CIVIL has announced its business direction for 2023, targeting a 20% revenue growth by focusing on infrastructure projects in both the public and private sectors, expanding its customer base in the renewable energy construction sector, and aiming to boost its backlog to 20 billion baht. The company plans to enhance construction efficiency, adopt modern technology, control costs, and collaborate with partners to strengthen its position, address labor issues, and increase business opportunities.

Mr. Piyadit Asawasirisuk, CEO of Civil Engineering Public Company Limited (CIVIL), a leading comprehensive construction company in Thailand, revealed the company's operational direction for 2023, stating that the company aims for substantial growth in both revenue and profitability, with a target revenue increase of 20%, or 6 to 8 billion baht.

The company's operational plan focuses on growth from two main areas: 1. The construction contracting business, which is the company's core business, and 2. Investments in new partnerships related to construction, technology, and construction innovation.

In its core business, the company aims to bid for and undertake public infrastructure projects, which are its area of expertise, such as roads and airports. Meanwhile, in the private sector, it plans to expand its customer base in renewable energy construction projects to reinforce its position as a quality contractor and strengthen its relationships with private clients by emphasizing timely project delivery and taking on new projects that reflect updated cost structures. This is expected to result in the company's backlog reaching the targeted level of 20 billion baht.

Additionally, the company will enhance construction quality, ensuring timely project delivery to create continuous revenue recognition through the use of modern technology and skilled personnel, while managing construction costs amid global conditions affecting demand and fluctuating material prices.

As for plans to invest in new business partnerships, the company aims to collaborate with partners to increase opportunities for larger construction projects and explore new business avenues related to construction innovation, ensuring sustainable business strength while considering environmental impacts and addressing labor shortages, which is a significant step for the company in achieving potential growth together in the future. Clarity on this is expected in the second half of the year.

The overall industry outlook is expected to improve in line with economic conditions driven by public investment in infrastructure and other construction projects to support nationwide expansion. Furthermore, private sector investments are likely to grow due to the recovery of tourism and the relocation of production bases from abroad, leading to increased construction demand, particularly in the Eastern Economic Corridor (EEC).

“Despite facing both direct and indirect negative factors in the construction industry, including political volatility, the overall economy continues to see investments from both public and private sectors, allowing the company to continuously secure construction projects. With our strengths in efficient construction operations and strong cash flow, we anticipate a positive trend in the industry this year as the economy begins to recover from the start of the year, presenting an opportunity for the company to drive significant business growth this year,” Mr. Piyadit stated.

Currently, the company's construction project portfolio is divided into railway and high-speed rail construction (45%), highway, overpass, and expressway construction (39%), floodway construction (12%), airport construction (1%), dam and reservoir construction (1%), and other types of construction (2%).