revenues which increased from 95.26% in year 2019, and the gross margin decreased from 4.74% in 2019 to 4.06% in 2020. The decrease of gross profit margin was mainly due to differences in product mix and the

Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com Management Discussion and Analysis for the year 2021 2 Total revenue increased by

was increased by THB5.13 million or 12.55% increase due to causes as following: 1. Revenue and cost from real estate this year was increased by THB18 million and THB15.39 https://market.sec.or.th/public

to the company's sales began to increase during the past December. 2. Cost of sales to revenue ratio increased by 5.01% (from 87.47% in 2021 to 92.48% in 2022) due to the raw materials price increased

3rd quarter increased by Baht 2.93 million or 3.82 percent and for the 9-month period, the net profit increased by Baht 6.44 million or 1.96 percent. Details of the changes or impacts are described in

, increased by THB 5. 93 million or 1. 11% up from 1Q2019 from lower price of major raw material which are corn and soybean meal. The consolidated gross profit margin contributed of 14.66% in 1Q2020, increased

was increased, consistent with in 2nd quarter of 2022, Indonesia who the world’s top palm oil producer had ban exports causing the price of raw material inflate. However, in late May, the government of

%. And the sales value of Specialty Chemicals business unit was increased by 107.04%. The 9.58% decrease in total sales revenue was mainly due to the decline in sales value of Commodity Polymer business

%, which is mainly from sales of OEM parts of Mazda cars. Furthermore, the sales in the domestic increased from Baht 252 million in 2017 to Baht 294 million in 2018, or increased by 16% from sales of OEM

” ) was THB 441.68 million, increased 12% yoy. This quarter growth was entirely driven by non-social security (“non-SW”) revenue which posted 29% hike whereas social security ( “ SW” ) revenue posted 10