3991 007 (South)
+84 203 3567 007 (North)

Myanmar

+95 1 230 5627

Laos
+856 21 810007

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