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 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2B | 1.8B | 1.5B | 1.4B | 1.6B | 1.5B | 1.3B | 1.0B | 740.0M |
| Revenue Growth % | 20.8% | 24.2% | 8.2% | -15.9% | 7.9% | 19.8% | 21.6% | 40.3% | -- |
| Total Revenue | 2.2B | 1.8B | 1.5B | 1.4B | 1.6B | 1.5B | 1.3B | 1.0B | 740.0M |
| Cost Of Revenue | 2.0B | 1.6B | 1.3B | 1.3B | 1.4B | 1.3B | 1.0B | 858.0M | 577.0M |
| Gross Profit | 247.0M | 196.0M | 169.0M | 97.0M | 201.0M | 245.0M | 237.0M | 180.0M | 163.0M |
| Gross Margin % | 11.1% | 10.6% | 11.4% | 7.1% | 12.3% | 16.2% | 18.8% | 17.3% | 22.0% |
| Total Operating Cost | 2.2B | 1.8B | 1.5B | 1.4B | 1.6B | 1.4B | 1.1B | 948.0M | 665.0M |
| Selling Expenses | 24.0M | 21.7M | 21.5M | 17.0M | 13.4M | 9.9M | 26.7M | 21.8M | 17.3M |
| Admin Expenses | 67.2M | 58.2M | 55.0M | 40.9M | 43.1M | 29.8M | 31.3M | 30.2M | 34.4M |
| Rd Expenses | 66.4M | 63.5M | 53.8M | 69.3M | 67.0M | 49.1M | 40.6M | 23.9M | 14.8M |
| Finance Expenses | 35.5M | 9.3M | 24.5M | -17.5M | 15.1M | 37.1M | 5.2M | -1.8M | 14.2M |
| Operating Income | 16.3M | 9.0M | -41.9M | -31.2M | 48.3M | 120.0M | 137.0M | 94.0M | 76.2M |
| Operating Margin % | 0.7% | 0.5% | -2.8% | -2.3% | 3.0% | 7.9% | 10.9% | 9.1% | 10.3% |
| Non Operating Income | 2.2M | 167,000 | 382,200 | 4.2M | 13.8M | 92,600 | 78,000 | 226,500 | 44,200 |
| Non Operating Expenses | 664,200 | 1.2M | 42,100 | 4.6M | 880,200 | 736,100 | 2.5M | 724,000 | 1.6M |
| Investment Income | 696,000 | -6.2M | -2.7M | -4.3M | 3.1M | 6.5M | -528,000 | -- | -- |
| Fair Value Change Income | -141,300 | 3.1M | -11.7M | 8.7M | -- | 7.2M | -- | -- | -- |
| Asset Disposal Income | -11,500 | -19,200 | -904,100 | 214,900 | -272,800 | -919,100 | -2.1M | -- | 75,400 |
| Asset Impairment Loss | 23.5M | 20.7M | 38.1M | 33.5M | 14.6M | 7.5M | 4.9M | 10.7M | 3.2M |
| Other Income | 9.2M | 8.9M | 14.1M | 14.3M | 6.4M | 5.8M | 19.3M | 4.7M | 1.2M |
| Income Before Tax | 17.8M | 8.0M | -41.6M | -31.7M | 61.3M | 119.0M | 135.0M | 93.5M | 74.6M |
| Income Tax | 6.2M | -1.2M | -4.4M | -2.5M | -2.2M | 19.8M | 24.0M | 15.7M | 21.3M |
| Net Income | 11.6M | 9.2M | -37.2M | -29.1M | 63.4M | 99.5M | 111.0M | 77.9M | 53.3M |
| Net Margin % | 0.5% | 0.5% | -2.5% | -2.1% | 3.9% | 6.6% | 8.8% | 7.5% | 7.2% |
| Net Income Attributable | 13.1M | 10.3M | -35.0M | -27.8M | 63.5M | 99.5M | 111.0M | 77.9M | 53.3M |
| Minority Interest | -1.5M | -1.0M | -2.2M | -1.3M | -111,400 | -- | -- | -- | -- |
| Eps Basic | 0.06 | 0.05 | -0.27 | -0.21 | 0.51 | 1.01 | 1.13 | 0.86 | 0.59 |
| Eps Diluted | 0.06 | 0.05 | -0.12 | -0.14 | 0.51 | 1.01 | 1.13 | 0.86 | 0.59 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Cash And Equivalents | 196.0M | 199.0M | 82.5M | 137.0M | 144.0M | 22.6M | 74.6M | 44.1M | 15.0M |
| Trading Financial Assets | -- | 30.1M | 120.0M | 209.0M | -- | 7.2M | -- | -- | -- |
| Accounts Receivable | 877.0M | 722.0M | 563.0M | 410.0M | 705.0M | 667.0M | 557.0M | 468.0M | 335.0M |
| Notes Receivable | 28.8M | 43.8M | -- | 3.0M | 5.1M | -- | -- | -- | -- |
| Notes And Accounts Receivable | 906.0M | 766.0M | 563.0M | 413.0M | 710.0M | 667.0M | 557.0M | 468.0M | 335.0M |
| Prepayments | 7.3M | 8.0M | 19.7M | 1.5M | 3.5M | 4.6M | 1.1M | 1.6M | 1.3M |
| Inventory | 527.0M | 421.0M | 462.0M | 340.0M | 393.0M | 356.0M | 213.0M | 189.0M | 128.0M |
| Total Current Assets | 1.7B | 1.5B | 1.3B | 1.1B | 1.3B | 1.1B | 866.0M | 749.0M | 508.0M |
| Long Term Equity Investment | 2.0M | 2.0M | 2.0M | -- | -- | -- | -- | -- | -- |
| Fixed Assets | 1.4B | 1.2B | 880.0M | 715.0M | 611.0M | 516.0M | 391.0M | 276.0M | 208.0M |
| Fixed Assets Total | 1.4B | 1.2B | 880.0M | 715.0M | 611.0M | 516.0M | 391.0M | 276.0M | 208.0M |
| Construction In Progress | 6.7M | 90.7M | 182.0M | 140.0M | 135.0M | 37.7M | 26.0M | 42.5M | 17.3M |
| Construction In Progress Total | 6.7M | 90.7M | 182.0M | 140.0M | 135.0M | 37.7M | 26.0M | 42.5M | 17.3M |
| Intangible Assets | 67.4M | 68.5M | 70.1M | 67.4M | 68.6M | 46.6M | 32.2M | 32.5M | 16.2M |
| Long Term Deferred Expenses | 12.2M | 13.8M | 11.3M | 4.3M | 2.6M | 2.3M | 2.4M | 811,900 | 1.0M |
| Total Non Current Assets | 1.7B | 1.5B | 1.2B | 990.0M | 933.0M | 626.0M | 473.0M | 372.0M | 253.0M |
| Total Assets | 3.4B | 3.0B | 2.5B | 2.1B | 2.2B | 1.7B | 1.3B | 1.1B | 762.0M |
| Short Term Borrowings | 653.0M | 425.0M | 207.0M | 176.0M | 373.0M | 153.0M | 110.0M | 113.0M | 48.6M |
| Accounts Payable | 725.0M | 715.0M | 588.0M | 338.0M | 581.0M | 759.0M | 529.0M | 477.0M | 350.0M |
| Advance Receipts | 392,000 | 384,200 | -- | -- | -- | -- | -- | -- | -- |
| Contract Liabilities | 169,300 | 306,000 | -- | 761,800 | -- | -- | -- | -- | -- |
| Total Current Liabilities | 1.7B | 1.4B | 994.0M | 609.0M | 990.0M | 954.0M | 697.0M | 646.0M | 446.0M |
| Long Term Borrowings | 122.0M | 65.5M | 1.9M | -- | -- | -- | -- | -- | -- |
| Total Non Current Liabilities | 275.0M | 190.0M | 370.0M | 336.0M | 128.0M | 73.8M | 61.3M | 56.7M | 15.1M |
| Total Liabilities | 2.0B | 1.6B | 1.4B | 946.0M | 1.1B | 1.0B | 758.0M | 703.0M | 461.0M |
| Paid In Capital | 215.0M | 180.0M | 132.0M | 132.0M | 132.0M | 99.0M | 99.0M | 94.0M | 79.1M |
| Capital Reserve | 870.0M | 909.0M | 586.0M | 586.0M | 586.0M | 236.0M | 236.0M | 189.0M | 143.0M |
| Surplus Reserve | 20.2M | 16.1M | 13.0M | 12.9M | 12.7M | 9.6M | 4.5M | 1.1M | 1.6M |
| Retained Earnings | 272.0M | 281.0M | 280.0M | 316.0M | 357.0M | 336.0M | 242.0M | 134.0M | 76.1M |
| Minority Equity | 16.2M | 2.4M | 3.5M | 5.6M | 6.9M | -- | -- | -- | -- |
| Equity Attributable | 1.4B | 1.4B | 1.1B | 1.2B | 1.1B | 680.0M | 581.0M | 418.0M | 300.0M |
| Total Equity | 1.4B | 1.4B | 1.1B | 1.2B | 1.1B | 680.0M | 581.0M | 418.0M | 300.0M |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Cash From Sales | 1.9B | 1.5B | 1.3B | 1.8B | 1.6B | 1.4B | 1.2B | 924.0M | 634.0M |
| Tax Refunds Received | 105.0M | 86.3M | 73.5M | 110.0M | 127.0M | 83.1M | 90.7M | 77.7M | 37.5M |
| Total Operating Cash Inflow | 2.0B | 1.5B | 1.4B | 1.9B | 1.8B | 1.5B | 1.3B | 1.0B | 674.0M |
| Cash Paid For Goods | 1.4B | 1.1B | 1.1B | 1.3B | 1.6B | 1.2B | 949.0M | 727.0M | 507.0M |
| Cash Paid To Employees | 267.0M | 222.0M | 201.0M | 220.0M | 221.0M | 179.0M | 175.0M | 142.0M | 106.0M |
| Taxes Paid | 23.8M | 14.4M | 14.3M | 10.2M | 17.0M | 41.2M | 19.5M | 30.6M | 20.7M |
| Total Operating Cash Outflow | 1.8B | 1.4B | 1.4B | 1.6B | 1.9B | 1.4B | 1.2B | 966.0M | 670.0M |
| Operating Cash Flow | 178.0M | 151.0M | 46.6M | 277.0M | -42.2M | 47.3M | 124.0M | 47.9M | 4.0M |
| Total Investing Cash Inflow | 334.0M | 638.0M | 914.0M | 174.0M | 278.0M | 82.7M | 10.4M | 7.1M | 33.3M |
| Total Investing Cash Outflow | 724.0M | 921.0M | 1.0B | 540.0M | 664.0M | 208.0M | 120.0M | 128.0M | 157.0M |
| Investing Cash Flow | -391.0M | -283.0M | -102.0M | -366.0M | -387.0M | -125.0M | -110.0M | -121.0M | -123.0M |
| Cash From Borrowings | 915.0M | 675.0M | 343.0M | 451.0M | 603.0M | 276.0M | 242.0M | 188.0M | 71.6M |
| Dividends And Interest Paid | 46.2M | 24.2M | 11.2M | 25.0M | 44.9M | 3.8M | 5.5M | 3.9M | 47.5M |
| Debt Repayments | 657.0M | 393.0M | 312.0M | 667.0M | 379.0M | 226.0M | 245.0M | 124.0M | 44.6M |
| Total Financing Cash Inflow | 929.0M | 684.0M | 343.0M | 844.0M | 1.0B | 277.0M | 292.0M | 257.0M | 284.0M |
| Total Financing Cash Outflow | 724.0M | 433.0M | 358.0M | 711.0M | 507.0M | 249.0M | 277.0M | 153.0M | 178.0M |
| Financing Cash Flow | 206.0M | 251.0M | -15.0M | 133.0M | 501.0M | 28.1M | 15.4M | 104.0M | 107.0M |
| Net Change In Cash | -2.0M | 130.0M | -67.1M | 49.8M | 68.0M | -57.2M | 31.0M | 29.1M | -15.3M |
| Ending Cash Balance | 195.0M | 197.0M | 67.4M | 134.0M | 84.7M | 16.7M | 73.9M | 42.8M | 13.7M |
| Capex | 454.0M | 374.0M | 176.0M | 162.0M | 403.0M | 130.0M | 110.0M | 121.0M | 87.8M |