Reported Earnings • Mar 14
Second quarter 2026 earnings released: EPS: RM0.087 (vs RM0.08 in 2Q 2025) Second quarter 2026 results: EPS: RM0.087 (up from RM0.08 in 2Q 2025). Revenue: RM1.14b (up 2.8% from 2Q 2025). Net income: RM135.2m (up 9.1% from 2Q 2025). Profit margin: 12% (in line with 2Q 2025). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 31
Upcoming dividend of RM0.06 per share Eligible shareholders must have bought the stock before 07 January 2026. Payment date: 23 January 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Malaysian dividend payers (5.5%). In line with average of industry peers (3.4%). Reported Earnings • Nov 23
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: RM0.34 (down from RM0.35 in FY 2024). Revenue: RM4.52b (flat on FY 2024). Net income: RM530.8m (down 2.7% from FY 2024). Profit margin: 12% (in line with FY 2024). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 17
Scientex Berhad, Annual General Meeting, Dec 17, 2025 Scientex Berhad, Annual General Meeting, Dec 17, 2025, at 11:30 Singapore Standard Time. Location: scientex packaging film sdn bhd, lot 4, jalan sungai pinang 4/3, seksyen 4, taman perindustrian pulau indah, 42920 pelabuhan klang, selangor darul ehsan, Malaysia Declared Dividend • Sep 19
Final dividend of RM0.06 announced Dividend of RM0.06 is the same as last year. Ex-date: 7th January 2026 Payment date: 23rd January 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 18
Full year 2025 earnings released: EPS: RM0.34 (vs RM0.35 in FY 2024) Full year 2025 results: EPS: RM0.34 (down from RM0.35 in FY 2024). Revenue: RM4.52b (flat on FY 2024). Net income: RM530.8m (down 2.7% from FY 2024). Profit margin: 12% (in line with FY 2024). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Jun 20
Dividend of RM0.06 announced Dividend of RM0.06 is the same as last year. Ex-date: 7th July 2025 Payment date: 18th July 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 19
Scientex Berhad Declares Single Tier Interim Dividend for the Financial Year Ending 31 July 2025, Payable on 18 July 2025 In respect of the financial year ending 31 July 2025, the Board of Directors of Scientex Berhad declared a single tier interim dividend of 6 sen per ordinary share (single tier interim dividend for financial year 2024 of 6 sen per ordinary share), payable on 18 July 2025. New Risk • Jun 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jun 19
Third quarter 2025 earnings released: EPS: RM0.08 (vs RM0.084 in 3Q 2024) Third quarter 2025 results: EPS: RM0.08 (down from RM0.084 in 3Q 2024). Revenue: RM1.11b (flat on 3Q 2024). Net income: RM123.9m (down 5.1% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 13
Price target decreased by 9.8% to RM4.19 Down from RM4.65, the current price target is an average from 7 analysts. New target price is 19% above last closing price of RM3.53. Stock is down 8.5% over the past year. The company is forecast to post earnings per share of RM0.35 for next year compared to RM0.35 last year. Reported Earnings • Mar 13
Second quarter 2025 earnings released: EPS: RM0.08 (vs RM0.091 in 2Q 2024) Second quarter 2025 results: EPS: RM0.08 (down from RM0.091 in 2Q 2024). Revenue: RM1.11b (up 1.1% from 2Q 2024). Net income: RM123.9m (down 12% from 2Q 2024). Profit margin: 11% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 31
Upcoming dividend of RM0.06 per share Eligible shareholders must have bought the stock before 07 January 2025. Payment date: 17 January 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Malaysian dividend payers (5.1%). Higher than average of industry peers (2.2%). Reported Earnings • Nov 24
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: RM0.35 (up from RM0.28 in FY 2023). Revenue: RM4.48b (up 9.8% from FY 2023). Net income: RM545.2m (up 24% from FY 2023). Profit margin: 12% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Aankondiging • Nov 18
Scientex Berhad, Annual General Meeting, Dec 18, 2024 Scientex Berhad, Annual General Meeting, Dec 18, 2024, at 11:30 Singapore Standard Time. Declared Dividend • Sep 26
Final dividend of RM0.06 announced Shareholders will receive a dividend of RM0.06. Ex-date: 7th January 2025 Payment date: 17th January 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 25
Full year 2024 earnings released: EPS: RM0.35 (vs RM0.28 in FY 2023) Full year 2024 results: EPS: RM0.35 (up from RM0.28 in FY 2023). Revenue: RM4.48b (up 9.8% from FY 2023). Net income: RM545.2m (up 24% from FY 2023). Profit margin: 12% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 25
Price target increased by 8.3% to RM4.51 Up from RM4.16, the current price target is an average from 7 analysts. New target price is 5.8% above last closing price of RM4.26. Stock is up 26% over the past year. The company is forecast to post earnings per share of RM0.35 for next year compared to RM0.28 last year. Declared Dividend • Jun 24
Dividend increased to RM0.06 Dividend of RM0.06 is 20% higher than last year. Ex-date: 9th July 2024 Payment date: 19th July 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 22
Third quarter 2024 earnings released: EPS: RM0.084 (vs RM0.071 in 3Q 2023) Third quarter 2024 results: EPS: RM0.084 (up from RM0.071 in 3Q 2023). Revenue: RM1.11b (up 11% from 3Q 2023). Net income: RM130.5m (up 19% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Aankondiging • Jun 21
Scientex Berhad Announces Single Tier Interim Dividend for the Financial Year Ending 31 July 2024, Payable on 19 July 2024 Scientex Berhad announced Single Tier Interim Dividend of 6 sen per ordinary share, for the Financial Year Ending 31 July 2024. Ex-Date: 09 July 2024; Entitlement date: 10 July 2024. Payment Date: 19 July 2024. Reported Earnings • Mar 27
Second quarter 2024 earnings released: EPS: RM0.091 (vs RM0.069 in 2Q 2023) Second quarter 2024 results: EPS: RM0.091 (up from RM0.069 in 2Q 2023). Revenue: RM1.09b (up 12% from 2Q 2023). Net income: RM141.0m (up 33% from 2Q 2023). Profit margin: 13% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Dec 26
Upcoming dividend of RM0.05 per share at 0.3% yield Eligible shareholders must have bought the stock before 02 January 2024. Payment date: 26 January 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Malaysian dividend payers (5.0%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: RM0.28 (up from RM0.26 in FY 2022). Revenue: RM4.08b (up 2.3% from FY 2022). Net income: RM438.1m (up 6.9% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Aankondiging • Nov 15
Scientex Berhad, Annual General Meeting, Dec 14, 2023 Scientex Berhad, Annual General Meeting, Dec 14, 2023, at 11:30 Singapore Standard Time. Location: Auditorium, Bangunan Scientex, No. 9, Persiaran Selangor, Seksyen 15, 40200 Shah Alam Darul Ehsan Selangor Malaysia Agenda: To receive the Audited Financial Statements for the financial year ended 31 July 2023 together with the Reports of the Directors and Auditors thereon; to declare a single tier final dividend of 5 sen per ordinary share in respect of the financial year ended 31 July 2023; to re-elect Chin Lam Choong who retire by rotation in accordance with Regulation 87 of the Company's Constitution and being eligible, has offered himself for re-election; and to consider other matters. Aankondiging • Sep 21
Scientex Berhad Declares A Single Tier Final Dividend for the Financial Ended July 31, 2023, Payable on January 26, 2024 Scientex Berhad declared a single tier final dividend of MYR 0.0500 per ordinary share for the Financial ended July 31, 2023, payable on January 26, 2024. Ex-Date: January 2, 2024. Entitlement date: January 2, 2024. Reported Earnings • Sep 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: RM0.28 (up from RM0.26 in FY 2022). Revenue: RM4.08b (up 2.3% from FY 2022). Net income: RM438.1m (up 6.9% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jun 28
Upcoming dividend of RM0.05 per share at 2.9% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Malaysian dividend payers (5.5%). Lower than average of industry peers (6.3%). Reported Earnings • Jun 21
Third quarter 2023 earnings released: EPS: RM0.071 (vs RM0.057 in 3Q 2022) Third quarter 2023 results: EPS: RM0.071 (up from RM0.057 in 3Q 2022). Revenue: RM997.1m (flat on 3Q 2022). Net income: RM109.8m (up 24% from 3Q 2022). Profit margin: 11% (up from 8.9% in 3Q 2022). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Mar 16
Second quarter 2023 earnings released: EPS: RM0.069 (vs RM0.06 in 2Q 2022) Second quarter 2023 results: EPS: RM0.069 (up from RM0.06 in 2Q 2022). Revenue: RM978.4m (up 2.8% from 2Q 2022). Net income: RM106.3m (up 14% from 2Q 2022). Profit margin: 11% (up from 9.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 01
Scientex Berhad Appoints Chua Siew Chuan as Joint Secretary, Effective February 1, 2023 Scientex Berhad announced the appointment of Chua Siew Chuan as Joint Secretary of the company, with effect from February 1, 2023. Upcoming Dividend • Dec 16
Upcoming dividend of RM0.05 per share Eligible shareholders must have bought the stock before 23 December 2022. Payment date: 09 January 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Malaysian dividend payers (5.0%). Lower than average of industry peers (5.7%). Reported Earnings • Dec 10
First quarter 2023 earnings released: EPS: RM0.069 (vs RM0.066 in 1Q 2022) First quarter 2023 results: EPS: RM0.069 (up from RM0.066 in 1Q 2022). Revenue: RM1.03b (up 11% from 1Q 2022). Net income: RM107.2m (up 4.2% from 1Q 2022). Profit margin: 10% (in line with 1Q 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Aankondiging • Dec 09
Scientex Berhad Approves the Declaration of Single Tier Final Dividend Scientex Berhad approved the declaration of a single tier final dividend of 5 sen per ordinary share, at its AGM held on 8 December 2022. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Senior Independent Non-Executive Director Richard Wong was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 10
Scientex Berhad, Annual General Meeting, Dec 08, 2022 Scientex Berhad, Annual General Meeting, Dec 08, 2022, at 11:30 Singapore Standard Time. Location: Auditorium, Bangunan Scientex, No. 9, Persiaran Selangor, Seksyen 15 Shah Alam Selangor Malaysia Agenda: To approve the declaration of a single tier final dividend of 5 sen per ordinary share; to consider re-election of directors; to re-appoint Deloitte PLT as the Auditors of the Company and to authorise the Directors to fix their remuneration; and to consider other matters. Reported Earnings • Sep 30
Full year 2022 earnings released: EPS: RM0.26 (vs RM0.29 in FY 2021) Full year 2022 results: EPS: RM0.26 (down from RM0.29 in FY 2021). Revenue: RM3.99b (up 9.0% from FY 2021). Net income: RM409.9m (down 10% from FY 2021). Profit margin: 10% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Malaysia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Aankondiging • Sep 29
Scientex Berhad Declares Single Tier Final Dividend for the Financial Ended July 31, 2022, Payable on January 09, 2023 Scientex Berhad declared a single tier final dividend of MYR 0.0500 per ordinary share for the Financial ended July 31, 2022, payable on January 09, 2023. Ex-Date: December 23, 2022. Entitlement date: December 27, 2022. Upcoming Dividend • Jun 30
Upcoming dividend of RM0.04 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Malaysian dividend payers (4.9%). Lower than average of industry peers (5.0%). Price Target Changed • Jun 14
Price target decreased to RM4.12 Down from RM4.58, the current price target is an average from 7 analysts. New target price is 16% above last closing price of RM3.55. Stock is down 16% over the past year. The company is forecast to post earnings per share of RM0.27 for next year compared to RM0.29 last year. Reported Earnings • Jun 14
Third quarter 2022 earnings released: EPS: RM0.057 (vs RM0.071 in 3Q 2021) Third quarter 2022 results: EPS: RM0.057 (down from RM0.071 in 3Q 2021). Revenue: RM993.8m (up 1.7% from 3Q 2021). Net income: RM88.3m (down 20% from 3Q 2021). Profit margin: 8.9% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 24% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Aankondiging • Jun 13
Scientex Berhad Declares Single Tier Interim Dividend for the Financial Year Ending July 31, 2022, Payable on July 22, 2022 The Board of Directors of Scientex Berhad, in respect of the financial year ending 31 July 2022 declared a single tier interim dividend of MY 0.04 per ordinary share payable on July 22, 2022. Ex-Date: 07 July 2022. Entitlement date: 08 July 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Senior Independent Non-Executive Director Richard Wong was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from RM4.25b to RM4.11b. EPS estimate also fell from RM0.32 per share to RM0.28 per share. Net income forecast to grow 8.9% next year vs 23% growth forecast for Chemicals industry in Malaysia. Consensus price target down from RM4.97 to RM4.58. Share price rose 3.6% to RM4.07 over the past week. Reported Earnings • Mar 17
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: RM0.06 (down from RM0.072 in 2Q 2021). Revenue: RM952.0m (up 5.0% from 2Q 2021). Net income: RM93.7m (down 17% from 2Q 2021). Profit margin: 9.8% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 17%, compared to a 25% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Dec 28
Upcoming dividend of RM0.05 per share Eligible shareholders must have bought the stock before 04 January 2022. Payment date: 13 January 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Malaysian dividend payers (4.5%). Lower than average of industry peers (3.3%). Reported Earnings • Nov 12
Full year 2021 earnings released: EPS RM0.29 (vs RM0.25 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: RM3.66b (up 3.9% from FY 2020). Net income: RM457.2m (up 17% from FY 2020). Profit margin: 13% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year and the company’s share price has also increased by 16% per year. Reported Earnings • Sep 30
Full year 2021 earnings released: EPS RM0.29 (vs RM0.25 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: RM3.66b (up 3.9% from FY 2020). Net income: RM457.2m (up 17% from FY 2020). Profit margin: 13% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year.