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 | 504.0M | 348.0M | 448.0M | 800.0M | 1.3B | 1.1B | 907.0M | 771.0M | 743.0M | 631.0M | 398.0M | 463.0M | 494.0M | 491.0M |
| Revenue Growth % | 44.8% | -22.3% | -44.0% | -39.1% | 14.6% | 26.5% | 17.6% | 3.8% | 17.7% | 58.5% | -14.0% | -6.3% | 0.6% | -- |
| Total Revenue | 504.0M | 348.0M | 448.0M | 800.0M | 1.3B | 1.1B | 907.0M | 771.0M | 743.0M | 631.0M | 398.0M | 463.0M | 494.0M | 491.0M |
| Cost Of Revenue | 470.0M | 334.0M | 431.0M | 725.0M | 1.1B | 952.0M | 718.0M | 589.0M | 561.0M | 486.0M | 292.0M | 336.0M | 366.0M | 386.0M |
| Gross Profit | 34.0M | 14.0M | 17.0M | 75.0M | 185.0M | 195.0M | 189.0M | 182.0M | 182.0M | 145.0M | 106.0M | 127.0M | 128.0M | 105.0M |
| Gross Margin % | 6.7% | 4.0% | 3.8% | 9.4% | 14.1% | 17.0% | 20.8% | 23.6% | 24.5% | 23.0% | 26.6% | 27.4% | 25.9% | 21.4% |
| Total Operating Cost | 583.0M | 439.0M | 568.0M | 858.0M | 1.3B | 1.1B | 880.0M | 722.0M | 667.0M | 561.0M | 361.0M | 418.0M | 440.0M | 453.0M |
| Selling Expenses | 2.3M | 627,700 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Admin Expenses | 35.0M | 40.7M | 68.5M | 84.2M | 90.2M | 93.0M | 94.2M | 84.7M | 57.0M | 57.7M | 45.9M | 55.6M | 53.6M | 44.6M |
| Rd Expenses | 12.4M | 6.7M | 14.3M | 25.7M | 45.8M | 40.8M | 35.0M | 24.5M | 23.6M | -- | -- | -- | -- | -- |
| Finance Expenses | -12.2M | -23.3M | -22.6M | -22.7M | 2.6M | 128,100 | 16.3M | 13.1M | 8.6M | 5.8M | 7.1M | 7.6M | 4.5M | 3.8M |
| Operating Income | -84.7M | -89.3M | -122.0M | -53.2M | 20.3M | 42.3M | 34.2M | 61.4M | 78.2M | 69.6M | 36.8M | 44.4M | 53.4M | 38.5M |
| Operating Margin % | -16.8% | -25.7% | -27.2% | -6.7% | 1.5% | 3.7% | 3.8% | 8.0% | 10.5% | 11.0% | 9.3% | 9.6% | 10.8% | 7.8% |
| Non Operating Income | 2.0M | 4.1M | 2.5M | 5.4M | 10.00 | 16.00 | -- | 58,500 | 3.1M | 1.0M | 685,500 | 423,400 | 1.2M | 1.8M |
| Non Operating Expenses | 195,300 | 462,300 | 1.2M | 976,900 | 111,600 | 115,000 | 86,000 | -- | 935,000 | -- | 509,500 | 54,700 | 23,800 | 83,700 |
| Investment Income | -6.3M | 1.3M | -3.3M | 3.0M | 4.6M | 5.7M | 7.0M | 11.0M | 2.5M | -- | -- | -- | -- | -- |
| Fair Value Change Income | -665,400 | -- | -- | 112,500 | 556,100 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Asset Disposal Income | 5,700 | 117,200 | -56,300 | -104,300 | 23,600 | -93,300 | -270,600 | 197,500 | -19,600 | -579,200 | -- | -- | -- | -- |
| Asset Impairment Loss | -6.8M | 6.5M | 23.8M | 14.4M | 5.0M | 33.1M | 16.3M | 9.0M | 10.3M | 5.7M | 5.6M | 7.0M | 1.2M | 5.3M |
| Other Income | 1.8M | 853,000 | 352,400 | 1.6M | 752,900 | 946,400 | 826,200 | 528,000 | -- | -- | -- | -- | -- | -- |
| Income Before Tax | -82.9M | -85.7M | -121.0M | -48.8M | 20.1M | 42.2M | 34.2M | 61.5M | 80.4M | 70.6M | 37.0M | 44.8M | 54.6M | 40.2M |
| Income Tax | 29.3M | 18.1M | -12.6M | 4.8M | -1.4M | 1.5M | 2.6M | 5.4M | 11.9M | 9.9M | 5.5M | 6.1M | 7.5M | 5.1M |
| Net Income | -112.0M | -104.0M | -108.0M | -53.6M | 21.6M | 40.8M | 31.5M | 56.1M | 68.5M | 60.7M | 31.5M | 38.7M | 47.1M | 35.1M |
| Net Margin % | -22.2% | -29.9% | -24.1% | -6.7% | 1.6% | 3.6% | 3.5% | 7.3% | 9.2% | 9.6% | 7.9% | 8.4% | 9.5% | 7.1% |
| Net Income Attributable | -120.0M | -99.5M | -108.0M | -55.4M | 21.9M | 41.4M | 31.5M | 56.1M | 68.5M | 60.7M | 31.5M | 38.7M | 47.1M | 35.1M |
| Minority Interest | 7.3M | -4.3M | -273,100 | 1.8M | -379,000 | -656,700 | -4,800 | -1.00 | -- | -- | -- | -- | -- | -- |
| Eps Basic | -0.45 | -0.38 | -0.41 | -0.21 | 0.08 | 0.16 | 0.16 | 0.28 | 0.39 | 0.40 | 0.21 | 0.25 | 0.31 | 0.23 |
| Eps Diluted | -0.45 | -0.38 | -0.41 | -0.21 | 0.08 | 0.16 | 0.16 | 0.28 | 0.39 | 0.40 | 0.21 | 0.25 | 0.31 | 0.23 |
| 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 | 86.1M | 43.3M | 106.0M | 173.0M | 247.0M | 258.0M | 348.0M | 114.0M | 110.0M | 89.5M | 57.4M | 16.2M | 88.4M | 53.5M |
| Trading Financial Assets | -- | -- | -- | 9.1M | 56.9M | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Accounts Receivable | 471.0M | 630.0M | 573.0M | 515.0M | 410.0M | 288.0M | 356.0M | 361.0M | 301.0M | 258.0M | 204.0M | 238.0M | 177.0M | 150.0M |
| Notes Receivable | -- | 570,000 | -- | -- | 419,400 | 6.1M | 7.6M | 4.8M | 2.1M | 2.1M | 1.6M | 100,000 | -- | 585,200 |
| Notes And Accounts Receivable | 471.0M | 630.0M | 573.0M | 515.0M | 410.0M | 294.0M | 364.0M | 366.0M | 303.0M | 260.0M | 206.0M | 238.0M | 177.0M | 151.0M |
| Prepayments | 2.5M | 5.5M | -- | -- | 3.5M | 11.8M | 2.4M | -- | -- | -- | -- | 34,800 | 104,800 | 165,900 |
| Inventory | 154.0M | 39.0M | 4.1M | -- | -- | -- | 547.0M | 559.0M | 580.0M | 465.0M | 403.0M | 396.0M | 378.0M | 271.0M |
| Total Current Assets | 1.3B | 1.4B | 1.4B | 1.5B | 1.6B | 1.4B | 1.3B | 1.2B | 1.2B | 860.0M | 703.0M | 681.0M | 668.0M | 504.0M |
| Long Term Equity Investment | 65.7M | 63.2M | 62.2M | 65.1M | 64.7M | 63.6M | 63.6M | 18.0M | -- | -- | -- | -- | -- | -- |
| Fixed Assets | 37.5M | 12.3M | 19.3M | 9.1M | 12.6M | 14.8M | 16.3M | 16.5M | 16.4M | 14.5M | 16.3M | 16.7M | 17.1M | 16.5M |
| Fixed Assets Total | 37.5M | 12.3M | 19.3M | 9.1M | 12.6M | 14.8M | 16.3M | 16.5M | 16.4M | 14.5M | 16.3M | 16.7M | 17.1M | 16.5M |
| Intangible Assets | 10.3M | 11.5M | 12.7M | 14.4M | 16.9M | 1.7M | 1.6M | 1.6M | 1.4M | 1.2M | 1.3M | 1.1M | 1.2M | 1.3M |
| Long Term Deferred Expenses | 4.5M | 1.1M | 1.7M | 1.9M | 2.5M | 3.6M | 5.7M | 7.5M | 4.9M | 5.6M | 6.6M | 7.8M | 8.5M | 7.3M |
| Total Non Current Assets | 1.3B | 1.3B | 1.5B | 1.5B | 1.4B | 1.1B | 729.0M | 400.0M | 95.2M | 30.5M | 27.8M | 28.6M | 28.8M | 26.8M |
| Total Assets | 2.6B | 2.7B | 2.9B | 3.0B | 3.0B | 2.4B | 2.1B | 1.6B | 1.3B | 890.0M | 731.0M | 710.0M | 697.0M | 531.0M |
| Short Term Borrowings | 169.0M | 140.0M | 209.0M | 282.0M | 116.0M | 73.1M | 189.0M | 310.0M | 65.0M | 109.0M | 105.0M | 111.0M | 95.0M | 58.5M |
| Accounts Payable | 660.0M | 722.0M | 669.0M | 696.0M | 741.0M | 442.0M | 416.0M | 380.0M | 321.0M | 313.0M | 213.0M | 239.0M | 279.0M | 200.0M |
| Advance Receipts | 8,000 | -- | -- | -- | 28,100 | -- | 103.0M | 1.6M | 1.4M | -- | -- | -- | 335,500 | 289,200 |
| Contract Liabilities | 4.8M | 5.6M | 1.0M | 1.3M | 2.9M | 92.9M | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Liabilities | 1.1B | 1.1B | 1.1B | 1.2B | 1.1B | 741.0M | 793.0M | 765.0M | 451.0M | 465.0M | 367.0M | 377.0M | 402.0M | 283.0M |
| Long Term Borrowings | 799.0M | 862.0M | 961.0M | 922.0M | 939.0M | 739.0M | 391.0M | 40.0M | 45.0M | -- | -- | -- | -- | -- |
| Total Non Current Liabilities | 832.0M | 897.0M | 1.0B | 963.0M | 966.0M | 746.0M | 391.0M | 40.0M | 45.0M | -- | -- | -- | -- | -- |
| Total Liabilities | 2.0B | 2.0B | 2.1B | 2.1B | 2.0B | 1.5B | 1.2B | 805.0M | 496.0M | 465.0M | 367.0M | 377.0M | 402.0M | 283.0M |
| Paid In Capital | 264.0M | 264.0M | 264.0M | 264.0M | 264.0M | 203.0M | 203.0M | 203.0M | 203.0M | 152.0M | 152.0M | 152.0M | 152.0M | 152.0M |
| Capital Reserve | 277.0M | 277.0M | 277.0M | 277.0M | 275.0M | 334.0M | 334.0M | 334.0M | 334.0M | 78.5M | 78.5M | 78.5M | 78.5M | 78.5M |
| Surplus Reserve | 43.7M | 43.7M | 43.7M | 43.7M | 43.7M | 39.9M | 34.3M | 30.9M | 26.2M | 19.1M | 13.0M | 9.8M | 6.1M | 1.6M |
| Retained Earnings | -55.7M | 63.9M | 163.0M | 271.0M | 331.0M | 333.0M | 291.0M | 274.0M | 236.0M | 175.0M | 120.0M | 91.8M | 57.4M | 14.9M |
| Minority Equity | 83.2M | 35.2M | 25.0M | 25.2M | 23.4M | 23.4M | 15.9M | 70,000 | -- | -- | -- | -- | -- | -- |
| Equity Attributable | 529.0M | 649.0M | 748.0M | 857.0M | 913.0M | 911.0M | 863.0M | 842.0M | 800.0M | 425.0M | 364.0M | 333.0M | 295.0M | 247.0M |
| Total Equity | 612.0M | 684.0M | 773.0M | 882.0M | 937.0M | 934.0M | 879.0M | 843.0M | 800.0M | 425.0M | 364.0M | 333.0M | 295.0M | 247.0M |
| 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 | FY 2016Dec 31, 2016 | FY 2015Dec 31, 2015 | FY 2014Dec 31, 2014 | FY 2013Dec 31, 2013 | FY 2012Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash From Sales | 919.0M | 555.0M | 610.0M | 704.0M | 941.0M | 791.0M | 819.0M | 659.0M | 558.0M | 515.0M | 424.0M | 364.0M | 379.0M | 323.0M |
| Tax Refunds Received | -- | 248,600 | 11.9M | 25.0M | -- | -- | -- | -- | -- | -- | -- | 103,700 | 58,600 | -- |
| Total Operating Cash Inflow | 934.0M | 570.0M | 735.0M | 763.0M | 992.0M | 844.0M | 853.0M | 708.0M | 579.0M | 546.0M | 466.0M | 388.0M | 394.0M | 339.0M |
| Cash Paid For Goods | 712.0M | 430.0M | 504.0M | 841.0M | 938.0M | 927.0M | 778.0M | 611.0M | 561.0M | 395.0M | 303.0M | 361.0M | 304.0M | 314.0M |
| Cash Paid To Employees | 38.7M | 38.7M | 72.5M | 84.1M | 98.6M | 94.7M | 104.0M | 73.8M | 49.0M | 29.5M | 29.6M | 34.4M | 29.2M | 17.7M |
| Taxes Paid | 16.6M | 8.7M | 19.4M | 28.7M | 32.2M | 39.1M | 19.7M | 20.3M | 31.2M | 19.3M | 13.4M | 17.6M | 16.8M | 22.0M |
| Total Operating Cash Outflow | 795.0M | 503.0M | 652.0M | 1.1B | 1.1B | 1.2B | 977.0M | 759.0M | 715.0M | 499.0M | 419.0M | 466.0M | 384.0M | 406.0M |
| Operating Cash Flow | 139.0M | 67.2M | 83.2M | -298.0M | -147.0M | -320.0M | -123.0M | -50.5M | -136.0M | 46.6M | 46.8M | -77.8M | 9.7M | -67.5M |
| Total Investing Cash Inflow | 8.4M | 38.5M | 2.4M | 117.0M | 35.3M | 284.0M | 526.0M | 750.0M | 197.0M | 632,300 | 55,000 | 21,900 | 55,700 | 45,300 |
| Total Investing Cash Outflow | 51.5M | 6.0M | 9.1M | 48.0M | 120.0M | 300.0M | 388.0M | 911.0M | 350.0M | 2.1M | 2.3M | 2.1M | 4.4M | 11.7M |
| Investing Cash Flow | -43.1M | 32.6M | -6.8M | 68.9M | -84.6M | -15.9M | 138.0M | -161.0M | -153.0M | -1.5M | -2.2M | -2.1M | -4.3M | -11.7M |
| Cash From Borrowings | 239.0M | 157.0M | 437.0M | 433.0M | 445.0M | 645.0M | 900.0M | 569.0M | 271.0M | 137.0M | 146.0M | 130.0M | 95.0M | 79.5M |
| Dividends And Interest Paid | 43.9M | 53.0M | 59.7M | 57.2M | 40.0M | 22.7M | 30.6M | 30.8M | 7.6M | 5.9M | 7.2M | 7.7M | 6.8M | 12.9M |
| Debt Repayments | 282.0M | 319.0M | 455.0M | 272.0M | 164.0M | 390.0M | 664.0M | 330.0M | 264.0M | 133.0M | 151.0M | 114.0M | 58.5M | 90.0M |
| Total Financing Cash Inflow | 509.0M | 523.0M | 833.0M | 706.0M | 470.0M | 653.0M | 946.0M | 569.0M | 592.0M | 137.0M | 146.0M | 130.0M | 100.0M | 200.0M |
| Total Financing Cash Outflow | 565.0M | 685.0M | 914.0M | 606.0M | 244.0M | 412.0M | 725.0M | 361.0M | 286.0M | 142.0M | 158.0M | 122.0M | 65.3M | 110.0M |
| Financing Cash Flow | -56.6M | -162.0M | -80.6M | 99.1M | 226.0M | 240.0M | 222.0M | 208.0M | 306.0M | -5.2M | -12.7M | 8.3M | 34.7M | 90.5M |
| Net Change In Cash | 39.1M | -62.4M | -4.2M | -130.0M | -5.2M | -95.8M | 236.0M | -3.0M | 17.6M | 39.9M | 31.9M | -71.5M | 40.0M | 11.3M |
| Ending Cash Balance | 79.7M | 40.6M | 103.0M | 107.0M | 237.0M | 243.0M | 338.0M | 102.0M | 105.0M | 87.6M | 47.7M | 15.8M | 87.3M | 47.3M |
| Capex | 33.5M | 6.0M | 2.1M | 4.0M | 32.5M | 3.1M | 4.8M | 17.0M | 4.0M | 1.3M | 2.3M | 2.1M | 4.4M | 11.7M |