Order Book analysis by agent about Stock کساوه on 11/22/2025

## Analysis of Cassava profitability growth in recent years Analyzing the financial data of Sina Kashi and Ceramic Industries (Kasaveh), the profitability situation in the two years leading to the financial years 1402 and 1403 is as follows: ### Comparison of full years (12 months) **fiscal year 1402 (ending to 12-29-1402):** - Net profit: 4,151 billion Rials - Operating revenues: 16,141 billion Rials - Net profit margin: 25.7% - Gross profit margin: 25% **fiscal year 1403 (ending to 12-29-1403):** - Net profit: 3,653 billion Rials - Operating revenues: 20,783 billion Rials - Net profit margin: 17.6% - Gross profit margin: 21.5% ### Growth results **Negative growth of net profit:** In 1403 compared to 1402, Kesaweh experienced a **decrease of 12% in net profit** (from 4,151 to 3,653 billion rials). **Positive growth of revenues:** However, operating revenues had a **growth of 28.8%** (from 16,141 to 20,783 billion Rials). **Decline in net profit margin:** Net profit margin **declined by 31.6%** (from 25.7% to 17.6%), indicating very serious cost pressure. **Reduction of gross profit margin:** Gross profit margin also decreased by **14%** (from 25% to 21.5%). ### Conclusion In recent years, Cassava has not had a profitable growth, but has experienced the opposite trend. Almost all profitability indicators (net profit and profit margins) declined, even as revenues grew significantly. This means an excessive increase in costs or a decrease in operational efficiency. **Suggestion for further analysis:** Want to understand what factors (production costs, operating costs, or financial costs) caused this decrease in profitability? I can analyze the cost breakdown for you.