Revenue VolatilityA year of negative revenue growth (-4.75%) after earlier gains signals volatility in sales velocity and demand for projects. For developers, inconsistent sales can extend project timelines, pressure margins and cash flows, and hinder predictable earnings visibility.
Weak Cash ConversionOCF/net income of 0.40 and FCF/net income of 0.32 indicate a relatively low share of reported earnings converted to cash. This structural conversion gap raises reliance on collections and financing, constraining reinvestment and increasing sensitivity to working-capital swings.
Modest Return On EquityAn ROE of 5.7% is modest for a developer and suggests limited capital efficiency. Over time low ROE can challenge shareholder value creation, reduce flexibility for equity-funded growth, and signal that project returns may not fully justify invested capital.