period of last year. The gross margin of the first half of year 2017 increased from 4.36% to 4.49% as compared to the same period of last year. The increase of gross profit margin was mainly due to

8.34 million, or 26.62%, in the year 2021 cause was more commission income in of 2021, which decreased by Baht 12.76 million and gain from changes in fair value of biological assets - dairy cow to Baht

% Profit (Loss) before the effects of foreign exchange, deferred income tax, gain on disposal of investments and lease income 2,909 1,881 6 95 2,915 1,976 939 47% Gain on disposal of investments - 14,162

Management’s Discussion and Analysis Consolidated Financial Results for the quarter 1 year 2019 For the quarter ended 31 March 2019 Consolidated Profit & Loss of NPPG (THAILAND) PCL., Unit : Million Baht Quarter

the period ended December 31, 2019. The Group's sales and net profit totaled Bt12,097.4 million and Bt934.5 million, respectively, compared to Bt13,982.5 million and Bt2,014.9 million in fiscal year

ended 31 December 2019, which revenue and net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 31 December 2019 31 December 2018

Discussion & Analysis Q2/2021 Operating Highlights in Q2/2021 Q2/20 Q2/21 Change +/(-) 1H/20 1H/21 Change +/(-) (THB million) %YoY %YoY Operating Revenue 144 137 (5%) 363 317 (13%) Gross Profit 79 77 (3%) 216

% Finance cost 18.41 36.80 18.39 99.89% Income tax expenses 22.21 28.27 6.06 27.29% Net profit 80.50 95.26 14.76 18.34% Net profit ratio (ROS) 18.98% 20.67% Earnings per share (Baht) 0.13 0.16 0.03 23.08

could gain profit from biomass power plant project with installation capacity 7.5 MW of Prize of Wood Green Energy at Narathiwas Province. The Company could start gaining from profit sharing of full

expenses. 2As shown in financial statement, excluding minority interest. 3Net profit excludes minority interest, is adjusted for amortisation of PPA in MACO, gain of fair value measurement in MACO at