Midland 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
Operating Revenue	5,499	6,084	4,083	3,115	6,001
Other Revenue	2.25	2.13	7.72	10.4	11.31
Revenue	5,501	6,086	4,090	3,126	6,013
Revenue Growth (YoY)	-9.62%	48.80%	30.87%	-48.02%	20.54%
Gross Profit	5,501	6,086	4,090	3,126	6,013
Selling, General & Admin	4,505	5,096	3,437	2,793	4,872
Other Operating Expenses	200.52	201.7	195.38	223.46	255.33
Operating Expenses	4,995	5,685	4,118	3,662	5,836
Operating Income	505.84	400.93	-27.36	-536.92	176.66
Interest Expense	-16.89	-27.57	-28.98	-33.35	-30.07
Interest & Investment Income	2.17	5.65	3.84	0.18	0.21
Earnings From Equity Investments	14.34	8.27	13.84	16.95	22.92
Currency Exchange Gain (Loss)	-	-3.91	-3.05	-0.74	0.49
EBT Excluding Unusual Items	505.46	383.37	-41.72	-553.88	170.2
Gain (Loss) on Sale of Assets	-0.33	-0.2	27.53	-1.55	-0.56
Asset Writedown	-8.08	-12.24	-15.02	-33.37	-25.63
Pretax Income	497.05	370.94	-29.21	-588.8	144.01
Income Tax Expense	74.37	50.61	12.71	-54.83	43.79
Earnings From Continuing Operations	422.68	320.32	-41.92	-533.97	100.21
Net Income	422.68	320.32	-41.92	-533.97	100.21
Net Income to Common	422.68	320.32	-41.92	-533.97	100.21
Net Income Growth	31.95%	-	-	-	-24.00%
Shares Outstanding (Basic)	717	717	717	717	718
Shares Outstanding (Diluted)	720	717	717	717	718
Shares Change (YoY)	0.36%	-	-	-0.19%	0.06%
EPS (Basic)	0.59	0.45	-0.06	-0.74	0.14
EPS (Diluted)	0.59	0.45	-0.06	-0.74	0.14
EPS Growth	31.50%	-	-	-	-24.02%
Free Cash Flow	-	636.2	523.21	2.02	684.57
Free Cash Flow Per Share	-	0.89	0.73	0.00	0.95
Dividend Per Share	0.060	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	9.20%	6.59%	-0.67%	-17.18%	2.94%
Profit Margin	7.68%	5.26%	-1.03%	-17.08%	1.67%
Free Cash Flow Margin	-	10.45%	12.79%	0.07%	11.39%
EBITDA	539.17	434.27	18.83	-483.45	229.35
EBITDA Margin	9.80%	7.13%	0.46%	-15.47%	3.81%
D&A For EBITDA	33.33	33.33	46.2	53.47	52.69
EBIT	505.84	400.93	-27.36	-536.92	176.66
EBIT Margin	9.20%	6.59%	-0.67%	-17.18%	2.94%
Effective Tax Rate	14.96%	13.64%	-	-	30.41%
Advertising Expenses	101.36	94.92	103.11	117.04	115.94

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