mainly to employee expenses and repair and maintenance of premises and equipment expenses, whereas marketing expenses fell. As a result, our cost- to-income ratio stood at 42.70 percent, which was still

investors. However, the underwriter is required to purchase those shares at a later date, resulting in higher demand when share price is below initial public offering price. In contrary, higher number of

falling interest expenses. Meanwhile, non-interest income decreased Baht 1,030 million or 1.62 percent, due mainly to a decline in net insurance premiums. At the same time, operating expenses rose Baht

in capacity utilization of Phase 3 at the new plant, but sales dropped in the following 2H18 (Table 4, PCB shipment value dropped 13% Q-o-Q in 4Q18) due to the typical low season and the effect of the

(37.44) (25.27) Total shareholders’ equity 290.04 72.38 296.99 66.72 (6.95) (2.34) Assets At the end of 2019, SAAM Group presented total assets of THB 400.73 million, mainly comprising property, plant and

Position Assets The Company’s total assets as of 31 December 2019 and 2018 totaled THB 1,158.6 MB and THB 1,195.3 MB respectively. As at 31 December 2019 the Company is current asset in which accounted for

P a g e 1 | 7 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

P a g e 1 | 8 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

to increase income by providing services to projects developed by other property developers. The business growth target in 2019 is thus set at 10 - 15%. The gross main income of the Company and

increased by Baht 256 million, driven by increase of profit during the period, partly offset by dividend payment. Key Financial Performance Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Return on equity (ROE) 18.90