Persistent Net LossesDespite operating improvements, negative net margins indicate interest, tax or non-operating pressures still erode shareholder returns. Continued net losses limit retained earnings, constrain reinvestment and delay restoration of consistent shareholder value.
Structural Revenue Decline Since 2020A multi-year shrinkage in revenue reduces scale economies and bargaining power with contractors and suppliers. Recoveries can be cyclical; a smaller revenue base increases sensitivity to project timing and hinders consistent margin absorption over the medium term.
Volatile Cash Generation And Weak FCF ConversionLarge swings in operating cash flow and near-zero FCF in 2025 highlight working-capital and cycle risk in project delivery. Inconsistent cash conversion constrains capacity to self-fund land acquisitions, increases reliance on external financing, and raises execution risk.