PNG

Listed Company · UPCOM

Price

42,100

Latest close

27 Jan 2026

P/E —

EPS (TTM) —

ROE (TTM) 17.6%

P/B —

BVPS (Latest) —

ROA (TTM) 14.8%

What Is Changing

PNG has not yet shown a broad-based top-line recovery. Revenue posted -3.3% YoY, but net margin reached 25.70% with an additional +0.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 24.57% in 2023 to 25.70% in 2025.

Metric	2025	2024	2023	2022
Revenue	91.1	94.2	98.5	118.6
Growth	-3%	-4%	-17%	—
Net Income	23.4	23.6	24.2	20.8
Net Margin	25.70%	25.00%	24.57%	17.55%

Financial Statements

Profitability

Net margin reached 25.70% while Revenue posted -3.3% YoY.

Balance Sheet

Inventory stood at 0.6bn, liabilities at 32.5bn, and equity at 139.4bn.

Cash Flow

Operating cash flow was 18.5bn in 2025, while investing cash flow was -27.9bn.

Financing cash flow: 4.6bn.

Item	2025	2024	2023	2022
Revenue	91.1	94.2	99.4	118.6
Revenue Deductions	—	0.0	0.9	0.0
Net Revenue	91.1	94.2	98.5	118.6
Cost of Goods Sold	51.6	51.2	43.0	60.0
Gross Profit	39.5	43.0	55.4	58.6
Financial Income	3.1	1.9	2.1	0.6
Financial Expenses	0.1	0.2	1.1	1.9
Interest Expense	0.1	0.2	1.1	1.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	10.4	11.6	26.7	28.8
General and Administrative Expenses	2.9	4.6	6.6	8.4
Operating Profit	29.2	28.5	23.1	20.2
Other Income	0.3	1.0	1.1	0.7
Other Expenses	0.2	0.0	0.0	0.0
Other Profit	0.1	0.9	1.1	0.6
Profit Before Tax	29.3	29.5	24.2	20.8
Current Income Tax Expense	5.8	5.9	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	23.4	23.6	24.2	20.8
Non-controlling Interest	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	23.4	23.6	24.2	20.8
Earnings per Share	2,472.00	2,486.00	2,600.00	2,315.00
Diluted EPS	2,472.00	2,486.00	2,600.00	2,315.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	96.3	62.8	49.5	43.3
I. Cash and cash equivalents	6.2	11.1	5.5	30.2
1. Cash	6.2	11.1	3.5	10.2
2. Cash equivalents	—	0.0	2.0	20.0
II. Short-term financial investments	72.0	43.0	33.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	72.0	43.0	33.0	0.0
III. Short-term receivables	11.2	5.4	6.6	7.1
1. Short-term trade accounts receivable	5.7	5.7	5.6	6.5
2. Short-term prepayments to suppliers	82.9	80.2	81.3	82.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	4.1	2.8	3.1	2.9
7. Provision for short-term doubtful debts (*)	-81.6	-83.3	-83.4	-84.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	0.6	0.6	0.7	1.9
1. Inventories	0.6	0.6	0.7	1.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.2	2.8	3.7	4.1
1. Short-term prepayments	0.6	0.3	0.5	0.9
2. Value added tax to be reclaimed	2.5	2.5	2.5	2.5
3. Taxes and other receivables from state authorities	3.2	0.0	0.7	0.7
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	75.6	82.4	79.9	82.7
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	16.9	68.6	72.1	75.3
1. Tangible fixed assets	16.9	68.6	72.1	75.3
- Cost	47.1	117.7	118.5	116.0
- Accumulated depreciation	-30.2	-49.1	-46.4	-40.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	48.6	0.8	0.9	1.4
- Cost	74.2	3.9	3.9	5.9
- Accumulated depreciation	-25.5	-3.1	-3.0	-4.5
IV. Long-term assets in progress	5.7	7.6	4.5	4.4
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5.7	7.6	4.5	4.4
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	4.3	5.3	2.4	1.7
1. Long-term prepayments	4.3	5.3	2.4	1.1
2. Deferred income tax assets	—	0.0	0.0	0.6
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	171.8	145.2	129.4	126.0
A. LIABILITIES (300=210+330)	32.5	19.1	25.6	40.9
I. Short -term liabilities	25.3	19.0	18.0	28.5
1. Short-term trade accounts payable	3.5	3.3	3.8	3.7
2. Short-term advances from customers	0.5	0.1	0.0	2.2
3. Taxes and other payables to state authorities	1.5	1.1	0.5	0.7
4. Payable to employees	1.2	1.3	1.4	2.1
5. Short-term acrrued expenses	0.1	0.7	0.7	4.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.2	0.0	0.0
9. Other short-term payables	4.9	12.4	6.0	6.6
10. Short-term borrowings and financial leases	13.4	0.0	5.6	9.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	7.2	0.1	7.6	12.3
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	7.2	0.1	6.0	5.1
8. Long-term borrowings and financial leases	—	0.0	1.6	7.2
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	139.4	126.1	103.8	85.2
I. Owner's equity	139.3	126.1	103.7	85.1
1. Owner's capital	90.0	90.0	90.0	90.0
- Common stock with voting right	90.0	90.0	90.0	90.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	17.5	17.5	17.5	17.5
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	7.2	7.2	7.2	7.2
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.5	15.2	-7.1	-25.7
- Accumulated retained earning at the end of the previous period	5.0	-8.3	-31.3	-46.6
- Undistributed earnings in this period	23.4	23.6	24.2	20.8
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	-3.8	-3.8	-3.8	-3.8
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	171.8	145.2	129.4	126.0

Item	2025	2024	2023	2022
Profit Before Tax	29.3	29.5	24.2	20.8
Depreciation of Fixed Assets and Investment Property	4.1	4.1	4.2	4.1
Provision (Increase)/Reversal	-1.4	0.1	-1.0	-0.9
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	-0.0	-0.2
Gain/Loss from Investment Activities	-2.9	-2.1	-2.1	-0.5
Interest Expense	0.1	0.2	1.1	1.9
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	29.1	31.6	26.3	25.3
Increase/(Decrease) in Receivables	-5.9	1.7	2.0	1.1
Increase/(Decrease) in Inventory	-0.0	0.1	1.2	10.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.3	-0.8	-10.4	2.5
Increase/(Decrease) in Prepaid Expenses	0.7	-2.7	-0.9	-0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.1	-0.2	-1.1	-1.9
Corporate Income Tax Paid	-5.5	-4.6	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.7	-0.9	-0.3
Net Cash Flow from Operating Activities	18.5	24.4	16.1	37.2
Payments for Fixed Assets and Other Long-term Assets	-0.6	-3.7	-0.6	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-94.0	-10.0	-33.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	65.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	1.8	1.9	0.3
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-27.9	-11.6	-31.7	-2.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	13.4	0.0	6.9	40.8
Repayment of Borrowings	—	-7.2	-15.9	-66.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-8.9	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	4.6	-7.2	-9.1	-25.4
Net Cash Flow During the Period	-4.9	5.6	-24.7	9.3
Cash and Cash Equivalents at Beginning of Period	11.1	5.5	30.2	21.0
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.2	11.1	5.5	30.2

Item	Q4'25
Profit Before Tax	29.3
Depreciation of Fixed Assets and Investment Property	4.1
Provision (Increase)/Reversal	-1.4
Gain/Loss from Investment Activities	-2.9
Interest Expense	0.1
Operating Profit Before Changes in Working Capital	29.1
Increase/(Decrease) in Receivables	-5.9
Increase/(Decrease) in Inventory	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.3
Increase/(Decrease) in Prepaid Expenses	0.7
Interest Paid	-0.1
Corporate Income Tax Paid	-5.5
Other Operating Payments	-1.1
Net Cash Flow from Operating Activities	18.5
Payments for Fixed Assets and Other Long-term Assets	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0
Loans and Purchases of Debt Instruments	-94.0
Receipts from Loan Repayments and Sale of Debt Instruments	65.0
Dividends and Interest Income Received	1.7
Net Cash Flow from Investing Activities	-27.9
Proceeds from Borrowings	13.4
Dividends Paid	-8.9
Net Cash Flow from Financing Activities	4.6
Net Cash Flow During the Period	-4.9
Cash and Cash Equivalents at Beginning of Period	11.1
Cash and Cash Equivalents at End of Period	6.2

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PNG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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