Tristate Holdings Income Statement

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

Millions HKD. 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	3,626	4,184	4,216	3,731	3,038
Revenue Growth (YoY)	-13.33%	-0.76%	12.98%	22.83%	33.40%
Cost of Revenue	2,199	2,468	2,433	2,282	1,813
Gross Profit	1,427	1,715	1,783	1,449	1,225
Selling, General & Admin	1,299	1,423	1,426	1,248	1,063
Other Operating Expenses	-17.96	-12.88	-3.24	-4.06	-4.04
Operating Expenses	1,281	1,410	1,423	1,244	1,059
Operating Income	146.57	305.04	360.38	204.73	165.52
Interest Expense	-56.65	-61.79	-64.18	-59.16	-30.48
Interest & Investment Income	5.89	3.85	3.52	1	1.38
Other Non Operating Income (Expenses)	-	-	-0.13	-2.71	-1.39
EBT Excluding Unusual Items	95.81	247.1	299.59	143.85	135.02
Gain (Loss) on Sale of Investments	0.01	-	-	-	-
Gain (Loss) on Sale of Assets	4.94	19.9	-0.81	7.35	-2.18
Asset Writedown	-44.48	-24.54	-52.23	-35.98	-49.98
Other Unusual Items	123.2	4.2	0.87	5.95	1.62
Pretax Income	179.48	246.66	247.42	121.18	84.49
Income Tax Expense	47.64	83.72	67.24	81.35	55.29
Earnings From Continuing Operations	131.84	162.94	180.17	39.82	29.2
Minority Interest in Earnings	-6.76	-6.92	-8.94	-9.05	-8.06
Net Income	125.08	156.02	171.23	30.77	21.13
Net Income to Common	125.08	156.02	171.23	30.77	21.13
Net Income Growth	-19.83%	-8.89%	456.45%	45.60%	-
Shares Outstanding (Basic)	273	272	272	272	272
Shares Outstanding (Diluted)	276	275	272	272	272
Shares Change (YoY)	0.12%	1.34%	-	-	-
EPS (Basic)	0.46	0.57	0.63	0.11	0.08
EPS (Diluted)	0.45	0.57	0.63	0.11	0.08
EPS Growth	-21.05%	-9.52%	472.73%	41.37%	-
Free Cash Flow	-	241.39	373.44	-29.23	149.02
Free Cash Flow Per Share	-	0.88	1.38	-0.11	0.55
Dividend Per Share	0.180	0.230	0.250	-	-
Dividend Growth	-21.74%	-8.00%	-	-	-
Gross Margin	39.36%	41.00%	42.30%	38.83%	40.32%
Operating Margin	4.04%	7.29%	8.55%	5.49%	5.45%
Profit Margin	3.45%	3.73%	4.06%	0.83%	0.70%
Free Cash Flow Margin	-	5.77%	8.86%	-0.78%	4.91%
EBITDA	274.87	433.34	493.16	322.28	273.49
EBITDA Margin	7.58%	10.36%	11.70%	8.64%	9.00%
D&A For EBITDA	128.3	128.3	132.79	117.55	107.97
EBIT	146.57	305.04	360.38	204.73	165.52
EBIT Margin	4.04%	7.29%	8.55%	5.49%	5.45%
Effective Tax Rate	26.54%	33.94%	27.18%	67.14%	65.44%

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