2023 was a year of hope for everyone and all sectors that the economy would return to its robust growth levels prior to the COVID-19 pandemic. Since China fully opened its borders at the beginning of 2023, many businesses in Thailand were anticipating a significant resurgence due to a substantial influx of tourists visiting the country.
Index Living Mall Company adjusted its strategic management, increased operational agility, aimed to surpass the 2022 profit record, and further developed strategic plans to be even stronger than 2022. Therefore, the Company has achieved its highestever profit record in 2023.
The positive factors contributing to the Company's revenue record included an influx of tourists into the country that exceeded the government's expectations. The rising purchasing power benefited major tourist provinces, leading to higher sales revenue in branches located in major tourist provinces. Sales revenue grew to be higher than the COVID-19 outbreak. Additionally, branches in Bangkok experienced the same favorable impact, which contributed to year-round sales growth. While storefront channels experienced a consistent growth in sales revenue, the Company's online sales channels expanded and received positive feedback across all platforms, improving the Company's operating results.
In regards to the retail space service business, the Company launched its fourth branch of Little Walk in Krungthep Kreetha during the last quarter of 2023 and received outstanding feedback from tenants. As a result, the Company achieved a 100% occupancy rate. In addition, the Company renovated branches in major tourist provinces such as Phuket or Pattaya to maximize the space utilization of Index Living Mall stores while increasing the retail space. This contributed to the Company's highest profit record.
Even though the Thai and global economies faced numerous risks and challenges in 2023, the Company's strong market strategies, agility in adapting to changing circumstances, and effective cost and expense controls allowed it to grow and expand its furniture retail and rental businesses, increasing profitability in a competitive environment.
In addition to the Company's operating results, the Company is committed to striving to be an organization with sustainable growth under the 3G principles of Great Experience, Green Planet, and Grow Together, which encompass the environmental, social, and governance dimensions with the concept of "Sustainable Living for Future Lifestyle''. 2023 was the first year that the Company was selected as one of Thailand Sustainability Investment and achieved SET ESG Annual Ratings for 2023 in the service sector, with market capitalizations ranging from 3,000 to 10,000 million Baht. The Company was also awarded an excellent CG rating score for corporate governance for 4 consecutive years by the Thai Company Directors Association (IOD) and ranked as one of the Top Quartile Companies in 2023 for the first time in the Corporate Governance Report of Thai Listed Companies: CGR in 2023. Furthermore, in an effort to promote transparency through information disclosure, the Company was honored with the SET AWARDS 2023 – Outstanding Investor Relations Awards for Business Excellence in 2023 for 2 consecutive years. All of these serve as sources of inspiration and satisfaction for Index Living Mall to be a Company that strives to achieve sustainable growth and benefits for all stakeholders.
On behalf of the Board of Directors of Index Living Mall Public Company Limited, I would like to express our gratitude to all customers, business partners, and shareholders who have consistently shown tremendous support for the organization. This includes the executives and employees who have diligently labored over the previous year in order to propel operating results to an all-time high in 2023, which represents the Company's utmost pride. The Company is confident that Index Living Mall will experience triumph and pride in 2024, just as it did in 2022 and 2023.
