V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

was due to the weakening Thai baht against the US dollar and Euro in the period, which resulted in THB sales increasing by Bt93 million (Table 1). The increase in revenue in 1Q20 was due mainly to an

2022, compared to a gain on foreign currency exchange of Baht 102.4 million in Q1 2021, caused by appreciation of Thai Baht. This loss on foreign currency exchange was mainly associated with the USD loan

1,554.5 1,174.8 1,557.6 379.7 32.3 (3.1) (0.2) Profit for the period 123.0 96.8 121.6 26.2 27.1 1.4 1.2 Overall in the Q2–2023, the Thai economy slightly improved from the previous quarter due to the

. While refineries maintains high utilization rate between July to August; U.S. refineries utilization rate was historic high, leading to lower U.S. crude stockpiles during the period. Market supply was

oil inventory remained high, crude palm oil (CPO) price continuously declined, as well as Crude Palm Kernel Oil (CPKO) price decreased. This year, the Thai government biodiesel mandate was set to B5 and

alcohols market’s purchasing power has declined, even though, COVID-19 spreading trends to ease in some countries. On the supply side, Indonesia and Malaysia which are the major producers of fatty alcohols

" of the Securities and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two

period last year. For the economic stability, headline inflation decelerated from the last quarter as result of this year’s improved supply and high base effect from last year’s drought. EASTERN WATER

. Notwithstanding, the market volume of Thai vitamin C drink appeared to enjoy a pleasant growth rate Revenue from sales by product group Unit: THB million 2019 % 2020 % Amount Percent Branded products by our own