Dear Shareholders and Valued Partners, The business environment in 2023 faced many headwinds. Many of our customers continue to deal with high inventory levels due to weak consumer spending, driven by high inflation, interest rates, and oil prices. This has led to a slowdown in their overall procurement, resulting in lower projections for core items and a cautious approach to buying. Most customers are leaning towards speed and agility, favouring more in-country sourcing to support, chase and replenishment programs..