pressuring net profit margin 2) higher depreciation resulted from additional investments in plant, machinery, and office renovations to improve production efficiency and reduce production cost, in order to

investment in machinery to improve production efficiency and reduce production cost, in order to prepare for an increased level of production in the future.  Q3/2017 net profit rebounded remarkably by 27% QoQ

resumed own production since May 2019 after Termination of Tolling Agreement by GJ Steel Public Company Limited in February 2019. The Company reported a net profit of Baht 3,345 million compared to loss of

recorded an average production rate of 118. 82 KBD (99% utilization rate) which is considered as a record all-time high for average production rate in any quarter in the history of the Bangchak refinery

the increase in revenue from sales, but the ratio of increasing of cost of sales was lower than the ratio of increasing of revenue from sales because of the increased in production volume of pre

% Revenue from sale of industrial equipment 8.30 0.74% 10.42 0.69% 10.42 0.69% -20.40% Revenue from sale of other products - 0.00% 7.96 0.53% 7.96 0.53% -100.00% Revenue from sales of electricity 459.62 40.92

Year 2019 (Million Baht) 2019 % Restated % Original % % Revenue from steel tower manufacturing 644.63 57.39% 1,026.59 67.88% 1,026.59 67.88% -37.21% Revenue from sale of industrial equipment 8.30 0.74

production of 123 KBD in March. Also, after the completion of the TAM, Bangchak refinery was able to consistently maintain high levels of production throughout the year. Total GRM decreased 32%, from the

3rd Quarter 2017 3rd Quarter 2016 Pe rfo rm an ce Group Revenues 7,109 5,256 Group EBITDA 843 516 Group Net Profit (Loss) 53 (164) HR C HRC Sales (k tons) 393 335 HRC Production Volume (k tons) 386 323

2017 Bangchak Corporation Plc. Table of Contents 7 9 09 8 Refinery Business 13 Marketing Business 14 Green Power Business 16 Bio-Based Products Business 18 Exploration & Production Business 22 26 24