Income Statement Apex Investment

Equities

APEX

AER000401011

Construction Materials

Market Closed - Abu Dhabi Securities Exchange Other stock markets 14:59:43 14/01/2026 +04			5-day change	1st Jan Change
3.500 ^AED	+0.29%		-4.11%	-3.31%

01-02	Mideast stocks-UAE stocks mixed in first session of 2026 amid Saudi-UAE rift	RE
11-21	Apex Investment Managing Director Boosts Stake to Over 5%	MT

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Published financial data: APEX INVESTMENT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	153M	167M	820M	723M	853M
Total Revenues	153M	167M	820M	723M	853M
Cost of Goods Sold, Total	156M	172M	597M	599M	661M
Gross Profit	-3.39M	-5.62M	224M	125M	191M
Selling General & Admin Expenses, Total	10.92M	10.36M	53.37M	64.69M	68.99M
Provision for Bad Debts	22.45M	724K	12.26M	-11.1M	10.51M
Depreciation & Amortization - (IS)	777K	451K	541K	1.04M	1.19M
Amortization of Goodwill and Intangible Assets - (IS)	288K	288K	-	-	-
Other Operating Expenses	-	1.34M	-	-9.91M	-197K
Other Operating Expenses, Total	34.43M	13.17M	66.18M	44.71M	80.49M
Operating Income	-37.82M	-18.79M	157M	79.84M	111M
Interest Expense, Total	-4.5M	-2.4M	-1.41M	-1.91M	-1.56M
Interest And Investment Income	2.73M	791K	784K	940K	37.56M
Net Interest Expenses	-1.77M	-1.61M	-622K	-974K	36M
Income (Loss) On Equity Invest.	-1.7M	-2.86M	-6.5M	-7.87M	-2.67M
Currency Exchange Gains (Loss)	189K	-367K	-	-	-
Other Non Operating Income (Expenses)	-10.01M	-2.22M	3.01M	-	-
EBT, Excl. Unusual Items	-51.11M	-25.84M	153M	71M	144M
Gain (Loss) On Sale Of Investments	-218K	28.8M	33.92M	-129M	-57.9M
Gain (Loss) On Sale Of Assets	-	26.84K	-	-	-
EBT, Incl. Unusual Items	-51.33M	2.98M	187M	-58.43M	86.3M
Income Tax Expense	-	-	-	-	10.65M
Earnings From Continuing Operations	-51.33M	2.98M	187M	-58.43M	75.64M
Net Income to Company	-51.33M	2.98M	187M	-58.43M	75.64M
Net Income - (IS)	-51.33M	2.98M	187M	-58.43M	75.64M
Net Income to Common Incl Extra Items	-51.33M	2.98M	187M	-58.43M	75.64M
Net Income to Common Excl. Extra Items	-51.33M	2.98M	187M	-58.43M	75.64M
Per Share Items
Net EPS - Basic	-0.1	0.01	0.06	-0.02	0.02
Basic EPS - Continuing Operations	-0.1	0.01	0.06	-0.02	0.02
Basic Weighted Average Shares Outstanding	503M	503M	3.06B	3.55B	3.55B
Net EPS - Diluted	-0.1	0.01	0.06	-0.02	0.02
Diluted EPS - Continuing Operations	-0.1	0.01	0.06	-0.02	0.02
Diluted Weighted Average Shares Outstanding	503M	503M	3.06B	3.55B	3.55B
Normalized Basic EPS	-0.06	-0.03	0.03	0.01	0.03
Normalized Diluted EPS	-0.06	-0.03	0.03	0.01	0.03
Dividend Per Share	-	-	-	-	-
Payout Ratio	-0.05	3.33	-	-	-
Supplemental Items
EBITDA	-22.64M	-3.8M	180M	112M	148M
EBITA	-37.82M	-18.79M	157M	79.88M	111M
EBIT	-37.82M	-18.79M	157M	79.84M	111M
Effective Tax Rate - (Ratio)	-	-	-	-	12.35
Total Current Taxes	-	-	-	-	13.14M
Total Deferred Taxes	-	-	-	-	-2.49M
Normalized Net Income	-31.94M	-16.15M	95.79M	44.38M	90.12M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	-	-	8.38K	118K	119K
Non-Cash Pension Expense	291K	368K	2.43M	4.04M	4.65M
Supplemental Operating Expense Items
Selling and Marketing Expenses	-	-	1.89M	916K	4.17M
General and Administrative Expenses	-	-	12.61M	10.09M	16.8M
Maintenance & Repair Expenses, Total	11.45M	11.61M	14.58M	13.85M	15.45M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	6.91M	38.48K	143M	608M	670M
Short Term Investments	-	-	13.47M	17.24M	19.29M
Trading Asset Securities, Total	12.82M	41.3M	587M	451M	517M
Total Cash And Short Term Investments	19.73M	41.34M	743M	1.08B	1.21B
Accounts Receivable, Total	49.1M	45.1M	768M	378M	309M
Other Receivables	2.18M	2.09M	2.58M	21.27M	6.6M
Notes Receivable	4.57M	-	74.86M	75.54M	75.97M
Total Receivables	55.85M	47.18M	845M	475M	392M
Inventory	62.43M	55.11M	57.79M	76.22M	59.83M
Prepaid Expenses	2.45M	2.57M	10.55M	9.16M	9.67M
Other Current Assets, Total	2.96M	3.68M	3.73M	7.58M	44.59M
Total Current Assets	143M	150M	1.66B	1.64B	1.71B
Gross Property Plant And Equipment	864M	868M	961M	986M	1B
Accumulated Depreciation	-525M	-540M	-589M	-621M	-653M
Net Property Plant And Equipment	339M	328M	372M	365M	347M
Long-term Investments	126M	247M	221M	183M	41.99M
Other Intangibles, Total	471K	183K	6.95M	6.91M	4.62M
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	-	-	-	-	1.88M
Other Long-Term Assets, Total	-	-	-	-	130M
Total Assets	609M	724M	2.26B	2.2B	2.24B
Liabilities
Accounts Payable, Total	58.48M	55.92M	145M	148M	135M
Accrued Expenses, Total	6.36M	6.08M	30.73M	50.24M	58.27M
Short-term Borrowings	-	10.46M	15.46M	21.6M	-
Current Portion of Long-Term Debt	15.06M	8.11M	1.16M	-	-
Current Portion of Leases	-	-	15.47K	17.47K	15.47K
Current Income Taxes Payable	-	-	-	-	12.1M
Unearned Revenue Current, Total	-	-	-	-	2.07M
Other Current Liabilities	46.14M	8.06M	13.14M	24.32M	9.8M
Total Current Liabilities	126M	88.63M	205M	244M	217M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	-	-	1.53M	1.57M	1.49M
Pension & Other Post Retirement Benefits	2.41M	1.11M	5.62M	8.1M	11.02M
Deferred Tax Liability Non Current	-	-	-	-	424K
Total Liabilities	128M	89.74M	212M	253M	230M
Common Stock, Total	503M	503M	3.55B	3.55B	3.55B
Retained Earnings	-17.63M	-2.37M	185M	126M	285M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-5.11M	134M	-1.69B	-1.73B	-1.83B
Total Common Equity	480M	634M	2.05B	1.95B	2.01B
Total Equity	480M	634M	2.05B	1.95B	2.01B
Total Liabilities And Equity	609M	724M	2.26B	2.2B	2.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	503M	503M	3.55B	3.55B	3.55B
ECS Total Common Shares Outstanding	503M	503M	3.55B	3.55B	3.55B
Book Value / Share	0.95	1.26	0.58	0.55	0.57
Tangible Book Value	480M	634M	2.04B	1.94B	2B
Tangible Book Value Per Share	0.95	1.26	0.57	0.55	0.56
Total Debt	15.06M	18.57M	18.16M	23.2M	1.51M
Net Debt	-4.67M	-22.77M	-725M	-1.05B	-1.2B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.41M	1.11M	5.62M	8.1M	11.02M
Equity Method Investments, Total	38.39M	35.53M	32.71M	38.8M	36.13M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	8.47M	9.21M	17.7M	25.87M	23.12M
Inventories - Work In Process, Total	13.81M	12.88M	6.63M	20.16M	4.63M
Inventories - Finished Goods, Total	9.58M	3.72M	7.34M	3.54M	5.21M
Inventories - Others	37.51M	33.91M	31.09M	32.63M	31.84M
Buildings, Total	25.97M	29.41M	35.18M	38.63M	37.3M
Machinery, Total	814M	817M	908M	930M	946M
Accumulated Allowance for Doubtful Accounts (Supple)	17.72M	13.05M	36.78M	25.66M	36.17M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-51.33M	2.98M	187M	-58.43M	75.64M
Depreciation & Amortization - CF	15.18M	14.99M	23.1M	32.72M	37.81M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	41.38K	26.08K
Depreciation & Amortization, Total	15.18M	14.99M	23.1M	32.76M	37.83M
Amortization of Deferred Charges, Total - (CF)	288K	288K	111K	-	-
(Gain) Loss From Sale Of Asset	-	-26.84K	-48.47K	-9.64K	-9.64K
(Gain) Loss on Sale of Investments - (CF)	-1.27M	-29.39M	-33.92M	129M	57.9M
Asset Writedown & Restructuring Costs	-	-	-34.32K	882K	3.24M
(Income) Loss On Equity Investments - (CF)	1.7M	2.86M	6.5M	7.87M	2.67M
Provision and Write-off of Bad Debts	22.45M	-1.79M	12.26M	-11.1M	10.51M
Other Operating Activities, Total	6.49M	7.35M	3.06M	4.45M	6.1M
Change In Accounts Receivable	30.62M	8.02M	142M	323M	-2.24M
Change In Inventories	-5.37M	5.01M	2.29M	-19.43M	17.39M
Change In Accounts Payable	49.47M	-40.83M	-135M	21.04M	808K
Change in Other Net Operating Assets	-1.64M	-1.67M	-27.49M	64.4M	17.88M
Cash from Operations	66.6M	-32.21M	180M	495M	228M
Capital Expenditure	-1.38M	-4.61M	-38.44M	-27.04M	-22.19M
Sale of Property, Plant, and Equipment	-	26.84K	447K	394K	1.47M
Cash Acquisitions	-	-	25.43M	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-53.49M	28.7M	-7.1M	-7.08M	-129M
Other Investing Activities, Total	1.24M	204K	-14.35M	872K	8.03M
Cash from Investing	-53.63M	24.33M	-34.02M	-32.85M	-142M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	3.51M	-	-	-
Total Debt Issued	-	3.51M	-	-	-
Short Term Debt Repaid, Total	-	-	-6.95M	-1.16M	-
Long-Term Debt Repaid, Total	-6.95M	-	-	-	-205K
Total Debt Repaid	-6.95M	-	-6.95M	-1.16M	-205K
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-26.6K	-99.41K	-	-	-
Common & Preferred Stock Dividends Paid	-26.6K	-99.41K	-	-	-
Other Financing Activities, Total	-4.5M	-2.4M	-1.4M	-1.8M	-1.44M
Cash from Financing	-11.48M	1.01M	-8.35M	-2.95M	-1.65M
Net Change in Cash	1.49M	-6.87M	138M	459M	84.04M
Supplemental Items
Cash Interest Paid	4.5M	2.4M	1.4M	1.8M	1.44M
Levered Free Cash Flow	87.72M	-28.36M	-608M	437M	141M
Unlevered Free Cash Flow	90.53M	-26.86M	-607M	438M	142M
Change In Net Working Capital	-100M	25.78M	690M	-383M	-57.49M
Net Debt Issued / Repaid	-6.95M	3.51M	-6.95M	-1.16M	-205K

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-3.89	-1.76	6.59	2.24	3.12
Return on Total Capital	-4.56	-2.04	7.23	2.47	3.48
Return On Equity %	-10.27	0.53	13.95	-2.93	3.83
Return on Common Equity	-10.27	0.53	13.95	-2.93	3.83
Margin Analysis
Gross Profit Margin %	-2.21	-3.37	27.25	17.22	22.44
SG&A Margin	7.13	6.21	6.51	8.94	8.09
EBITDA Margin %	-14.79	-2.28	21.99	15.49	17.37
EBITA Margin %	-24.71	-11.27	19.19	11.04	13
EBIT Margin %	-24.71	-11.27	19.19	11.04	13
Income From Continuing Operations Margin %	-33.53	1.79	22.82	-8.08	8.87
Net Income Margin %	-33.53	1.79	22.82	-8.08	8.87
Net Avail. For Common Margin %	-33.53	1.79	22.82	-8.08	8.87
Normalized Net Income Margin	-20.87	-9.69	11.68	6.13	10.57
Levered Free Cash Flow Margin	57.31	-17.01	-74.12	60.42	16.59
Unlevered Free Cash Flow Margin	59.14	-16.11	-74.01	60.58	16.7
Asset Turnover
Asset Turnover	0.25	0.25	0.55	0.32	0.38
Fixed Assets Turnover	0.44	0.5	2.35	1.96	2.4
Receivables Turnover (Average Receivables)	2.27	3.44	2.02	1.26	2.48
Inventory Turnover (Average Inventory)	2.66	2.93	10.57	8.94	9.72
Short Term Liquidity
Current Ratio	1.14	1.69	8.1	6.74	7.89
Quick Ratio	0.56	1	7.38	6.05	7.01
Operating Cash Flow to Current Liabilities	0.53	-0.36	0.88	2.03	1.05
Days Sales Outstanding (Average Receivables)	161.36	106.25	180.82	289.1	147.52
Days Outstanding Inventory (Average Inventory)	137.43	124.45	34.53	40.83	37.64
Average Days Payable Outstanding	115.4	126.5	61.04	86.37	80.14
Cash Conversion Cycle (Average Days)	183.39	104.2	154.31	243.57	105.01
Long Term Solvency
Total Debt/Equity	3.14	2.93	0.89	1.19	0.08
Total Debt / Total Capital	3.04	2.84	0.88	1.18	0.07
LT Debt/Equity	-	-	0.07	0.08	0.07
Long-Term Debt / Total Capital	-	-	0.07	0.08	0.07
Total Liabilities / Total Assets	21.1	12.39	9.39	11.53	10.28
EBIT / Interest Expense	-8.4	-7.83	111.95	41.73	71.1
EBITDA / Interest Expense	-5.03	-1.58	128.38	58.85	95.36
(EBITDA - Capex) / Interest Expense	-5.34	-3.5	101.03	44.72	81.13
Total Debt / EBITDA	-0.67	-4.89	0.1	0.21	0.01
Net Debt / EBITDA	0.21	5.99	-4.02	-9.35	-8.1
Total Debt / (EBITDA - Capex)	-0.63	-2.21	0.13	0.27	0.01
Net Debt / (EBITDA - Capex)	0.19	2.71	-5.1	-12.3	-9.52
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-15.74	8.93	391.96	-11.8	17.88
Gross Profit, 1 Yr. Growth %	-90.08	66.03	-4.08K	-44.29	53.64
EBITDA, 1 Yr. Growth %	9.81	-83.22	-2.4K	-38.95	43.1
EBITA, 1 Yr. Growth %	-24.17	-50.32	-789.05	-50.23	55.4
EBIT, 1 Yr. Growth %	-24.17	-50.32	-789.05	-50.22	55.45
Earnings From Cont. Operations, 1 Yr. Growth %	-7.87	-105.81	6.18K	-131.22	-229.45
Net Income, 1 Yr. Growth %	-7.87	-105.81	6.18K	-131.22	-229.45
Normalized Net Income, 1 Yr. Growth %	-8.27	-49.43	-680.46	-53.68	103.09
Diluted EPS Before Extra, 1 Yr. Growth %	-7.87	-105.81	932.6	-126.88	-229.45
Accounts Receivable, 1 Yr. Growth %	-42.83	-13.24	1.6K	-50.7	-18.35
Inventory, 1 Yr. Growth %	13.36	-11.73	4.87	31.88	-21.5
Net Property, Plant and Equip., 1 Yr. Growth %	-3.91	-3.32	13.56	-1.87	-4.94
Total Assets, 1 Yr. Growth %	0.33	18.95	212.16	-2.72	1.76
Tangible Book Value, 1 Yr. Growth %	-7.49	32.17	221.87	-5.03	3.33
Common Equity, 1 Yr. Growth %	-7.53	32.07	222.87	-5.02	3.2
Cash From Operations, 1 Yr. Growth %	396.13	-148.36	-658.69	175.02	-53.98
Capital Expenditures, 1 Yr. Growth %	-84.28	233.01	734.07	-29.66	-17.91
Levered Free Cash Flow, 1 Yr. Growth %	214.75	-132.33	1.87K	-172.12	-67.24
Unlevered Free Cash Flow, 1 Yr. Growth %	218.72	-129.67	1.97K	-172.42	-67.1
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-18.28	-4.19	131.49	108.3	1.96
Gross Profit, 2 Yr. CAGR %	-61.85	-59.43	712.4	370.61	-7.48
EBITDA, 2 Yr. CAGR %	-25.26	-57.07	182.29	277.81	-10.16
EBITA, 2 Yr. CAGR %	78.66	-38.62	103.99	87.01	-16.88
EBIT, 2 Yr. CAGR %	78.66	-38.62	103.99	86.97	-16.86
Earnings From Cont. Operations, 2 Yr. CAGR %	59.47	-76.87	90.97	342.74	-36.43
Net Income, 2 Yr. CAGR %	59.47	-76.87	90.97	342.74	-36.43
Normalized Net Income, 2 Yr. CAGR %	82.61	-31.9	73.17	63.98	-3.01
Diluted EPS Before Extra, 2 Yr. CAGR %	59.7	-76.87	-22.57	66.61	-41.01
Accounts Receivable, 2 Yr. CAGR %	-25.74	-27.53	284.3	189.69	-36.55
Inventory, 2 Yr. CAGR %	-8.27	0.03	-3.79	17.6	1.75
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.76	-3.62	4.78	5.56	-3.42
Total Assets, 2 Yr. CAGR %	-4.37	9.24	92.69	74.26	-0.51
Tangible Book Value, 2 Yr. CAGR %	-8.95	10.58	106.25	74.83	-0.94
Common Equity, 2 Yr. CAGR %	-8.99	10.51	106.5	75.12	-1
Cash From Operations, 2 Yr. CAGR %	221.57	54.9	64.37	291.98	12.5
Capital Expenditures, 2 Yr. CAGR %	-59.68	-27.64	427.03	142.21	-24.01
Levered Free Cash Flow, 2 Yr. CAGR %	255.5	0.87	163.26	276.16	-51.69
Unlevered Free Cash Flow, 2 Yr. CAGR %	269.12	-2.76	158.95	286.17	-51.49
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-8.4	-10.06	65.29	67.82	72.3
Gross Profit, 3 Yr. CAGR %	-23	-37.71	87.04	232.53	224.05
EBITDA, 3 Yr. CAGR %	16	-54.57	106.07	70.41	166.24
EBITA, 3 Yr. CAGR %	34.11	16.61	46.67	28.3	69.33
EBIT, 3 Yr. CAGR %	34.11	16.61	46.67	28.28	69.32
Earnings From Cont. Operations, 3 Yr. CAGR %	34.11	-47.14	49.78	4.42	193.86
Net Income, 3 Yr. CAGR %	34.11	-47.14	49.78	4.42	193.86
Normalized Net Income, 3 Yr. CAGR %	54.96	19.03	40.11	11.58	76.1
Diluted EPS Before Extra, 3 Yr. CAGR %	34.11	-47.09	-17.95	-45.58	53.17
Accounts Receivable, 3 Yr. CAGR %	-11.33	-20.29	107.54	93.82	89.94
Inventory, 3 Yr. CAGR %	-12.18	-9.44	1.62	6.88	2.78
Net Property, Plant and Equip., 3 Yr. CAGR %	-4.78	-4.29	1.8	2.51	1.94
Total Assets, 3 Yr. CAGR %	-2.16	2.84	55.02	53.43	45.66
Tangible Book Value, 3 Yr. CAGR %	-4.65	3.09	57.88	59.26	46.72
Common Equity, 3 Yr. CAGR %	-4.68	3.04	57.98	59.4	46.82
Cash From Operations, 3 Yr. CAGR %	74.67	71.01	137.55	95.14	91.94
Capital Expenditures, 3 Yr. CAGR %	-65.81	-18.5	63.45	169.33	68.87
Levered Free Cash Flow, 3 Yr. CAGR %	71.75	59.87	179.41	70.8	66.06
Unlevered Free Cash Flow, 3 Yr. CAGR %	75.53	59.3	177.51	69.17	69.22
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-7.42	-6.19	32.72	25.85	36.25
Gross Profit, 5 Yr. CAGR %	-36.76	-29.75	97.61	39.86	41.14
EBITDA, 5 Yr. CAGR %	-12.04	-37.85	65.56	22.56	48.35
EBITA, 5 Yr. CAGR %	22.89	11	58.61	46.47	17.33
EBIT, 5 Yr. CAGR %	22.89	11	58.61	46.46	17.32
Earnings From Cont. Operations, 5 Yr. CAGR %	28.02	-12.6	54.47	23.69	6.31
Net Income, 5 Yr. CAGR %	28.02	-12.6	54.47	23.69	6.31
Normalized Net Income, 5 Yr. CAGR %	27.91	22.35	62.01	35.88	20.94
Diluted EPS Before Extra, 5 Yr. CAGR %	30.43	-12.24	7.66	-16.29	-28.09
Accounts Receivable, 5 Yr. CAGR %	-5.49	-8.44	61.24	33.57	29.19
Inventory, 5 Yr. CAGR %	-0.56	-5.32	-8.92	0.54	1.67
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.52	-3.31	-1.07	-0.46	-0.32
Total Assets, 5 Yr. CAGR %	-2.04	2.66	28.31	27	29.82
Tangible Book Value, 5 Yr. CAGR %	-5.3	1.53	29.83	27.34	31.02
Common Equity, 5 Yr. CAGR %	-5.33	1.49	29.86	27.39	31.05
Cash From Operations, 5 Yr. CAGR %	9.17	5.01	70.48	138.3	76.16
Capital Expenditures, 5 Yr. CAGR %	-19.75	-17.63	2.11	26	20.32
Levered Free Cash Flow, 5 Yr. CAGR %	20.95	23.04	103.75	129	38.39
Unlevered Free Cash Flow, 5 Yr. CAGR %	21.56	20.77	105.07	131.13	38.05