(down 40% yoy) because FA EBITDA margin was decreased from lower Market P2F margin. However, the company recognized profit of THB 27 million from investments in the Thai Ethoxylate Company Limited (TEX

426 76% EBITDA 24 81 238% 114 223 96% Net Profit (Loss) for the Company (13) 34 362% (9) 82 1,011% Gross Profit Margin (%) 52.2% 64.6% 12.5% 56.1% 63.2% 7.1% EBITDA Margin1 (%) 20.7% 32.8% 12.1% 26.2

-o- y) from Bt305.6 million in Q1/2017, representing a Net profit margin of 35.3% compared to 34.4% which has an earnings per share of Bt0.51. Table summarized the operating results of the Group (unit

6.77 34.15 50.15 39.60 10.55 26.64 Key financial ratio related with operating result (%) For the quarterly Change For the six-month period Change 2Q20 2Q19 % YoY 2020 2019 %YoY Gross profit margin from

189 HRC Average Selling Price (Bht./ton) 18,097 15,491 HRC Cash Margin (Bht./Ton) 1,423 1,175 Unit: million Baht 3rd Quarter 2017 Year-end 2016 Fin an cia l St at us Total Liabilities 3,371 5,871 Total

2017 while gross profit margin contributed of 14.32% in 2018, decreased from 16.41% in 2017. GFPT Public Company Limited Management Discussion and Analysis for the Year 2018 Page 4 of 14 Other Income The

2018 while gross profit margin contributed of 14.35% in 2019, slightly increased from 14.32% in 2018. GFPT Public Company Limited Management Discussion and Analysis for the Year 2019 Page 4 of 14 Other

31 December 2016 31 December 2017 Gross Profit Margin 35.3% 33.1% Net Profit Margin1 14.7% 53.5% Return on Equity 2.94% 15.75% Debt/Equity Ratio 1.51x 0.70x Net Interest-bearing Debt/Equity Ratio 1.38x

increasing in some expenses such as maintenance. However, gross profit margin just slightly dropped to 58.17% since the company was able to save the electricity cost from stop transferring water from

area to be consistent with the sufficient water supply in Chonburi area. Therefore; gross profit margin of raw water business dropped to 61.29%. Raw Water Distribution by Customer Group (Internal usage