from Yemen and Afghanistan. Export sales to CLMV countries, an existing and large international business base for the Company, increased by THB 526 million or 36.4% mainly due to higher demand from

year. However, revenue from burnt lime core business has increased even there was a weaker than expected sugar season, but this was mitigated by stronger sales of new higher value-added product also

2020 1. The Recovery of Traveling Trips After the government relief measures for the outbreak of COVID-19, the traveling trips both in traffic and ridership volume increased significantly. In this

Page 1 of 7 Management Discussion and Analysis 2Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 2Q19 total revenue of THB 2,355m, increased by 147% YoY. 300

Million representing an increase from the same quarter of the previous year by Baht 127 Million, revenue from expressway business increased by Baht 47 Million, revenue from rail business increased by 48

million or 2% from Q1/2020 • However, EBITDA margin in Q1/2021 was 31.5%, increased by 5.1% from Q1/2020 as a result of the effective control of selling and administrative expenses under the implementation

of services that have increased. The additional services have been available since late June 2023 and are expected to start generating revenue clearly in 3Q2023. In 6M2023, the Company had services

contribution from our subsidiaries outside Thailand. Revenue from Portugal operations increased slightly by 3.7%. China recorded a strong revenue growth of 24.3%. The company also recorded increase in revenue

period of previous year that has 23.57 Million Baht in profit. Due to the decrease in the volume and the selling price of steel wire and UWC has cost of work and project work increased. Due to the

sales in the amount of Baht 339.26 million which increased in the amount of Baht 39.87 million or 13.32% from the same period of the previous year. This increase was in line with an increase in sales