Fan Milk Income Statement

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

Millions GHS. 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
Revenue	1,001	683.82	549.42	536.94	468.1
Revenue Growth (YoY)	46.33%	24.46%	2.32%	14.71%	25.30%
Cost of Revenue	616.34	435.54	378.14	421.07	344.82
Gross Profit	384.33	248.29	171.27	115.87	123.28
Selling, General & Admin	246.07	171.68	142.42	147.71	144.94
Other Operating Expenses	-2.32	-4.11	-4.33	-2.45	-3.66
Operating Expenses	272.32	170.83	140.89	147.21	145.61
Operating Income	112.01	77.46	30.39	-31.34	-22.33
Interest Expense	-6.05	-12.66	-27.28	-21.76	-3.33
Interest & Investment Income	-	7.94	33.88	18.34	2.51
Other Non Operating Income (Expenses)	-1.16	-	-	-	-
EBT Excluding Unusual Items	104.8	72.74	36.99	-34.76	-23.15
Gain (Loss) on Sale of Assets	-	0.18	0.06	1.2	2.27
Pretax Income	104.8	72.92	37.06	-33.56	-20.87
Income Tax Expense	37.38	23.47	13.04	8.04	-7.44
Net Income	67.42	49.46	24.01	-41.6	-13.43
Net Income to Common	67.42	49.46	24.01	-41.6	-13.43
Net Income Growth	36.32%	105.96%	-	-	-
Shares Outstanding (Basic)	116	116	116	116	116
Shares Outstanding (Diluted)	116	116	116	116	116
EPS (Basic)	0.58	0.43	0.21	-0.36	-0.12
EPS (Diluted)	0.58	0.43	0.21	-0.36	-0.12
EPS Growth	36.32%	105.96%	-	-	-
Free Cash Flow	135.32	103.61	19.8	-33.54	-33.61
Free Cash Flow Per Share	1.16	0.89	0.17	-0.29	-0.29
Dividend Per Share	-	0.080	0.050	-	-
Dividend Growth	-	60.00%	-	-	-
Gross Margin	38.41%	36.31%	31.17%	21.58%	26.34%
Operating Margin	11.19%	11.33%	5.53%	-5.84%	-4.77%
Profit Margin	6.74%	7.23%	4.37%	-7.75%	-2.87%
Free Cash Flow Margin	13.52%	15.15%	3.60%	-6.25%	-7.18%
EBITDA	139.71	103.26	56.47	-2.42	8.27
EBITDA Margin	13.96%	15.10%	10.28%	-0.45%	1.77%
D&A For EBITDA	27.71	25.8	26.08	28.92	30.6
EBIT	112.01	77.46	30.39	-31.34	-22.33
EBIT Margin	11.19%	11.33%	5.53%	-5.84%	-4.77%
Effective Tax Rate	35.67%	32.18%	35.20%	-	-
Advertising Expenses	-	13.96	13.16	14.62	13.64

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.