White Horse Berhad (KLSE:WTHORSE)

White Horse Berhad Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	380.54	438.48	421.69	413.62	399.79
Revenue Growth (YoY)	-13.21%	3.98%	1.95%	3.46%	-2.50%
Cost of Revenue	315.37	360.69	362.58	334.67	348.02
Gross Profit	65.17	77.8	59.12	78.95	51.77
Selling, General & Admin	75.99	85.9	80.94	88.99	97.57
Other Operating Expenses	-14.39	0.03	-	-	-
Operating Expenses	61.61	88.16	80.62	87.48	100.4
Operating Income	3.57	-10.37	-21.5	-8.53	-48.63
Interest Expense	-4.35	-5.21	-4.71	-3.22	-11.65
Interest & Investment Income	-	-	-	-	2.19
Other Non Operating Income (Expenses)	-5	7.25	9.83	18.75	83.63
EBT Excluding Unusual Items	-5.79	-8.32	-16.39	7	25.54
Pretax Income	-5.79	-8.32	-16.39	7	25.54
Income Tax Expense	1.54	2.54	0.19	6.21	8.8
Net Income	-7.33	-10.86	-16.58	0.79	16.74
Net Income to Common	-7.33	-10.86	-16.58	0.79	16.74
Net Income Growth	-	-	-	-95.27%	-
Shares Outstanding (Basic)	221	221	221	221	226
Shares Outstanding (Diluted)	221	221	221	221	226
Shares Change (YoY)	-	-	-	-2.26%	-0.93%
EPS (Basic)	-0.03	-0.05	-0.08	0.00	0.07
EPS (Diluted)	-0.03	-0.05	-0.08	0.00	0.07
EPS Growth	-	-	-	-95.16%	-
Free Cash Flow	19.49	12.7	28.04	-44.82	10.56
Free Cash Flow Per Share	0.09	0.06	0.13	-0.20	0.05
Dividend Per Share	-	-	-	-	0.030
Gross Margin	17.13%	17.74%	14.02%	19.09%	12.95%
Operating Margin	0.94%	-2.36%	-5.10%	-2.06%	-12.16%
Profit Margin	-1.93%	-2.48%	-3.93%	0.19%	4.19%
Free Cash Flow Margin	5.12%	2.90%	6.65%	-10.84%	2.64%
EBITDA	14.98	1.61	-7.83	15.44	-22.34
EBITDA Margin	3.94%	0.37%	-1.86%	3.73%	-5.59%
D&A For EBITDA	11.42	11.98	13.67	23.97	26.29
EBIT	3.57	-10.37	-21.5	-8.53	-48.63
EBIT Margin	0.94%	-2.36%	-5.10%	-2.06%	-12.16%
Effective Tax Rate	-	-	-	88.68%	34.46%

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