at a higher rate than the decreased rate in revenue. Mostly because the projects’ gross margin in 2022 is slightly higher than in 2021. In addition, in 2022, the situation of the COVID- 19 epidemic

Company and its subsidiaries had gross profit margin of 13.53 percent compared with gross profit margin of 13.29 percent in the same period of the previous year. The higher gross margin was due mainly to

lending business increased. The Company‘s gross profit margin surged up in 2017 by stood at 20.5% or increase 2.1% from the previous year. This was because the Company received higher revenues in lending

increased in line with the increased in revenue at a very similar rate when compare to Q2–2020 and Q3–2019. This is because gross margin of the delivered projects in each quarter is not different. In addition

% Gain from exchange rate Other income 3.03 2.10 0.94 45% Total revenues 295.72 233.17 62.55 27% Cost of sales and services 208.23 159.63 48.60 30% Gross profit 84.46 71.44 13.01 18% Gross profit margin 29

-2.34 1739.32% 56.22 4.87 1054.41% Logistics Management 12.42 3.74 232.09% 32.21 23.52 36.95% Gross profit margin Sea Freight 26.00% 28.19% -2.18% 22.77% 20.13% 2.64% Air Freight 10.89% 16.86% -5.98

regarding the Interest bearing debt to Equity ratio. The Company continued to focus on enhancing operational efficiency and capabilities, and on improving gross margin rates through the selection and

-2.34 1739.32% 56.22 4.87 1054.41% Logistics Management 12.42 3.74 232.09% 32.21 23.52 36.95% Gross profit margin Sea Freight 26.00% 28.19% -2.18% 22.77% 20.13% 2.64% Air Freight 10.89% 16.86% -5.98

favourable operating results by achieving gross profit margin since Q1- 2020. 2 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2-2020 PERFORMANCE OVERVIEW 2020 2019 % 2019 2019 % 211.21 267.12 -20.93% 445.85 613.01

a gross profit of 237.71 mb (2017: 192.41 mb), a significant increase of 45.30 mb or 23.5% improvement. The reduction in cost of service also contributed positively to a better gross profit margin at