nForce Secure PCL (BKK:SECURE)

nForce Secure PCL Income Statement

Financials in millions THB. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	1,261	1,238	1,066	893.9	823.38	633.92
Revenue	1,261	1,238	1,066	893.9	823.38	633.92
Revenue Growth (YoY)	9.56%	16.13%	19.25%	8.57%	29.89%	-1.40%
Cost of Revenue	985.86	992.09	856.52	748.82	667.53	508.47
Gross Profit	274.77	245.86	209.45	145.08	155.85	125.45
Selling, General & Admin	121.64	112.1	98.88	87.88	81.86	89.74
Operating Expenses	121.64	112.1	98.88	87.88	81.86	89.74
Operating Income	153.13	133.76	110.57	57.21	73.99	35.71
Interest Expense	-1.02	-0.78	-0.8	-0.83	-1.41	-3.39
Interest & Investment Income	11.87	11.87	4.23	2.23	1.65	0.28
Earnings From Equity Investments	-0.69	-0.64	-2.41	-1.84	-1.35	-
Currency Exchange Gain (Loss)	2.37	-2.81	2.18	13.41	-0.91	-5.24
Other Non Operating Income (Expenses)	3.38	2.82	2.07	-0.51	1.4	-0.26
EBT Excluding Unusual Items	169.04	144.22	115.84	69.68	73.36	27.1
Gain (Loss) on Sale of Investments	0.53	0.47	0.19	-1.97	-0.04	-
Gain (Loss) on Sale of Assets	-	-	-	-	0.13	3.45
Pretax Income	169.57	144.69	116.03	67.71	73.46	30.54
Income Tax Expense	34.72	29.09	24.26	12.65	12.34	7
Net Income	134.85	115.6	91.77	55.06	61.11	23.55
Net Income to Common	134.85	115.6	91.77	55.06	61.11	23.55
Net Income Growth	37.30%	25.97%	66.66%	-9.90%	159.53%	-60.38%
Shares Outstanding (Basic)	103	103	103	103	89	71
Shares Outstanding (Diluted)	103	103	103	103	89	71
Shares Change (YoY)	-	-	-0.27%	15.15%	25.81%	18.52%
EPS (Basic)	1.31	1.13	0.89	0.54	0.69	0.33
EPS (Diluted)	1.31	1.13	0.89	0.53	0.68	0.33
EPS Growth	37.76%	26.42%	67.92%	-22.06%	106.06%	-66.67%
Free Cash Flow	118.55	60.75	83.33	10.48	34.25	73.23
Free Cash Flow Per Share	1.15	0.59	0.81	0.10	0.38	1.03
Dividend Per Share	0.700	0.900	0.450	0.300	0.180	-
Dividend Growth	7.69%	100.00%	50.00%	66.67%	-	-
Gross Margin	21.80%	19.86%	19.65%	16.23%	18.93%	19.79%
Operating Margin	12.15%	10.80%	10.37%	6.40%	8.99%	5.63%
Profit Margin	10.70%	9.34%	8.61%	6.16%	7.42%	3.72%
Free Cash Flow Margin	9.40%	4.91%	7.82%	1.17%	4.16%	11.55%
EBITDA	155.97	141.64	119.02	64.6	82.22	43.61
EBITDA Margin	12.37%	11.44%	11.16%	7.23%	9.99%	6.88%
D&A For EBITDA	2.83	7.88	8.45	7.4	8.24	7.9
EBIT	153.13	133.76	110.57	57.21	73.99	35.71
EBIT Margin	12.15%	10.80%	10.37%	6.40%	8.99%	5.63%
Effective Tax Rate	20.47%	20.10%	20.91%	18.68%	16.80%	22.90%
Advertising Expenses	-	10.15	3.36	2.53	1.56	3.78

Source: S&P Global Market Intelligence. Standard template. Financial Sources.