core business and/or related business and to immediately support the investment in the business which is extended from the core business of the Company. As a results, it increases the opportunities to

4,508 million, an increase of THB 754 million or 20.1% driven by higher sales of the energy drinks especially for export markets and greater sales growth from distribution of 3rd party’s products. Note: 1

% driven by higher sales of the energy drinks especially for export markets and greater sales growth from distribution of 3rd party’s products. Note: 1/ Energy Drinks, Sport Drinks, and Functional Drinks 2

of UWC’s investment in Power Plants business as UWC entered into Share Purchase Agreement with Absolute Clean Energy Plc. on July 10, 2020 in the total amount of THB 851.20 million even though this

gain from asset sale to director, which is not related to the Company’s core business. Cost of sales and services Cost of sales and services consists of cost of sales from renewable energy investment

21.8% in the same period of 2019. The cost of food and beverages for core brands was well-controlled and even decreased from the previous year, yet the cost of food and beverages of new brands required

baht increased 608 million baht or 12% y-y and 6% q-q. This is the result of continued growth in core business revenues especially in credit card increased by 17% y-y, which in line with increasing of

Company's core businesses, especially the credit card income which having 18.2% growth y-y. Hence, the growth of revenue, especially credit cards, was mainly derived from marketing activities to stimulate

Website: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2024 4 environment, we reported a satisfactory performance in 2023 with revenue and core net profit of Baht 30,389.5

amounted of Baht 234,045.7 million, increased by Baht 934.2 million when compared at the end of the year 2017 or up to 0.4%. Core assets comprise loans to customers – net at 61.8% of total assets, followed