nForce Secure PCL Income Statement

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

Millions THB. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	1,303	1,238	1,066	893.9	823.38
Revenue	1,303	1,238	1,066	893.9	823.38
Revenue Growth (YoY)	5.24%	16.13%	19.25%	8.57%	29.89%
Cost of Revenue	1,038	992.09	856.52	748.82	667.53
Gross Profit	264.81	245.86	209.45	145.08	155.85
Selling, General & Admin	116.46	112.1	98.88	87.88	81.86
Operating Expenses	116.46	112.1	98.88	87.88	81.86
Operating Income	148.35	133.76	110.57	57.21	73.99
Interest Expense	-1.04	-0.78	-0.8	-0.83	-1.41
Interest & Investment Income	9.86	11.87	4.23	2.23	1.65
Earnings From Equity Investments	-0.57	-0.64	-2.41	-1.84	-1.35
Currency Exchange Gain (Loss)	-4.88	-2.81	2.18	13.41	-0.91
Other Non Operating Income (Expenses)	0.83	2.82	2.07	-0.51	1.4
EBT Excluding Unusual Items	152.55	144.22	115.84	69.68	73.36
Gain (Loss) on Sale of Investments	0.31	0.47	0.19	-1.97	-0.04
Gain (Loss) on Sale of Assets	-	-	-	-	0.13
Pretax Income	152.86	144.69	116.03	67.71	73.46
Income Tax Expense	31.34	29.09	24.26	12.65	12.34
Net Income	121.51	115.6	91.77	55.06	61.11
Net Income to Common	121.51	115.6	91.77	55.06	61.11
Net Income Growth	5.12%	25.97%	66.66%	-9.90%	159.53%
Shares Outstanding (Basic)	103	103	103	103	89
Shares Outstanding (Diluted)	103	103	103	103	89
Shares Change (YoY)	-	-	-0.27%	15.15%	25.81%
EPS (Basic)	1.18	1.13	0.89	0.54	0.69
EPS (Diluted)	1.18	1.13	0.89	0.53	0.68
EPS Growth	5.12%	25.97%	68.53%	-22.06%	106.06%
Free Cash Flow	196.53	60.75	83.33	10.48	34.25
Free Cash Flow Per Share	1.91	0.59	0.81	0.10	0.38
Dividend Per Share	1.000	0.900	0.450	0.300	0.180
Dividend Growth	11.11%	100.00%	50.00%	66.67%	-
Gross Margin	20.32%	19.86%	19.65%	16.23%	18.93%
Operating Margin	11.39%	10.80%	10.37%	6.40%	8.99%
Profit Margin	9.33%	9.34%	8.61%	6.16%	7.42%
Free Cash Flow Margin	15.09%	4.91%	7.82%	1.17%	4.16%
EBITDA	155.46	141.64	119.02	64.6	82.22
EBITDA Margin	11.93%	11.44%	11.16%	7.23%	9.99%
D&A For EBITDA	7.11	7.88	8.45	7.4	8.24
EBIT	148.35	133.76	110.57	57.21	73.99
EBIT Margin	11.39%	10.80%	10.37%	6.40%	8.99%
Effective Tax Rate	20.50%	20.10%	20.91%	18.68%	16.80%
Advertising Expenses	5.49	10.15	3.36	2.53	1.56

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