Page 50 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

4. Management discussion and analysis (MD&A)

4.1 Overall past performance

In 2022, sales revenue was 9,364MB increased by 3.36% compared to 9, 060MB in 2021.

This in total sales is attributable as to 64.93% to domestic and as to 35.07% in international
sales. The sales increase mainly due to the increase in domestic demand, resulting in an
increase in sales of steel products. Other income 56MB increased 24MB or 71. 98%

comparing with 2021 mainly due to the gain from disposal of fixed assets.
The net profit of 2022 was 162MB decreased 215MB by 57.11% compared to net profit
377MB of 2021. That is because mainly due to the operating income gain were 221MB,
none-operating gain were 56MB, Share of loss from investment in associate of 0.98MB,
Income tax expense 48MB, Finance cost of 67MB.

In 2021, sales revenue was 9,060MB increased by 51.32% compared to 5,987MB in 2020.

This in total sales is attributable as to 59.56% to domestic and as to 40.44% in international
sales. The sales increase mainly due to the recovery of industrial demand increased. As a
result, the sales volume of steel products has increased. However, due to the control
measure of carbon emissions in mainland China, it is mandatory to reduce the production
volume of steel products, resulting in an imbalance of market supply and demand, which
makes the price of steel highly increased. Other income 33 MB decreased 14 MB or 30.39%

comparing with 2020 mainly due to the exchange rate decreased. The net profit of 2021 was
377MB increased by 217.37% compared to net loss (321) MB of 2020. That is because mainly
due to the operating income gain were 478MB, none-operating gain were 33MB, Share of
loss from investment in associate of 88M. Income tax expense 8MB, Finance cost of 38MB.

4.2 Performance by product group

(1) Revenue from sales
Sales revenue of 2022 was 9,364MB increased by 3.36% compared to 9,060MB of 2021.
That was because mainly due to the domestic demand increased, resulting in an increase
in sales volume of steel products.

Further details of sales revenue structure can be summarized as follows:

Sales from wire rods in 2022 was 5,974MB, increased by 17.76% compared to 2021, and
in 2021 was 5,073MB, increased by 32.98% compared to 2020.

Sales from annealed wire in 2022 was 1,190MB, decreased by 24.68% compared to 2020,
and in 2021 was 1,580MB, increased by 174.31% compared to 2020.

Sales from fasteners in 2022 was 2,173 MB, increased by 42.49% compared to 2021, and in
2021 was 1,525 MB, decreased by 51.89% compared to 2020.

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