Reported Earnings • Jun 02
Full year 2026 earnings released: EPS: LK₨1.37 (vs LK₨1.04 in FY 2025) Full year 2026 results: EPS: LK₨1.37 (up from LK₨1.04 in FY 2025). Revenue: LK₨503.2m (up 21% from FY 2025). Net income: LK₨51.9m (up 32% from FY 2025). Profit margin: 10% (in line with FY 2025). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to LK₨30.00, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 14x in the Construction industry in Asia. Total returns to shareholders of 1,724% over the past three years. New Risk • Jan 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Sri Lankan stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (LK₨1.56b market cap, or US$5.04m). Minor Risk Revenue is less than US$5m (LK₨476m revenue, or US$1.5m). Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to LK₨41.10, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 15x in the Construction industry in Asia. Total returns to shareholders of 347% over the past year. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to LK₨27.60, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 15x in the Construction industry in Asia. Total returns to shareholders of 225% over the past year. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to LK₨26.20, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 14x in the Construction industry in Asia. Total returns to shareholders of 188% over the past year. Board Change • Nov 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Chairman Athukorala Udamullage Asantha Athukorala was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 16
Alpha Fire Services PLC, Annual General Meeting, Sep 30, 2025 Alpha Fire Services PLC, Annual General Meeting, Sep 30, 2025, at 15:00 Sri Lanka Standard Time. Location: eighty club no 25 independence avenue, colombo 07, Sri Lanka Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: LK₨0.37 (vs LK₨0.20 in 1Q 2025) First quarter 2026 results: EPS: LK₨0.37 (up from LK₨0.20 in 1Q 2025). Revenue: LK₨120.1m (up 46% from 1Q 2025). Net income: LK₨14.1m (up 83% from 1Q 2025). Profit margin: 12% (up from 9.4% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to LK₨18.50, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 16x in the Construction industry in Asia. Total returns to shareholders of 178% over the past year. Board Change • Jul 28
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. 6 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Jun 04
MD & Executive Non-Independent Chairman recently sold LK₨110m worth of stock On the 2nd of June, Sanjay Perera sold around 11m shares on-market at roughly LK₨10.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Sanjay's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to LK₨13.20, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 15x in the Construction industry in Asia. Total returns to shareholders of 90% over the past year. Reported Earnings • May 29
Full year 2025 earnings released: EPS: LK₨1.17 (vs LK₨0.65 in FY 2024) Full year 2025 results: EPS: LK₨1.17 (up from LK₨0.65 in FY 2024). Revenue: LK₨416.3m (up 28% from FY 2024). Net income: LK₨44.2m (up 80% from FY 2024). Profit margin: 11% (up from 7.5% in FY 2024). The increase in margin was driven by higher revenue. New Risk • May 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Sri Lankan stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$10m (LK₨368.1m market cap, or US$1.23m). Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Revenue is less than US$5m (LK₨379m revenue, or US$1.3m). Board Change • May 14
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. 6 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: LK₨0.27 (vs LK₨0.19 in 3Q 2024) Third quarter 2025 results: EPS: LK₨0.27 (up from LK₨0.19 in 3Q 2024). Revenue: LK₨109.5m (up 36% from 3Q 2024). Net income: LK₨10.1m (up 41% from 3Q 2024). Profit margin: 9.3% (up from 8.9% in 3Q 2024). The increase in margin was driven by higher revenue. Recent Insider Transactions • Jan 29
Executive Non-Independent Director recently sold LK₨3.0m worth of stock On the 23rd of January, Agampodi Samud Gunasekara sold around 350k shares on-market at roughly LK₨8.50 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to LK₨9.10, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 15x in the Construction industry in Asia. Total returns to shareholders of 32% over the past year. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: LK₨0.34 (vs LK₨0.21 in 2Q 2024) Second quarter 2025 results: EPS: LK₨0.34 (up from LK₨0.21 in 2Q 2024). Revenue: LK₨112.6m (up 23% from 2Q 2024). Net income: LK₨13.1m (up 66% from 2Q 2024). Profit margin: 12% (up from 8.6% in 2Q 2024). The increase in margin was driven by higher revenue. Announcement • Aug 28
Alpha Fire Services PLC, Annual General Meeting, Sep 30, 2024 Alpha Fire Services PLC, Annual General Meeting, Sep 30, 2024, at 15:00 Sri Lanka Standard Time. Location: the capri club, no. 62, srimath anagarika dharmapala mawatha, colombo 07, Sri Lanka Reported Earnings • Aug 16
First quarter 2025 earnings released: EPS: LK₨0.20 (vs LK₨0.18 in 1Q 2024) First quarter 2025 results: EPS: LK₨0.20 (up from LK₨0.18 in 1Q 2024). Revenue: LK₨82.1m (up 2.6% from 1Q 2024). Net income: LK₨7.73m (up 15% from 1Q 2024). Profit margin: 9.4% (up from 8.4% in 1Q 2024). The increase in margin was driven by higher revenue. Reported Earnings • May 29
Full year 2024 earnings released: EPS: LK₨0.72 (vs LK₨1.01 in FY 2023) Full year 2024 results: EPS: LK₨0.72. Revenue: LK₨326.6m (up 13% from FY 2023). Net income: LK₨27.2m (up 95% from FY 2023). Profit margin: 8.3% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Mar 12
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Shareholders have been substantially diluted in the past year (175% increase in shares outstanding). Market cap is less than US$10m (LK₨242.9m market cap, or US$792.8k). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Revenue is less than US$5m (LK₨330m revenue, or US$1.1m). Buy Or Sell Opportunity • Feb 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to LK₨6.00. The fair value is estimated to be LK₨7.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 55%. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: LK₨0.95 (vs LK₨1.09 in 3Q 2023) Third quarter 2024 results: EPS: LK₨0.95. Revenue: LK₨80.7m (up 43% from 3Q 2023). Net income: LK₨7.22m (up 141% from 3Q 2023). Profit margin: 8.9% (up from 5.3% in 3Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 80% After last week's 80% share price decline to LK₨7.20, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 15x in the Construction industry in Asia. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: LK₨1.04 (vs LK₨0.86 in 2Q 2023) Second quarter 2024 results: EPS: LK₨1.04 (up from LK₨0.86 in 2Q 2023). Revenue: LK₨91.3m (flat on 2Q 2023). Net income: LK₨7.87m (up 231% from 2Q 2023). Profit margin: 8.6% (up from 2.6% in 2Q 2023). Announcement • Sep 02
Alpha Fire Services Limited, Annual General Meeting, Sep 26, 2023 Alpha Fire Services Limited, Annual General Meeting, Sep 26, 2023, at 15:00 Sri Lanka Standard Time. Location: the 80 Club, No:25 Independence Avenue Colombo 07 Colombo 07 Sri Lanka Agenda: To consider the Report of the Directors for the year ended 31 March 2023; to discuss the Financial Statements of the Company for the year; to discuss re-elect DEANNA MARISE RYDE who retires by rotation at the Annual General Meeting; to discuss re-elect DEVAKA TERENCE RANIL DE SILVA; and to discuss the Directors to determine the remuneration of the Auditors Messers K.P.M.G. Ford Rhodes. Reported Earnings • Aug 24
First quarter 2024 earnings released: EPS: LK₨0.88 (vs LK₨0.75 in 1Q 2023) First quarter 2024 results: EPS: LK₨0.88 (up from LK₨0.75 in 1Q 2023). Revenue: LK₨80.0m (up 25% from 1Q 2023). Net income: LK₨6.70m (up 224% from 1Q 2023). Profit margin: 8.4% (up from 3.2% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to LK₨49.80, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 14x in the Construction industry in Asia. Board Change • Jun 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. 6 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to LK₨25.30, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 13x in the Construction industry in Asia. Reported Earnings • May 20
Full year 2023 earnings released: EPS: LK₨4.45 (vs LK₨0.37 in FY 2022) Full year 2023 results: EPS: LK₨4.45 (up from LK₨0.37 in FY 2022). Revenue: LK₨290.1m (up 24% from FY 2022). Net income: LK₨12.3m (up LK₨11.3m from FY 2022). Profit margin: 4.2% (up from 0.4% in FY 2022). The increase in margin was driven by higher revenue. Board Change • May 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. 6 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Mar 30
Executive Non-Independent Director recently bought LK₨5.0m worth of stock On the 24th of March, Malindra Fernando bought around 406k shares on-market at roughly LK₨12.20 per share. This transaction increased Malindra's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth LK₨5.9m. Insiders have collectively bought LK₨12m more in shares than they have sold in the last 12 months. Board Change • Mar 24
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. 6 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
