Waves Corporation Income Statement

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

Millions PKR. 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	4,779	3,945	5,206	9,939	10,439
Revenue Growth (YoY)	21.16%	-24.23%	-47.62%	-4.79%	22.45%
Cost of Revenue	3,435	2,731	3,812	8,047	8,169
Gross Profit	1,344	1,213	1,394	1,892	2,270
Selling, General & Admin	933.69	970.28	1,084	1,474	1,565
Other Operating Expenses	-740.37	-998.1	-191.64	-347.1	65.85
Operating Expenses	193.33	-27.82	892.21	1,127	1,631
Operating Income	1,151	1,241	501.66	764.45	638.56
Interest Expense	-636.28	-686.83	-255.04	-422.45	-682.49
Interest & Investment Income	-	2.03	4.09	1.38	0.17
Currency Exchange Gain (Loss)	-	0.09	-23.28	-68.14	-56.58
Other Non Operating Income (Expenses)	-	-13.31	-10.46	-13.52	466.09
EBT Excluding Unusual Items	514.7	543.27	216.97	261.73	365.75
Gain (Loss) on Sale of Assets	-	79.97	29.74	14.84	6.54
Asset Writedown	-	460.69	0.17	-	-
Other Unusual Items	-	-0.11	1.37	36.81	142.86
Pretax Income	514.7	1,089	248.25	313.37	515.14
Income Tax Expense	-6.77	2.01	-8.53	75.89	187.25
Earnings From Continuing Operations	521.47	1,087	256.78	237.48	327.89
Minority Interest in Earnings	-93.86	-40.99	-30.09	-1.08	-9.27
Net Income	427.6	1,046	226.69	236.4	318.62
Net Income to Common	427.6	1,046	226.69	236.4	318.62
Net Income Growth	-59.14%	361.60%	-4.11%	-25.80%	149.96%
Shares Outstanding (Basic)	231	281	281	281	281
Shares Outstanding (Diluted)	231	281	281	281	281
Shares Change (YoY)	-17.86%	-	-	-	50.00%
EPS (Basic)	1.85	3.72	0.81	0.84	1.13
EPS (Diluted)	1.85	3.72	0.81	0.84	1.13
EPS Growth	-50.25%	361.60%	-4.11%	-25.80%	66.64%
Free Cash Flow	-49.74	-767.97	75.42	766.66	-961.33
Free Cash Flow Per Share	-0.21	-2.73	0.27	2.72	-3.42
Gross Margin	28.13%	30.76%	26.77%	19.03%	21.74%
Operating Margin	24.08%	31.47%	9.64%	7.69%	6.12%
Profit Margin	8.95%	26.53%	4.35%	2.38%	3.05%
Free Cash Flow Margin	-1.04%	-19.47%	1.45%	7.71%	-9.21%
EBITDA	1,517	1,545	855.38	1,082	944.76
EBITDA Margin	31.75%	39.17%	16.43%	10.88%	9.05%
D&A For EBITDA	366.2	303.89	353.72	317.38	306.2
EBIT	1,151	1,241	501.66	764.45	638.56
EBIT Margin	24.08%	31.47%	9.64%	7.69%	6.12%
Effective Tax Rate	-	0.18%	-	24.22%	36.35%
Revenue as Reported	4,779	3,945	5,206	9,939	10,439
Advertising Expenses	-	2.6	9.62	42.76	63.45

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