Very High Financial LeverageTotal debt (23.9bn) far exceeds equity (7.3bn) and a low equity ratio (~5.65%) create a structurally debt-heavy capital structure. Persistent leverage raises interest and refinancing risk, limits capacity for new land or project funding, and reduces resilience to adverse cycles.
Very Thin EBITDA MarginAn EBITDA margin near 1.8% leaves minimal operating cushion against construction inflation, contractor or regulatory cost shocks. For a developer, such thin operating profitability makes earnings and cashflows highly sensitive to cost overruns and delays, weakening long-term margin sustainability.
Volatile Recent Reported GrowthLarge negative reported growth metrics suggest meaningful volatility in recent periods, likely from project timing or recognition swings. Such variability undermines predictability of revenue and earnings, complicating capital planning and increasing the probability of financing stress during downturns.