million baht, an increase of 191 million baht or 28% y-y and earning per share was 3.45 baht. The net profit in the second quarter of 2018 increased mainly from an increase in core business revenues by 13

are non-core products but tools to expand the Company’s brand awareness. However, the Company plans to implement pricing strategy on Carabao RTD coffee in the 2nd half this year onwards to boost demand

retail stores nationwide. Meanwhile, sales of branded product by 3rd party’s manufacture decreased by THB 21 million or 14.8% since these are non-core products but tools to expand the Company’s brand

last year mainly attributed to increase in Disposal Asset Group classified as held for sales of Power Plants business unit in the amount of THB 149.44 million. After considering the certainty of disposal

21.8% in the same period of 2019. The cost of food and beverages for core brands was well-controlled and even decreased from the previous year, yet the cost of food and beverages of new brands required

baht increased 608 million baht or 12% y-y and 6% q-q. This is the result of continued growth in core business revenues especially in credit card increased by 17% y-y, which in line with increasing of

Company's core businesses, especially the credit card income which having 18.2% growth y-y. Hence, the growth of revenue, especially credit cards, was mainly derived from marketing activities to stimulate

Website: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2024 4 environment, we reported a satisfactory performance in 2023 with revenue and core net profit of Baht 30,389.5

partly because the overall household purchasing power was not sufficiently strong and household debt remained elevated. Private investment picked up in line with the improved economic outlook, and with

last year and profit of THB 290 million for the year 2018, an increase of 8.6% yoy. Excluding extraordinary items, the Company reported the core net profit of THB 153 million in 4Q18 (an increase of 76.3