281 USD/ton or 31% to be at 633 USD/ton because in international crude palm kernel oil market, the inventory level stood at the high level in 2Q2019, especially Malaysia’s inventory raised to 490,000

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

due to the appreciating US Dollar, after the FED raised interest rate 4 times during 2018 to the level between 2.25 to 2.50%, essentially dwindling crude oil demand from importing countries. Average

pressured the retail marketing margin; i.e. continuously increased crude oil price, and the government’s Diesel price ceiling to alleviate burden of the consumers and business operators within the

. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited

of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

Analysis | 2 Executive Summary In 2018, palm oil production and crude palm oil (CPO) inventory have remained high in both domestic and international market, which resulted in the decreasing price of crude

1Q2020, overall palm oil production in both domestic and international market declined due to the significant impact of drought on agriculture. According to Department of Internal Trade, local crude palm

oil inventory remained high, crude palm oil (CPO) price continuously declined, as well as Crude Palm Kernel Oil (CPKO) price decreased. This year, the Thai government biodiesel mandate was set to B5 and