Page 59 - Microsoft Word - One-Report-Eng 2024 Final.docx

Tycoons Worldwide Group (Thailand) Plc.

(2) Expenses

Cost of sales
Cost of sales is primarily composed of conversion cost and raw materials, of which billet is the main
component. In year 2024, costs of sales were 4,192MB, decreased by 19.57% compared to year
2023. This was mainly due to the sales volume decreased in 2024.

Selling and administrative expenses (SG&A)
In year 2024, selling and administrative expenses were 320MB, an 4.87% decreased from year
2023, The ratio of SG&A/Sales was 7.52% in 2024 and 6.03% in 2023.The major components of
SG&A are depreciation, salary and wages as well as transportation costs, which vary directly with
sales volume. The decrease in SG&A in 2024 is mainly due to the sales volume decreased and
transportation, export-related expenses decreased.

(3) Profit

Gross profit

In 2024, gross margin was 56MB with a rate of 1.31%, which is a decrease of 5.19 percent from
2023. In 2023, the gross margin was 363MB with a rate of 6.50%, mainly due to in 2024, the sluggish
market demand, resulting in falling sales prices and reduced sales volume, which resulted in
a decrease in production quantity, which in turn resulted in higher unit production costs.

Operating profit

Operating profit in 2024 were loss 234MB, and operating profit in 2023 was 89MB, resulted from
the decrease in gross profit rate.

Net income

In 2024, the company had a net loss of 289 MB. Compared with the net profit of 136 million baht in
2023, a decrease of 425 million baht or approximately 313.22%, which this was mainly due to in
2024 Operating income loss were 234MB, Share of profit from investment in associate 13 MB,
Finance Income 3MB, Finance cost 72MB, Tax income 1MB.

4.3 Financial status

(1) Assets

Composition

As of December 31 2024, TYCN’s had total assets 5,918MB, increased by 2.45% with amount
142MB compared to 2023. The increase in total assets was mainly attributable to the increase in
inventories.

51