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

to a 20% reduction in IVL’s core EBITDA. Operating cash flow through this period increased by 33% to $1.3B, as a result of lower prices and operational excellence. IVL has proposed a dividend of

customers with different lifestyles. Following the re-opening in 1Q18, the shopping mall had approximately 10% YoY increase in traffic and the occupancy rate increased to 88% from 82% as of the end of last

the executive to acknowledge the ability and capability to generate income of the content writer and to manage to increase the current popular content, which shall generate increased income accordingly

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