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 | 1.2B | 1.4B | 1.2B | 1.2B | 1.2B |
| Revenue Growth % | -11.5% | 12.4% | 1.6% | 0.2% | -- |
| Total Revenue | 1.2B | 1.4B | 1.2B | 1.2B | 1.2B |
| Cost Of Revenue | 1.1B | 1.3B | 1.2B | 1.1B | 954.0M |
| Gross Profit | 162.0M | 113.0M | 53.0M | 171.0M | 266.0M |
| Gross Margin % | 13.1% | 8.1% | 4.3% | 14.0% | 21.8% |
| Total Operating Cost | 1.4B | 1.7B | 1.5B | 1.4B | 1.2B |
| Selling Expenses | 59.2M | 63.7M | 55.6M | 68.4M | 61.1M |
| Admin Expenses | 162.0M | 166.0M | 143.0M | 140.0M | 116.0M |
| Rd Expenses | 59.5M | 66.0M | 66.2M | 77.1M | 76.0M |
| Finance Expenses | 22.9M | 23.4M | 27.0M | 31.0M | 17.7M |
| Operating Income | -141.0M | -289.0M | -306.0M | -185.0M | 1.7M |
| Operating Margin % | -11.4% | -20.7% | -24.6% | -15.1% | 0.1% |
| Non Operating Income | 2.3M | 1.2M | 3.1M | 241,000 | 13.0M |
| Non Operating Expenses | 12.9M | 130,300 | 1.0M | 2.2M | 257,800 |
| Investment Income | 1.0M | 2.2M | 997,200 | 4.3M | 36,500 |
| Fair Value Change Income | 166,300 | 143,300 | -- | -- | -- |
| Asset Disposal Income | 19.7M | -13.6M | -18.5M | -1.2M | -300,500 |
| Asset Impairment Loss | 22.9M | 68.8M | 42.8M | 36.1M | -- |
| Other Income | 7.9M | 3.0M | 7.3M | 10.9M | 9.4M |
| Income Before Tax | -151.0M | -288.0M | -304.0M | -187.0M | 14.4M |
| Income Tax | 7.8M | 6.6M | 27.7M | 13.8M | -9.9M |
| Net Income | -159.0M | -294.0M | -332.0M | -200.0M | 24.3M |
| Net Margin % | -12.9% | -21.0% | -26.7% | -16.4% | 2.0% |
| Net Income Attributable | -170.0M | -303.0M | -340.0M | -189.0M | 21.9M |
| Minority Interest | 11.1M | 8.7M | 8.2M | -11.3M | 2.5M |
| Eps Basic | -0.34 | -0.61 | -0.73 | -0.41 | 0.05 |
| Eps Diluted | -0.34 | -0.61 | -0.73 | -0.41 | 0.05 |
| 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 | 400.0M | 327.0M | 391.0M | 345.0M | 84.1M |
| Trading Financial Assets | -- | 100.0M | -- | 35.0M | -- |
| Accounts Receivable | 275.0M | 288.0M | 350.0M | 313.0M | 264.0M |
| Notes Receivable | 6.8M | -- | -- | 1.2M | -- |
| Notes And Accounts Receivable | 282.0M | 288.0M | 350.0M | 314.0M | 264.0M |
| Prepayments | 14.5M | 4.1M | 12.5M | 13.5M | 15.6M |
| Inventory | -- | 1.2M | 5.3M | 10.9M | -- |
| Total Current Assets | 813.0M | 834.0M | 871.0M | 801.0M | 419.0M |
| Long Term Equity Investment | 45.5M | 13.3M | 13.5M | 5.4M | -- |
| Fixed Assets | 621.0M | 743.0M | 706.0M | 832.0M | 691.0M |
| Fixed Assets Total | 621.0M | 743.0M | 706.0M | 832.0M | 691.0M |
| Construction In Progress | 93.3M | 25.3M | 102.0M | 89.1M | 133.0M |
| Construction In Progress Total | 99.2M | 41.2M | 135.0M | 116.0M | 150.0M |
| Intangible Assets | 53.6M | 68.1M | 85.0M | 31.7M | 19.5M |
| Long Term Deferred Expenses | 5.4M | 7.5M | 7.8M | 15.2M | 15.6M |
| Total Non Current Assets | 1.2B | 1.1B | 1.2B | 1.4B | 1.1B |
| Total Assets | 2.0B | 2.0B | 2.1B | 2.2B | 1.6B |
| Short Term Borrowings | 315.0M | 315.0M | 393.0M | 283.0M | 181.0M |
| Accounts Payable | 296.0M | 345.0M | 278.0M | 148.0M | 181.0M |
| Advance Receipts | -- | -- | -- | -- | -- |
| Contract Liabilities | 16.7M | 25.6M | 20.9M | 17.4M | 7.1M |
| Total Current Liabilities | 829.0M | 866.0M | 1.1B | 753.0M | 605.0M |
| Long Term Borrowings | 121.0M | -- | 31.7M | 95.0M | 118.0M |
| Total Non Current Liabilities | 366.0M | 103.0M | 121.0M | 193.0M | 299.0M |
| Total Liabilities | 1.2B | 970.0M | 1.2B | 946.0M | 904.0M |
| Paid In Capital | 503.0M | 500.0M | 467.0M | 467.0M | 411.0M |
| Capital Reserve | 1.0B | 1.0B | 673.0M | 681.0M | 27.4M |
| Surplus Reserve | 26.1M | 26.1M | 26.1M | 26.1M | 26.1M |
| Retained Earnings | -794.0M | -624.0M | -321.0M | 19.4M | 208.0M |
| Minority Equity | 66.6M | 54.0M | 44.6M | 15.7M | 12.7M |
| Equity Attributable | 786.0M | 931.0M | 868.0M | 1.2B | 649.0M |
| Total Equity | 852.0M | 985.0M | 913.0M | 1.2B | 662.0M |
| 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 | 1.5B | 1.7B | 1.3B | 1.3B | 1.2B |
| Tax Refunds Received | 7.8M | 431,400 | 390,900 | 85,600 | 4.3M |
| Total Operating Cash Inflow | 1.6B | 1.7B | 1.4B | 1.3B | 1.3B |
| Cash Paid For Goods | 1.1B | 1.1B | 900.0M | 801.0M | 828.0M |
| Cash Paid To Employees | 214.0M | 224.0M | 197.0M | 209.0M | 183.0M |
| Taxes Paid | 21.7M | 25.3M | 23.0M | 13.9M | 14.2M |
| Total Operating Cash Outflow | 1.4B | 1.5B | 1.2B | 1.1B | 1.1B |
| Operating Cash Flow | 180.0M | 241.0M | 169.0M | 217.0M | 177.0M |
| Total Investing Cash Inflow | 478.0M | 761.0M | 594.0M | 896.0M | 46.7M |
| Total Investing Cash Outflow | 706.0M | 1.1B | 705.0M | 1.5B | 572.0M |
| Investing Cash Flow | -228.0M | -359.0M | -112.0M | -562.0M | -525.0M |
| Cash From Borrowings | 447.0M | 335.0M | 418.0M | 347.0M | 335.0M |
| Dividends And Interest Paid | 12.1M | 15.1M | 15.1M | 15.9M | 7.4M |
| Debt Repayments | 350.0M | 441.0M | 404.0M | 260.0M | 103.0M |
| Total Financing Cash Inflow | 556.0M | 722.0M | 540.0M | 1.1B | 591.0M |
| Total Financing Cash Outflow | 457.0M | 623.0M | 592.0M | 480.0M | 330.0M |
| Financing Cash Flow | 99.5M | 98.5M | -51.7M | 601.0M | 261.0M |
| Net Change In Cash | 50.0M | -19.2M | 5.8M | 258.0M | -87.4M |
| Ending Cash Balance | 377.0M | 327.0M | 347.0M | 341.0M | 83.0M |
| Capex | 384.0M | 264.0M | 114.0M | 461.0M | 527.0M |