Reported Earnings • Feb 28
Third quarter 2026 earnings released: EPS: RM0.004 (vs RM0.008 in 3Q 2025) Third quarter 2026 results: EPS: RM0.004 (down from RM0.008 in 3Q 2025). Revenue: RM13.2m (down 18% from 3Q 2025). Net income: RM1.07m (down 53% from 3Q 2025). Profit margin: 8.1% (down from 14% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 27
Second quarter 2026 earnings released: EPS: RM0.004 (vs RM0.01 in 2Q 2025) Second quarter 2026 results: EPS: RM0.004 (down from RM0.01 in 2Q 2025). Revenue: RM21.4m (up 27% from 2Q 2025). Net income: RM1.12m (down 56% from 2Q 2025). Profit margin: 5.2% (down from 15% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Full year 2025 earnings released: EPS: RM0.001 (vs RM0.019 in FY 2024) Full year 2025 results: EPS: RM0.001 (down from RM0.019 in FY 2024). Revenue: RM56.1m (down 9.4% from FY 2024). Net income: RM263.4k (down 96% from FY 2024). Profit margin: 0.5% (down from 10% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jul 30
DPS Resources Berhad, Annual General Meeting, Sep 04, 2025 DPS Resources Berhad, Annual General Meeting, Sep 04, 2025, at 11:00 Singapore Standard Time. Location: conference room, lot 76, kawasan perindustrian bukit rambai, bukit rambai, 75250, melaka Malaysia New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 23% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (RM119.6m market cap, or US$28.1m). Reported Earnings • May 30
Full year 2025 earnings released: EPS: RM0.001 (vs RM0.03 in FY 2024) Full year 2025 results: EPS: RM0.001 (down from RM0.03 in FY 2024). Revenue: RM62.8m (up 1.5% from FY 2024). Net income: RM339.0k (down 95% from FY 2024). Profit margin: 0.5% (down from 10% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. New Risk • Feb 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (RM132.9m market cap, or US$30.1m). Reported Earnings • Feb 23
Third quarter 2025 earnings released: EPS: RM0.008 (vs RM0.01 in 3Q 2024) Third quarter 2025 results: EPS: RM0.008. Revenue: RM16.1m (flat on 3Q 2024). Net income: RM2.24m (up 5.4% from 3Q 2024). Profit margin: 14% (in line with 3Q 2024). Reported Earnings • Nov 26
Second quarter 2025 earnings released: EPS: RM0.01 (vs RM0.016 in 2Q 2024) Second quarter 2025 results: EPS: RM0.01. Revenue: RM16.9m (up 13% from 2Q 2024). Net income: RM2.55m (up 13% from 2Q 2024). Profit margin: 15% (in line with 2Q 2024). Reported Earnings • Aug 06
Full year 2024 earnings released: EPS: RM0.019 (vs RM0.022 in FY 2023) Full year 2024 results: EPS: RM0.019. Revenue: RM61.9m (up 14% from FY 2023). Net income: RM6.36m (up 106% from FY 2023). Profit margin: 10% (up from 5.7% in FY 2023). The increase in margin was driven by higher revenue. Tillkännagivande • Jul 30
DPS Resources Berhad, Annual General Meeting, Aug 29, 2024 DPS Resources Berhad, Annual General Meeting, Aug 29, 2024, at 11:00 Singapore Standard Time. Location: conference room, lot 76, kawasan perindustrian bukit rambai, bukit rambai, 75250 melaka, Malaysia New Risk • Jul 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risk Market cap is less than US$100m (RM128.9m market cap, or US$27.3m). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: RM0.03 (vs RM0.022 in FY 2023) Full year 2024 results: EPS: RM0.03 (up from RM0.022 in FY 2023). Revenue: RM61.9m (up 14% from FY 2023). Net income: RM6.32m (up 105% from FY 2023). Profit margin: 10% (up from 5.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 01
Third quarter 2024 earnings released: EPS: RM0.01 (vs RM0.005 in 3Q 2023) Third quarter 2024 results: EPS: RM0.01 (up from RM0.005 in 3Q 2023). Revenue: RM16.0m (up 52% from 3Q 2023). Net income: RM2.13m (up 198% from 3Q 2023). Profit margin: 13% (up from 6.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Dec 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 50% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (50% increase in shares outstanding). Market cap is less than US$100m (RM98.4m market cap, or US$21.0m). New Risk • Dec 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (RM67.0m market cap, or US$14.3m). Tillkännagivande • Dec 05
DPS Resources Berhad Appoints Eugene Sow Chuan Sheng as Executive Director DPS Resources Berhad announced appointment of Mr. Eugene Sow Chuan Sheng as Executive Director. Age is 28. Nationality is Malaysia. Date of change is 05 December 2023. Qualifications: Bachelor's Degree in Law (LLB Hons) from University of Essex, United Kingdom. Working experience and occupation: Eugene Sow Chuan Sheng (NRIC No.: 951121-04-5277), a Malaysian, male, aged 28, had graduated from University of Essex, United Kingdom with a Bachelors Degree in Law (LLB Hons). After graduating, he had worked in DPS Group of Companies as part of the Legal and Admin Department and then in the year 2019, he was appointed as the Executive Director of Shantawood Property Management Sdn Bhd which is wholly owned subsidiary of DPS Resources Berhad Group of Companies which is a company listed on the main board of Bursa Malaysia with its core business of property development and furniture manufacturing. In addition to this, he is presently the Director for several other private limited companies such as Biotrend Asia (M) Sdn Bhd, Len Cheong Furniture Sdn Bhd, Len Cheong Resources Sdn Bhd and Hidayat Yakin Sdn Bhd. Further to this, Mr. Eugene Sow is also actively involved in the Corporate Social Responsibility (CSR) activities, Non-Governmental organizations (NGOs) and associations as follows:-The Committee of DPS Charity Foundation 2019 till Present; The Youth Committee of Soh Clan Association 2019 till Present; The Youth Committee of Malacca Huay Lai Association 2020 till Present; The Youth Committee of Malaysia Chinese Chamber of Commerce Industry Malacca 2021 till Present. Eugene Sow Chuan Sheng is the son of the Executive Chairman, Tan Sri (Dr) Sow Chin Chuan, and the Executive Director, Puan Sri Chu Kim Guek. He has siblings, Edward Sow Yuen Seng and Emily Sow Mei Chet, who act as the Managing Director and Executive Director of DPS Resources Berhad. Reported Earnings • Nov 22
Second quarter 2024 earnings released: EPS: RM0.016 (vs RM0.005 in 2Q 2023) Second quarter 2024 results: EPS: RM0.016 (up from RM0.005 in 2Q 2023). Revenue: RM14.9m (up 23% from 2Q 2023). Net income: RM2.25m (up 221% from 2Q 2023). Profit margin: 15% (up from 5.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 30
First quarter 2024 earnings released: EPS: RM0.003 (vs RM0.004 in 1Q 2023) First quarter 2024 results: EPS: RM0.003. Revenue: RM14.5m (down 8.3% from 1Q 2023). Net income: RM1.93m (up 222% from 1Q 2023). Profit margin: 13% (up from 3.8% in 1Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Jul 30
Full year 2023 earnings released: EPS: RM0.022 (vs RM0.036 in FY 2022) Full year 2023 results: EPS: RM0.022 (down from RM0.036 in FY 2022). Revenue: RM54.5m (down 38% from FY 2022). Net income: RM3.09m (down 40% from FY 2022). Profit margin: 5.7% (down from 5.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 29
DPS Resources Berhad, Annual General Meeting, Aug 29, 2023 DPS Resources Berhad, Annual General Meeting, Aug 29, 2023, at 14:00 Singapore Standard Time. Location: Conference Room, Lot 76 & 77, Kawasan Perindustrian Bukit Rambai, Bukit Rambai, Melaka Malaysia Agenda: To receive the Audited Financial Statements for the financial year ended 31 March 2023 together with the Reports of the Directors and the Auditors thereon; to approve the payment of Directors' fees and benefits of up to RM100,000 from 30 August 2023 until the conclusion of the next Annual General Meeting of the Company; to re-elect the following Directors who retire by rotation in accordance with Clause 120 of the Company's Constitution; and to consider other matters. Reported Earnings • Jun 03
Full year 2023 earnings released: EPS: RM0.004 (vs RM0.007 in FY 2022) Full year 2023 results: EPS: RM0.004 (down from RM0.007 in FY 2022). Revenue: RM54.7m (down 38% from FY 2022). Net income: RM3.14m (down 39% from FY 2022). Profit margin: 5.7% (down from 5.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 26
Third quarter 2023 earnings released: EPS: RM0.001 (vs RM0.002 in 3Q 2022) Third quarter 2023 results: EPS: RM0.001 (down from RM0.002 in 3Q 2022). Revenue: RM10.6m (down 62% from 3Q 2022). Net income: RM713.0k (down 39% from 3Q 2022). Profit margin: 6.8% (up from 4.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Tillkännagivande • Dec 22
DPS Resources Berhad (KLSE:DPS) entered into share sale Agreement to acquire Biotrend Asia (M) Sdn Bhd for MYR 0.000002 million. DPS Resources Berhad (KLSE:DPS) entered into share sale Agreement to acquire Biotrend Asia (M) Sdn Bhd for MYR 0.000002 million on December 21, 2022. Reported Earnings • Nov 26
Second quarter 2023 earnings released: EPS: RM0.001 (vs RM0.002 in 2Q 2022) Second quarter 2023 results: EPS: RM0.001 (down from RM0.002 in 2Q 2022). Revenue: RM12.2m (down 39% from 2Q 2022). Net income: RM701.0k (down 57% from 2Q 2022). Profit margin: 5.8% (down from 8.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent & Non Executive Director Rose Raduan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 02
Full year 2022 earnings released: EPS: RM0.007 (vs RM0.019 in FY 2021) Full year 2022 results: EPS: RM0.007 (down from RM0.019 in FY 2021). Revenue: RM88.1m (up 12% from FY 2021). Net income: RM5.14m (down 56% from FY 2021). Profit margin: 5.8% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 29
DPS Resources Berhad, Annual General Meeting, Aug 29, 2022 DPS Resources Berhad, Annual General Meeting, Aug 29, 2022, at 11:00 Singapore Standard Time. Agenda: To receive the Audited Financial Statements for the financial year ended 31 March 2022; to approve the payment of Directors' fees and benefits of up to MYR 100,000 from 30 August 2022 until; to re-elect the Directors who retire by rotation; to re-appoint Messrs. UHY as Auditors of the Company and to authorise the Directors to fix their remuneration. Tillkännagivande • Jun 25
DPS Resources Berhad Announces Appointment of Datuk Dr. Raduan Che Rose as Independent and Non Executive Director DPS Resources Berhad announced appointment of Datuk Dr. Raduan Che Rose as Independent and Non Executive Director. Date of changes is 24 June 2022. Qualification of Datuk Dr. Raduan Che Rose inlcudes following. Ph.D in Management from Leeds University Business School University of Leeds, U.K. Diploma: Post-Graduate Diploma in Research Methodology Leeds University Business School University of Leeds, U.K. Others: M.Sc. in Industrial Relations Department of Management and Organization University of Stirling, SCOTLAN. Diploma: Post-Graduate Diploma in HRMFaculty of Economic Universiti Kebangsaan Malaysia. Degree: B. A (Hons.) in South-East Asian Studies University of Malaya, Kuala Lumpur. Doctorate: Honorary Doctorate (Honoris Causa, PhD) Lim Kok Wing University of Creative Technology, Cyberjaya. Professional Qualification: Member, APEC The Human Resources Development Working Group (HRDWG Professional Qualification Member Global Federation of Competitiveness Council (GFCC). Professional Qualification Member Global Science and Innovation Advisory Council (GSAIC) Professional Qualification Member World Competitiveness Council. RADUAN CHE ROSE is a Professor of Management at Putra Business School, Universiti Putra Malaysia (UPM) specializing in Human Resource Management & Indstrial Relations. He is also currently the President and CEO of MAJLIS PROFESOR NEGARA (National Council of Professors). Working experience includes:He first joined UPM in 1984 as Administrative Officer and halfway he decided to change his career into academic in 1994. He fully develops his academic career after completing his Ph.D in 1999, was promoted as an Associate Professor in 2003 and to a full Professorship in 2006. In June 2009, he was selected to serve as a Special Advisor to the Minister of Higher Education Malaysia. He was then appointed as a Deputy Vice Chancellor (Academic and International) at National Defense University of Malaysia from May 2010 until December 2011, and later as the Vice Chancellor at Universiti Malaysia Kelantan in January 2012. Before his terms end as a Vice Chancellor, the government decided to pull him back to the central and lead a group of Professors as the first President and CEO of National Council of Professors. Prof. Datuk Dr. Raduan has also occupied several leadership roles, among which include Commandant SUKSIS, UMK (Assistant Commissioner), President of Malaysian TVET Movement, President of Academic Associations, Universiti Putra Malaysia (PPAUPM), Protem President of Malaysian Academic Staff Association Council (MAAC), Committee Member of Malaysian Academic Associations (MOVE), Chairman Advisory Council of KDM, Malaysia, Chairman of Parent-Teachers Association, and President of Selangor Rugby Association (MAKSAK). He was awarded the Asian HRD Congress Award (Contributions to HR Community) for outstanding contribution towards human capital development and many other awards by Institutions of Higher Learning in Malaysia and the UK. Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: RM0.007 (vs RM0.019 in FY 2021) Full year 2022 results: EPS: RM0.007 (down from RM0.019 in FY 2021). Revenue: RM94.8m (up 20% from FY 2021). Net income: RM5.15m (down 56% from FY 2021). Profit margin: 5.4% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent & Non Executive Director Fatt Mea was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 25
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: RM0.002 (down from RM0.008 in 3Q 2021). Revenue: RM27.8m (up 14% from 3Q 2021). Net income: RM1.16m (down 75% from 3Q 2021). Profit margin: 4.2% (down from 19% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 25
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: RM0.002 (down from RM0.005 in 2Q 2021). Revenue: RM19.9m (up 31% from 2Q 2021). Net income: RM1.63m (down 42% from 2Q 2021). Profit margin: 8.2% (down from 19% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
First quarter 2022 earnings released: EPS RM0.003 (vs RM0.001 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: RM21.6m (up 194% from 1Q 2021). Net income: RM2.01m (up 324% from 1Q 2021). Profit margin: 9.3% (up from 6.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 28
Full year 2021 earnings released: EPS RM0.017 (vs RM0.018 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2021 results: Revenue: RM78.7m (up 74% from FY 2020). Net income: RM12.0m (up 14% from FY 2020). Profit margin: 15% (down from 23% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 26
Third quarter 2021 earnings released: EPS RM0.008 (vs RM0.019 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: RM24.4m (up 82% from 3Q 2020). Net income: RM4.68m (down 57% from 3Q 2020). Profit margin: 19% (down from 82% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 08
DPS Resources Berhad has completed a Follow-on Equity Offering in the amount of MYR 13.871362 million. DPS Resources Berhad has completed a Follow-on Equity Offering in the amount of MYR 13.871362 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 117,553,916
Price\Range: MYR 0.118
Transaction Features: Subsequent Direct Listing Reported Earnings • Nov 28
Second quarter 2021 earnings released: EPS RM0.005 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RM15.2m (up 46% from 2Q 2020). Net income: RM2.82m (up RM2.43m from 2Q 2020). Profit margin: 19% (up from 3.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. 