growth of food business. For hotel business, the Company still plans to open the new hotels. However, the hospital industry in Thailand may remain under pressure due to the strong Thai Baht that adversely

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expectations and every effort will be made to maintain the positive trend we saw since 2018 although the competitive pressure continues to increase. The engineering business was a drag on EBITDA in 2019 however

has been growing steadily due to the continued economic stimulus of the government and the economic pressure in previous year both from domestic and international have been reducing its negative impacts

Bt2,620.0 million was of the investment in expansion of the Northern Multi-Products Fuel Pipeline project and the expansion of the High Pressure Aviation Fuel Pipeline project for BKK phase2 of TARCO - Net

to maintain the positive trend we saw since 2018 and despite the competitive pressure. Depreciation was in line with the same period last year and given that are no major investments this will be

ease this pressure, and with the upward trend in prices, we will continue to expect healthy margins.” 2. Outlook Overall Thai economic activity in the first quarter of 2018 beat expectations with an

397.1mn in Q1/2019. GPM in this quarter also decreased to 11.7% from 28.6% in Q1/2019. The pressure on the GPM in this quarter was because the economic downturn which started since late 2019 had caused the

Vietnam, which demonstrated the strongest GDP growth in ASEAN with an estimated growth at 1.6%2 in 2020. On the domestic side, Thailand’s economic outlook remains uncertain due to pressure on both the

increase in the policy interest rate to cope with the pressure from the high inflation rate in the country, the Company was still able to effectively manage its financial costs. The Company recorded