USA PX and global PIA business as feedstock costs have come down. • Integrated oxide and derivatives business has seen significant growth in volumes and earnings primarily driven by the first time

merchandise. High sales volumes were recorded for these 2 categories during the summer. These marketing activities were organized to encourage consumers to make a positive purchase decision. Furthermore, the

Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2020 downside, a weaker and shorter than expected sugar season affected volumes in Q1 and this will be the case in Q2. In

decreased of sale volumes of products and services  Decline in inventory of 88.44 Million Baht due to tightened in term of delivery and management  More other current financial assets of 100.08 Million Baht

been affected in accordance with the economies of major trading partners and the declining global trade volumes. This has begun to have further effects across all sectors, especially to domestic demand

%, the sales volumes were decreased in relation to a decreased in Biodiesel’s sold. Moreover, the Company is currently not selling Crude Glycerine since October 2018 in order to use them in commissioning

sales volumes were increased in relation to increase in Biodiesel’s sold. However, the Company will only sell by-products that excess the need in Biodiesel’s and Refined Glycerine’s productions. 1.2

procurement that prevent risk from CPO’s prices fluctuation. - By-product’s selling price in 2018 was increased by 30.85% due to low supply, while the quantities sold was decreased by 48.78%, the sales volumes

decreased by 41.81%, the sales volumes were decreased as to the Company is currently not selling Crude Glycerine since October 2018 in order to use them in commissioning Refined Glycerine Plant, which

sold The total sales volumes and total production volumes were lower than last year quarter mainly due to the Company termination of tolling agreement with G Steel Public Company Limited in February 2019