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 | FY 2020Dec 31, 2020 | FY 2019Dec 31, 2019 | FY 2018Dec 31, 2018 | FY 2017Dec 31, 2017 | FY 2016Dec 31, 2016 | FY 2015Dec 31, 2015 | FY 2014Dec 31, 2014 | FY 2013Dec 31, 2013 | FY 2012Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 228.0M | 349.0M | 481.0M | 407.0M | 248.0M | 258.0M | 225.0M | 333.0M | 284.0M | 156.0M | 115.0M | 94.0M | 66.9M | 32.3M |
| Revenue Growth % | -34.7% | -27.4% | 18.2% | 64.1% | -3.9% | 14.7% | -32.4% | 17.3% | 82.1% | 35.7% | 22.3% | 40.6% | 107.3% | -- |
| Total Revenue | 228.0M | 349.0M | 481.0M | 407.0M | 248.0M | 258.0M | 225.0M | 333.0M | 284.0M | 156.0M | 115.0M | 94.0M | 66.9M | 32.3M |
| Cost Of Revenue | 178.0M | 286.0M | 340.0M | 309.0M | 177.0M | 169.0M | 154.0M | 198.0M | 139.0M | 79.7M | 53.5M | 37.5M | 23.7M | 12.3M |
| Gross Profit | 50.0M | 63.0M | 141.0M | 98.0M | 71.0M | 89.0M | 71.0M | 135.0M | 145.0M | 76.3M | 61.5M | 56.5M | 43.2M | 20.0M |
| Gross Margin % | 21.9% | 18.1% | 29.3% | 24.1% | 28.6% | 34.5% | 31.6% | 40.5% | 51.1% | 48.9% | 53.5% | 60.1% | 64.6% | 62.0% |
| Total Operating Cost | 352.0M | 536.0M | 460.0M | 407.0M | 344.0M | 240.0M | 217.0M | 295.0M | 186.0M | 116.0M | 79.9M | 59.9M | 39.6M | 24.1M |
| Selling Expenses | 19.7M | 21.3M | 19.3M | 12.8M | 10.8M | 6.2M | 10.1M | 10.4M | 9.7M | 7.1M | 6.1M | 4.4M | 3.2M | 2.0M |
| Admin Expenses | 39.2M | 38.7M | 45.2M | 31.8M | 29.6M | 28.8M | 27.8M | 20.6M | 17.0M | 22.2M | 16.8M | 14.8M | 10.1M | 8.8M |
| Rd Expenses | 23.1M | 36.3M | 36.7M | 29.6M | 24.2M | 17.3M | 18.6M | 25.3M | 14.7M | -- | -- | -- | -- | -- |
| Finance Expenses | 3.6M | 3.4M | 3.1M | 11.5M | 8.8M | 3.8M | 1.9M | -1.8M | -1.1M | 613,400 | -745,800 | 220,100 | -133,200 | -151,400 |
| Operating Income | -114.0M | -179.0M | 24.7M | 5.0M | -89.6M | 21.7M | 10.5M | 41.2M | 101.0M | 41.3M | 34.9M | 34.2M | 27.3M | 8.1M |
| Operating Margin % | -50.0% | -51.3% | 5.1% | 1.2% | -36.1% | 8.4% | 4.7% | 12.4% | 35.6% | 26.5% | 30.3% | 36.3% | 40.8% | 25.2% |
| Non Operating Income | 256,300 | 102,700 | 77,200 | 340,600 | 106,500 | 382,200 | 178,800 | 96,000 | 34,200 | 3.7M | 4.7M | 858,700 | 172,300 | 288,700 |
| Non Operating Expenses | 4.1M | 1.3M | 435,700 | 727,600 | 929,500 | 226,100 | 1.1M | 322,100 | 123,000 | 289,000 | 218,200 | 144,300 | 436,800 | 157,400 |
| Investment Income | 825,700 | 735,000 | 186,100 | 2.7M | 1.4M | -- | -- | -- | -- | -- | 23,600 | 1,515 | 1,462 | 9,141 |
| Fair Value Change Income | 231,900 | 61,600 | 47,200 | -877,700 | 877,700 | -- | -- | -- | -- | -- | -- | -- | 2,500 | -2,500 |
| Asset Disposal Income | 1.8M | 165,100 | -2.3M | -- | -6,200 | -- | 86.00 | -- | -- | 1.3M | -- | -- | -- | -- |
| Asset Impairment Loss | 89.2M | 142.0M | 9.6M | 5.8M | 92.0M | 12.1M | 1.9M | 39.7M | 4.0M | 3.5M | 2.8M | 1.8M | 2.0M | 951,200 |
| Other Income | 6.9M | 6.3M | 5.9M | 3.8M | 3.4M | 3.7M | 2.5M | 2.7M | 2.8M | -- | -- | -- | -- | -- |
| Income Before Tax | -118.0M | -181.0M | 24.4M | 4.6M | -90.4M | 21.8M | 9.6M | 40.9M | 101.0M | 44.7M | 39.4M | 34.9M | 27.0M | 8.3M |
| Income Tax | 39.2M | -37.3M | 722,000 | -7.8M | -15.4M | 1.8M | -242,200 | 3.8M | 14.4M | 6.8M | 5.9M | 5.3M | 4.5M | 2.1M |
| Net Income | -157.0M | -143.0M | 23.7M | 12.4M | -75.0M | 20.0M | 9.9M | 37.1M | 86.1M | 37.9M | 33.5M | 29.5M | 22.5M | 6.2M |
| Net Margin % | -68.9% | -41.0% | 4.9% | 3.1% | -30.2% | 7.8% | 4.4% | 11.2% | 30.3% | 24.3% | 29.1% | 31.4% | 33.7% | 19.1% |
| Net Income Attributable | -159.0M | -141.0M | 26.9M | 12.8M | -75.0M | 20.0M | 9.9M | 37.1M | 86.1M | 37.9M | 33.5M | 29.5M | 22.6M | 6.2M |
| Minority Interest | 1.6M | -2.4M | -3.3M | -398,000 | -- | -- | -- | -- | -- | -- | -9,300 | 1,300 | -72,400 | -- |
| Eps Basic | -1.39 | -1.23 | 0.24 | 0.13 | -0.80 | 0.21 | 0.11 | 0.40 | 1.00 | 0.97 | 0.86 | 0.76 | -- | -- |
| Eps Diluted | -1.39 | -1.23 | 0.24 | 0.13 | -0.80 | 0.21 | 0.11 | 0.40 | 1.00 | 0.97 | -- | -- | -- | -- |
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 | FY 2020Dec 31, 2020 | FY 2019Dec 31, 2019 | FY 2018Dec 31, 2018 | FY 2017Dec 31, 2017 | FY 2016Dec 31, 2016 | FY 2015Dec 31, 2015 | FY 2014Dec 31, 2014 | FY 2013Dec 31, 2013 | FY 2012Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash And Equivalents | 79.6M | 115.0M | 111.0M | 97.5M | 34.1M | 75.4M | 167.0M | 48.0M | 73.0M | 21.3M | 18.0M | 5.7M | 9.6M | 4.0M |
| Trading Financial Assets | 78.3M | 65.1M | 35.0M | -- | 146.0M | 95.5M | -- | -- | -- | -- | -- | -- | -- | 17,600 |
| Accounts Receivable | 95.3M | 126.0M | 178.0M | 162.0M | 89.3M | 101.0M | 78.6M | 97.5M | 94.2M | 65.8M | 48.9M | 53.0M | 37.6M | 19.5M |
| Notes Receivable | 280,200 | 292,500 | -- | -- | -- | -- | 83,600 | 143.0M | 80.8M | 60.0M | 33.3M | 17.9M | 17.0M | 4.7M |
| Notes And Accounts Receivable | 95.6M | 127.0M | 178.0M | 162.0M | 89.3M | 101.0M | 78.7M | 241.0M | 175.0M | 126.0M | 82.2M | 71.0M | 54.6M | 24.2M |
| Prepayments | 439,300 | 1.1M | 1.8M | 2.8M | 4.5M | 4.9M | 13.6M | 3.2M | 12.0M | 2.1M | 1.8M | 1.5M | 514,200 | 405,100 |
| Inventory | 125.0M | 134.0M | 218.0M | 192.0M | 91.9M | 68.9M | 78.1M | 64.4M | 63.5M | 39.6M | 39.8M | 30.5M | 13.6M | 10.0M |
| Total Current Assets | 433.0M | 490.0M | 639.0M | 523.0M | 417.0M | 512.0M | 495.0M | 436.0M | 391.0M | 199.0M | 152.0M | 130.0M | 80.5M | 46.9M |
| Fixed Assets | 237.0M | 328.0M | 416.0M | 291.0M | 251.0M | 288.0M | 299.0M | 208.0M | 152.0M | 97.2M | 79.9M | 39.2M | 27.7M | 22.1M |
| Fixed Assets Total | 237.0M | 328.0M | 416.0M | 291.0M | 251.0M | 288.0M | 299.0M | 208.0M | 152.0M | 97.2M | 79.9M | 39.2M | 27.7M | 22.1M |
| Construction In Progress | 34.4M | 8.7M | 22.7M | 66.9M | 4.5M | 85.0M | 65.9M | 38.4M | 8.5M | 1.6M | 627,400 | 11.3M | 1.2M | 328,000 |
| Construction In Progress Total | 34.4M | 8.7M | 22.7M | 66.9M | 4.5M | 85.0M | 65.9M | 38.4M | 8.5M | 1.6M | 627,400 | 11.3M | 1.2M | 328,000 |
| Intangible Assets | 30.5M | 33.0M | 28.2M | 29.0M | 20.7M | 21.2M | 21.8M | 22.5M | 9.9M | 10.1M | 5.1M | 1.9M | 1.7M | 1.8M |
| Long Term Deferred Expenses | 642,700 | 958,100 | 730,000 | 387,300 | 659,800 | 1.0M | 1.2M | 1.2M | 1.3M | 447,400 | 487,700 | 439,900 | 147,300 | 95,600 |
| Total Non Current Assets | 358.0M | 482.0M | 546.0M | 475.0M | 349.0M | 415.0M | 427.0M | 281.0M | 176.0M | 113.0M | 88.8M | 53.9M | 31.4M | 25.0M |
| Total Assets | 791.0M | 972.0M | 1.2B | 998.0M | 766.0M | 927.0M | 922.0M | 717.0M | 567.0M | 311.0M | 241.0M | 184.0M | 112.0M | 71.8M |
| Short Term Borrowings | 72.3M | 94.6M | 74.1M | 67.1M | -- | 80.1M | 199.0M | 17.0M | 1.0M | 30.0M | -- | 2.0M | 10.0M | -- |
| Accounts Payable | 87.5M | 89.9M | 201.0M | 130.0M | 47.0M | 44.3M | 50.0M | 70.0M | 47.1M | 35.2M | 31.0M | 14.2M | 5.6M | 2.7M |
| Advance Receipts | 50,300 | -- | -- | -- | -- | -- | 1.4M | 348,500 | 4.8M | 2.0M | 2.9M | 108,300 | 434,900 | 456,300 |
| Contract Liabilities | 7.6M | 6.6M | 5.3M | 664,600 | 995,500 | 823,900 | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Liabilities | 228.0M | 220.0M | 324.0M | 313.0M | 103.0M | 202.0M | 410.0M | 206.0M | 80.2M | 77.4M | 42.4M | 26.4M | 22.9M | 6.2M |
| Long Term Borrowings | 31.7M | 61.9M | 29.8M | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non Current Liabilities | 48.1M | 81.9M | 49.0M | 19.6M | 167.0M | 150.0M | 12.5M | 11.6M | 13.4M | 10.4M | 9.5M | 1.8M | 1.5M | 749,600 |
| Total Liabilities | 276.0M | 302.0M | 373.0M | 333.0M | 271.0M | 352.0M | 422.0M | 217.0M | 93.6M | 87.7M | 51.9M | 28.3M | 24.4M | 6.9M |
| Paid In Capital | 114.0M | 114.0M | 114.0M | 105.0M | 93.6M | 93.6M | 93.6M | 93.6M | 52.0M | 39.0M | 39.0M | 39.0M | 4.7M | 4.7M |
| Capital Reserve | 530.0M | 530.0M | 531.0M | 420.0M | 219.0M | 219.0M | 219.0M | 219.0M | 261.0M | 105.0M | 105.0M | 105.0M | 34.3M | 34.3M |
| Surplus Reserve | 20.4M | 20.4M | 20.4M | 19.6M | 19.4M | 18.8M | 18.8M | 17.8M | 13.1M | 8.1M | 4.6M | 1.2M | 3.1M | 3.1M |
| Retained Earnings | -162.0M | -3.3M | 147.0M | 121.0M | 108.0M | 187.0M | 169.0M | 170.0M | 148.0M | 71.2M | 40.3M | 10.2M | 45.4M | 22.8M |
| Minority Equity | 16.0M | 11.9M | 1.5M | 1.9M | -- | -- | -- | -- | -- | -- | -- | 29,000 | 27,600 | -- |
| Equity Attributable | 499.0M | 658.0M | 811.0M | 663.0M | 495.0M | 575.0M | 500.0M | 500.0M | 473.0M | 224.0M | 189.0M | 156.0M | 87.5M | 64.9M |
| Total Equity | 515.0M | 670.0M | 812.0M | 665.0M | 495.0M | 575.0M | 500.0M | 500.0M | 473.0M | 224.0M | 189.0M | 156.0M | 87.6M | 64.9M |
| Line Item | FY 2025Dec 31, 2025 | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 | FY 2020Dec 31, 2020 | FY 2019Dec 31, 2019 | FY 2018Dec 31, 2018 | FY 2017Dec 31, 2017 | FY 2016Dec 31, 2016 | FY 2015Dec 31, 2015 | FY 2014Dec 31, 2014 | FY 2013Dec 31, 2013 | FY 2012Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash From Sales | 193.0M | 303.0M | 366.0M | 195.0M | 324.0M | 213.0M | 293.0M | 323.0M | 291.0M | 141.0M | 119.0M | 92.7M | 45.7M | 20.9M |
| Tax Refunds Received | 1.5M | 157,600 | 404,300 | 6.8M | 926,200 | 2.4M | 7.2M | 27,900 | 25,300 | -- | -- | -- | -- | -- |
| Total Operating Cash Inflow | 200.0M | 312.0M | 372.0M | 205.0M | 334.0M | 223.0M | 306.0M | 327.0M | 300.0M | 146.0M | 132.0M | 94.2M | 46.8M | 21.4M |
| Cash Paid For Goods | 51.6M | 123.0M | 202.0M | 186.0M | 122.0M | 157.0M | 152.0M | 99.7M | 139.0M | 64.5M | 49.4M | 39.5M | 21.4M | 4.3M |
| Cash Paid To Employees | 85.4M | 129.0M | 134.0M | 113.0M | 78.0M | 58.3M | 58.5M | 75.3M | 50.8M | 31.5M | 25.8M | 19.8M | 11.9M | 7.5M |
| Taxes Paid | 12.8M | 20.3M | 29.7M | 8.1M | 11.1M | 4.7M | 12.9M | 44.1M | 25.5M | 27.0M | 19.8M | 12.2M | 9.5M | 4.0M |
| Total Operating Cash Outflow | 176.0M | 301.0M | 396.0M | 333.0M | 230.0M | 235.0M | 240.0M | 235.0M | 236.0M | 139.0M | 107.0M | 81.2M | 49.8M | 29.4M |
| Operating Cash Flow | 24.7M | 11.1M | -24.4M | -129.0M | 103.0M | -11.8M | 65.8M | 91.8M | 64.1M | 7.9M | 24.2M | 13.0M | -3.0M | -8.0M |
| Total Investing Cash Inflow | 539.0M | 298.0M | 230.0M | 394.0M | 539.0M | 104.0M | 203.0M | 22.0M | -- | 6.7M | 21.2M | 244,600 | 8.0M | 40,100 |
| Total Investing Cash Outflow | 573.0M | 364.0M | 312.0M | 286.0M | 605.0M | 212.0M | 360.0M | 150.0M | 147.0M | 37.0M | 30.9M | 45.3M | 9.9M | 18.5M |
| Investing Cash Flow | -33.6M | -66.0M | -82.0M | 108.0M | -65.6M | -108.0M | -157.0M | -128.0M | -147.0M | -30.3M | -9.8M | -45.0M | -1.9M | -18.5M |
| Cash From Borrowings | 87.7M | 169.0M | 128.0M | 71.8M | -- | 100.0M | 219.0M | 27.0M | 20.0M | 30.0M | 500,000 | 2.0M | 10.0M | -- |
| Dividends And Interest Paid | 4.6M | 13.3M | 4.0M | 2.1M | 6.0M | 6.1M | 11.4M | 11.0M | 5.2M | 4.3M | 66,700 | 6.5M | 24,300 | 60,000 |
| Debt Repayments | 107.0M | 106.0M | 91.1M | 4.8M | 80.0M | 219.0M | 37.0M | 11.0M | 49.0M | -- | 2.5M | 10.0M | -- | 6.0M |
| Total Financing Cash Inflow | 87.7M | 184.0M | 263.0M | 74.1M | -- | 290.0M | 219.0M | 27.0M | 196.0M | 30.0M | 500,000 | 44.9M | 10.1M | -- |
| Total Financing Cash Outflow | 112.0M | 121.0M | 112.0M | 10.2M | 86.5M | 227.0M | 48.4M | 22.0M | 61.6M | 4.3M | 2.6M | 16.5M | 24,300 | 6.1M |
| Financing Cash Flow | -24.6M | 63.6M | 151.0M | 63.9M | -86.5M | 63.2M | 171.0M | 5.0M | 134.0M | 25.7M | -2.1M | 28.4M | 10.1M | -6.1M |
| Net Change In Cash | -33.8M | 8.8M | 44.9M | 43.6M | -48.9M | -56.2M | 79.4M | -31.2M | 51.7M | 3.2M | 12.4M | -3.5M | 5.2M | -32.5M |
| Ending Cash Balance | 79.6M | 113.0M | 105.0M | 59.6M | 16.0M | 65.0M | 121.0M | 41.8M | 73.0M | 21.3M | 18.0M | 5.7M | 9.2M | 4.0M |
| Capex | 23.5M | 36.9M | 49.2M | 40.3M | 22.1M | 46.8M | 182.0M | 132.0M | 85.1M | 37.0M | 30.9M | 25.5M | 9.7M | 10.5M |