net increase of Baht 243.51 million due to the company having the collaboration with its key distributors in order to continually expand distribution channels and increase sales promotions. For other

355 (24%) EBITDA 60 58 (3%) 210 172 (18%) Net Profit (Loss) for the Company 17 13 (24%) 55 4 (93%) Gross Profit Margin (%) 61.4% 59.6% (1.8%) 60.9% 57.3% (3.6%) EBITDA Margin1 (%) 28.6% 30.4% 1.8% 27.2

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of

SAAM Energy Development Public Company Limited - 1 - 10 May 2019 Subject: Management Discussion and Analysis for the period ended 31 March 2019 To: The President The Stock Exchange of Thailand SAAM

9.54 100.00 (0.11) (1.14) SAAM Energy Development Public Company Limited - 3 - - Cost of sales Cost of sales related to generation and distribution of electricity under SAAM-SP1 mainly includes (1

% from the previous year, the cost of distribution was 75.48 million Baht, increased by 18.81 million Baht or increased by 33.19% as the company realized higher revenue from the previous year resulting in

of the Provincial Electricity Authority, the Construction project to improve the electricity distribution system to underground cables in Sisaket Province of the Provincial Electricity Authority, the

shareholders) as specified in the announcement of Capital Market Advisory Board. 6. Listed company is qualified in terms of free float distribution, with no less than 150 retail shareholders who collectively

distribution of round bar, steel products and structural steel products. Operating performance for the year ended December 31, 2019 Company and its subsidiaries with revenue from sales and services amount of

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 24 February 2020 No. ZEN 2563-003 Subject Management Discussion and Analysis for