CMAN Able To Perform Well Amid Global Volatility, Accelerates Expansion into India and ASEAN for Long-Term Growth
Chememan Public Company Limited (“CMAN”), a leading world-class producer of lime and lime derivatives products under the “CHEMEMAN” brand, is operating under tough conditions caused by significant geopolitical tensions, particularly in the Middle East. The global economy is grappling with higher energy and logistics costs and supply chain disruptions, as over 20% of oil and gas trade flows through the Persian Gulf.
Mr. Adisak Lowjun, Chief Executive Officer, disclosed during the 2026 Annual General Meeting of Shareholders that “Chememan has been affected by significantly higher energy costs and freight rates. However, our entire management team is highly focused on all costs and working quickly to improve efficiency even further. With a flexible business approach, we can quickly manage these impacts. We are moving forward with a long-term strategy of energy diversification and proactive supply chain management. For instance, CMAN plans to have an EV truck fleet of 50% of its total needs by the end of 2026 to reduce the impact of high oil prices. To improve long-term efficiency, CMAN plans to further improve its coal and biomass procurement and to lower third-party electricity purchases through more investments in solar power. These successful cost savings initiatives in Thailand are being considered in all foreign business units. Simultaneously, CMAN is not committing to long-term fixed price contracts and adjusting prices quickly to match higher operating costs.”
A record net profit of Baht 361 million was achieved in 2025, and shareholders approved a dividend payment of Baht 0.15 per share, totaling Baht 144 million. This represents nearly 40% of net profit, underscoring its strong operating cash flows and financial discipline.
Energy currently accounts for 25–30% of total costs. CMAN manages a highly diversified and strong customer portfolio, with 70–80% of its customer base purchasing products on freight on board (“FOB”) terms. . Its financial position has improved following a sustained period of debt repayments, , providing CMAN flexibility to expand its business at the right moment.
Mr. Adisak added “In today's world, uncertainty is the new normal. We do not view business operations as easy, but we are confident that our proven business model will allow us to handle volatility significantly better than in the past. This situation also presents business opportunities, particularly in the Indian and Vietnamese markets. CMAN is proceeding with its regional growth strategy through expansion & acquisition in strategic areas, including Indochina, India, and Australia, to improve its long-term competitiveness.”
“Despite the tough operating conditions, Chememan has demonstrated its all-around ability to increase its customer base, control costs in line with changing market prices, and capitalize on business opportunities. This will not only help CMAN overcome short-term challenges but also lay a solid foundation for sustainable long-term growth,” Mr. Adisak concluded.
