2.2mn users with more than 330 brand partners. July 2017  On 17 July 2017, Sungai Buloh – Kajang (“SBK Line”) has successfully opened the second phase of operations. Altogether, SBK Line has a total

1,546.3 59.7 3.9% Gross Profit 1,975.3 2,018.4 (43.1) (2.1%) Gross Profit Margin 55.2% 56.6% ค่าใช้จ่ายในการบรหิาร 583.8 578.6 5.2 0.9% ค่าใช้จ่ายรวม 2,189.8 2,124.9 64.9 3.1% EBIT 1,450.4 1,586.6 (136.2

margin fell to 1.7% (1Q 2019; 9.0%) • Reported net loss of THB 807mn (down 238% YoY), from the aforementioned lower EBITDA as well as higher share of loss from joint ventures and higher depreciation and

revenue but low margin in mid-2017. T.662 636 6999 F.662 646 4200

. Revenues from Financial Solutions decreased by THB 4.77 million or 5.87% to THB 76.56 million (2017: THB 81.33 million) due to loss of accounting services contracts with high revenue but low margin in mid

1,081 15% 3% 1,973 2,023 3% Adjusted Net Income 1,053 942 1,441 53% 37% 1,973 2,383 21% Gross profit margin (%) 28% 27% 30% 3% 2% 28% 29% 1% Net profit margin (%) 16% 10% 5% (5%) (11%) 16% 7% (9

% Adjusted Net Income 942 1,529 1,948 27% 107% Gross profit margin (%) 27% 25% 29% 4% 2% Net profit margin (%) 10% 6% 9% 3% (1%) Adjusted Net Income Margin (%) 10% 8% 11% 3% 0% Executive Summary PAGE 2

profit of 548 MTHB, decreased by 406 MTHB or -5.4% of net profit margin comparing with Q1 2018. This decrement was mostly caused by lower products’ spread margin across all products together with the

refinery margin to shrink. In this quarter, even though the crude oil price situation continues to improve constantly from December 2018, the cost of a proportion of crude oil that was refined within this

). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading