White Horse Berhad Income Statement

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

Millions MYR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	399.67	438.48	421.69	413.62	399.79	410.04
Revenue Growth (YoY)	-10.18%	3.98%	1.95%	3.46%	-2.50%	-22.25%
Cost of Revenue	326.9	360.69	362.58	334.67	348.02	369.28
Gross Profit	72.77	77.8	59.12	78.95	51.77	40.76
Selling, General & Admin	85.04	85.9	80.94	88.99	97.57	106.76
Other Operating Expenses	-0.13	0.03	-	-	-	-
Operating Expenses	87.14	88.16	80.62	87.48	100.4	106.83
Operating Income	-14.36	-10.37	-21.5	-8.53	-48.63	-66.07
Interest Expense	-4.39	-5.21	-4.71	-3.22	-11.65	-7.09
Interest & Investment Income	-	-	-	-	2.19	1.57
Other Non Operating Income (Expenses)	7.25	7.25	9.83	18.75	83.63	9.73
EBT Excluding Unusual Items	-11.5	-8.32	-16.39	7	25.54	-61.86
Pretax Income	-11.5	-8.32	-16.39	7	25.54	-61.86
Income Tax Expense	2.65	2.54	0.19	6.21	8.8	-6.59
Net Income	-14.15	-10.86	-16.58	0.79	16.74	-55.27
Net Income to Common	-14.15	-10.86	-16.58	0.79	16.74	-55.27
Net Income Growth	-	-	-	-95.27%	-	-
Shares Outstanding (Basic)	221	221	221	221	226	228
Shares Outstanding (Diluted)	221	221	221	221	226	228
Shares Change (YoY)	-	-	-	-2.26%	-0.93%	-0.21%
EPS (Basic)	-0.06	-0.05	-0.08	0.00	0.07	-0.24
EPS (Diluted)	-0.06	-0.05	-0.08	0.00	0.07	-0.24
EPS Growth	-	-	-	-95.16%	-	-
Free Cash Flow	29.4	12.7	28.04	-44.82	10.56	61.96
Free Cash Flow Per Share	0.13	0.06	0.13	-0.20	0.05	0.27
Dividend Per Share	-	-	-	-	0.030	-
Gross Margin	18.21%	17.74%	14.02%	19.09%	12.95%	9.94%
Operating Margin	-3.59%	-2.36%	-5.10%	-2.06%	-12.16%	-16.11%
Profit Margin	-3.54%	-2.48%	-3.93%	0.19%	4.19%	-13.48%
Free Cash Flow Margin	7.36%	2.90%	6.65%	-10.84%	2.64%	15.11%
EBITDA	-2.79	1.61	-7.83	15.44	-22.34	-32.17
EBITDA Margin	-0.70%	0.37%	-1.86%	3.73%	-5.59%	-7.85%
D&A For EBITDA	11.58	11.98	13.67	23.97	26.29	33.9
EBIT	-14.36	-10.37	-21.5	-8.53	-48.63	-66.07
EBIT Margin	-3.59%	-2.36%	-5.10%	-2.06%	-12.16%	-16.11%
Effective Tax Rate	-	-	-	88.68%	34.46%	-

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