Income Statement
Balance Sheet
Cash Flow
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | 517.0M | 649.0M | 507.0M | 330.0M | 363.0M |
| Revenue Growth % | -20.3% | 28.0% | 53.6% | -9.1% | -- |
| Total Revenue | 517.0M | 649.0M | 507.0M | 330.0M | 363.0M |
| Cost Of Revenue | 482.0M | 704.0M | 552.0M | 339.0M | 304.0M |
| Gross Profit | 35.0M | -55.0M | -45.0M | -9.0M | 59.0M |
| Gross Margin % | 6.8% | -8.5% | -8.9% | -2.7% | 16.3% |
| Total Operating Cost | 657.0M | 1.1B | 758.0M | 467.0M | 381.0M |
| Selling Expenses | 14.0M | 15.5M | 15.9M | 10.8M | 15.0M |
| Admin Expenses | 55.4M | 45.5M | 38.1M | 27.3M | 22.3M |
| Rd Expenses | 25.6M | 35.6M | 27.5M | 21.8M | 24.8M |
| Finance Expenses | 53.6M | 59.8M | 38.5M | 14.2M | 3.6M |
| Operating Income | -128.0M | -428.0M | -236.0M | -134.0M | -33.1M |
| Operating Margin % | -24.8% | -65.9% | -46.5% | -40.6% | -9.1% |
| Non Operating Income | 7,400 | 6,800 | 431,000 | 240,000 | 1.0M |
| Non Operating Expenses | 10.5M | 133,200 | 5.2M | 590,600 | 280,800 |
| Investment Income | 4.6M | 9.2M | 11.4M | -10.1M | -20.6M |
| Fair Value Change Income | -- | -- | -- | -- | -- |
| Asset Disposal Income | 273,500 | 36,100 | -36,200 | -- | 10,900 |
| Asset Impairment Loss | 20.1M | 224.0M | 79.2M | 48.1M | 7.7M |
| Other Income | 7.2M | 4.8M | 3.3M | 13.1M | 4.8M |
| Income Before Tax | -139.0M | -428.0M | -241.0M | -134.0M | -32.4M |
| Income Tax | 453,800 | 17.8M | -18.3M | -11.4M | -5.9M |
| Net Income | -139.0M | -446.0M | -223.0M | -123.0M | -26.4M |
| Net Margin % | -26.9% | -68.7% | -44.0% | -37.3% | -7.3% |
| Net Income Attributable | -139.0M | -445.0M | -222.0M | -122.0M | -26.0M |
| Minority Interest | -43,300 | -1.1M | -799,200 | -783,400 | -400,200 |
| Eps Basic | -0.90 | -2.86 | -1.44 | -0.79 | -0.17 |
| Eps Diluted | -0.90 | -2.86 | -1.44 | -0.79 | -0.17 |
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|---|
| Cash And Equivalents | 55.6M | 24.8M | 84.4M | 23.8M | 97.5M |
| Trading Financial Assets | -- | -- | -- | -- | -- |
| Accounts Receivable | 42.4M | 74.4M | 86.1M | 57.1M | 44.0M |
| Notes Receivable | 250,400 | 2.1M | 29.8M | 213,800 | -- |
| Notes And Accounts Receivable | 42.6M | 76.5M | 116.0M | 57.3M | 44.0M |
| Prepayments | 4.6M | 1.4M | 3.9M | 1.3M | 4.9M |
| Inventory | 95.5M | 95.7M | 202.0M | 89.1M | 61.2M |
| Total Current Assets | 208.0M | 216.0M | 478.0M | 506.0M | 228.0M |
| Long Term Equity Investment | 26.8M | 23.4M | 20.3M | 24.1M | 34.7M |
| Fixed Assets | 469.0M | 974.0M | 703.0M | 627.0M | 198.0M |
| Fixed Assets Total | 469.0M | 974.0M | 703.0M | 627.0M | 198.0M |
| Construction In Progress | 5.5M | 55.9M | 411.0M | 6.2M | 710.0M |
| Construction In Progress Total | 5.5M | 55.9M | 411.0M | 6.2M | 710.0M |
| Intangible Assets | 21.1M | 126.0M | 132.0M | 31.4M | 40.9M |
| Long Term Deferred Expenses | 18,900 | 12.5M | 798,300 | 188,700 | 2.0M |
| Total Non Current Assets | 541.0M | 1.3B | 1.5B | 734.0M | 1.0B |
| Total Assets | 749.0M | 1.5B | 2.0B | 1.2B | 1.3B |
| Short Term Borrowings | 156.0M | 161.0M | 219.0M | 173.0M | 156.0M |
| Accounts Payable | 103.0M | 311.0M | 265.0M | 136.0M | 168.0M |
| Advance Receipts | -- | 6.3M | -- | -- | -- |
| Contract Liabilities | 4.9M | 17.1M | 1.5M | 2.8M | 914,700 |
| Total Current Liabilities | 597.0M | 1.2B | 930.0M | 485.0M | 390.0M |
| Long Term Borrowings | 30.0M | 134.0M | 490.0M | 106.0M | 97.0M |
| Total Non Current Liabilities | 86.5M | 274.0M | 621.0M | 155.0M | 146.0M |
| Total Liabilities | 684.0M | 1.5B | 1.6B | 641.0M | 536.0M |
| Paid In Capital | 155.0M | 155.0M | 155.0M | 155.0M | 155.0M |
| Capital Reserve | 577.0M | 349.0M | 345.0M | 340.0M | 340.0M |
| Surplus Reserve | 53.4M | 53.4M | 53.4M | 53.4M | 53.4M |
| Retained Earnings | -723.0M | -592.0M | -147.0M | 74.9M | 197.0M |
| Minority Equity | 1.8M | 1.7M | 2.8M | 3.6M | 4.4M |
| Equity Attributable | 63.2M | -26.3M | 411.0M | 596.0M | 718.0M |
| Total Equity | 64.9M | -24.5M | 414.0M | 599.0M | 722.0M |
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|---|
| Cash From Sales | 571.0M | 707.0M | 497.0M | 325.0M | 360.0M |
| Tax Refunds Received | 14.1M | 42.0M | 34.5M | 50.6M | 36.4M |
| Total Operating Cash Inflow | 590.0M | 793.0M | 541.0M | 394.0M | 404.0M |
| Cash Paid For Goods | 475.0M | 505.0M | 579.0M | 301.0M | 273.0M |
| Cash Paid To Employees | 88.0M | 105.0M | 93.9M | 75.8M | 61.4M |
| Taxes Paid | 10.0M | 8.4M | 6.1M | 3.6M | 5.1M |
| Total Operating Cash Outflow | 615.0M | 652.0M | 727.0M | 403.0M | 369.0M |
| Operating Cash Flow | -25.1M | 141.0M | -187.0M | -8.8M | 35.2M |
| Total Investing Cash Inflow | 5.2M | 35.2M | 340.0M | 463,200 | 5.6M |
| Total Investing Cash Outflow | 140.0M | 125.0M | 594.0M | 137.0M | 361.0M |
| Investing Cash Flow | -135.0M | -89.8M | -254.0M | -137.0M | -355.0M |
| Cash From Borrowings | 172.0M | 422.0M | 669.0M | 285.0M | 244.0M |
| Dividends And Interest Paid | 42.5M | 48.8M | 24.2M | 13.0M | 26.5M |
| Debt Repayments | 507.0M | 415.0M | 214.0M | 255.0M | 36.1M |
| Total Financing Cash Inflow | 1.2B | 808.0M | 947.0M | 365.0M | 293.0M |
| Total Financing Cash Outflow | 956.0M | 887.0M | 479.0M | 294.0M | 69.0M |
| Financing Cash Flow | 195.0M | -79.6M | 467.0M | 70.8M | 224.0M |
| Net Change In Cash | 34.1M | -30.7M | 26.4M | -71.7M | -96.8M |
| Ending Cash Balance | 55.6M | 21.5M | 52.2M | 25.8M | 97.5M |
| Capex | 130.0M | 125.0M | 465.0M | 137.0M | 357.0M |