"PSP Reflects Success in 2024, Integrating Three Core Strategies – Targeting 15% Growth in 2025 with a Focus on Sustainable Expansion"

P.S.P. Specialties Public Company Limited (PSP), the leading lubricant solutions partner, has announced its success in 2024 in expanding the lubricant product market both domestically and internationally, enhancing production efficiency, and reducing costs through digital transformation. The company has expanded its business into the new BCG economic model, collaborated in developing bio-based transformer oil from palm oil, and invested in Recycle Engineering, a leader in chemical recycling. Additionally, it has ventured into future industries by investing in Geneus DNA, a leader in DNA analysis. For its 2025 business plan, PSP aims for a 15% revenue growth driven by three core strategies: establishing sustainable leadership, increasing the proportion of revenue from international customers while leveraging existing strengths for new growth, and exploring new business opportunities through strategic partnerships. The company is committed to sustainability in all dimensions, striving to achieve Net Zero greenhouse gas emissions by 2050, reinforcing its position as a leader in sustainable business.

Mr. Sakesan Krongphanich, Deputy CEO of P.S.P. Specialties Public Company Limited (PSP), revealed that the significant growth and transformation of PSP in 2024 resulted from the expansion of the lubricant market both domestically and internationally, driven by increased purchasing power from both existing and new customers. Additionally, PSP invested in Recycle Engineering Co., Ltd. (RE), a business aligned with the BCG (Bio-Circular-Green) economic model, which integrates three key economic dimensions: Bio-economy, Circular economy—focusing on maximizing resource utilization, and Green economy, ensuring environmentally responsible operations. The investment in RE is one of PSP’s key strategies to drive its business toward sustainable growth, reinforcing its long-term commitment to sustainability.

Additionally, PSP is part of the research and development project for bio-based transformer oil derived from palm oil under the “EnPAT: Safe Transformer Oil from Thai Palm Oil – Enhancing Public Safety and Unlocking New Economic Opportunities” initiative, led by the National Science and Technology Development Agency (NSTDA). This project aims to foster sustainable business development and meet future customer demands.The development of bio-based transformer oil from Thai palm oil is a significant initiative that not only drives business growth but also plays a crucial role in reducing imports and dependency on foreign raw materials. Furthermore, it adds value to the domestic palm oil industry, contributing to Thailand’s long-term sustainable economic growth.

Additionally, PSP has invested through P.S.P. Ventures Co., Ltd. in Geneus Genetics Co., Ltd., or Geneus DNA, Thailand’s first leader in DNA analysis for health and talent assessment, including personalized healthcare such as customized vitamins. PSP has also invested in WatsX (Thailand) Co., Ltd., the owner of EGG Mall, the largest online automotive parts trading platform in Thailand. These investments create opportunities for PSP to establish a new S-Curve in an era where health and digital marketing are megatrends.

“The year 2024 has been a pivotal year for PSP in investing in businesses related to the new BCG economic model and high-potential technologies, preparing the company for sustainable growth in the future by increasing revenue and creating new business opportunities in both domestic and international markets. One of our key milestones last year was entering the B2C market for the first time with the launch of ‘PROTECH,’ a multi-purpose lubricant brand, along with ‘MASTER,’ a brand offering air conditioner cleaning sprays and odor-eliminating sprays. Additionally, we invested in digital transformation to enhance production efficiency, operations, and customer service while effectively reducing business costs. These initiatives will support PSP’s performance in the medium and long term,” said Mr. Seksan.

For its 2025 operational plan, PSP aims for 15% revenue growth, driven by three core strategies: Sustained Leadership, focusing on increasing revenue, expanding into high-potential new markets, and growing the proportion of international and domestic revenue; Specialized Creation, developing new, specialized products and services that build on PSP’s expertise and drive sustainable innovation; and Synergized Initiatives, fostering new business opportunities through strategic partnerships to enhance competitiveness and expand the company’s business foundation, ensuring long-term sustainable growth.

In addition to its revenue targets, PSP is committed to conducting business in line with sustainability (ESG) principles across all organizational operations, covering economic, social, and environmental dimensions, under the foundation of good corporate governance. The company has set a goal to achieve net-zero greenhouse gas emissions by 2050, focusing on recycling through resource reuse, adopting clean energy alternatives, and developing environmentally friendly technologies. These efforts reflect PSP’s commitment to sustainable growth and industry leadership, ensuring long-term stability and environmental responsibility. “This dedication reinforces our mission to drive long-term success while positioning PSP as a leader in sustainable business,” Mr. Sakesan concluded.