New Risk • Jun 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 187% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 13% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (S$41.5m market cap, or US$32.4m). Reported Earnings • May 31
Full year 2026 earnings released: EPS: RM0.052 (vs RM0.023 loss in FY 2025) Full year 2026 results: EPS: RM0.052 (up from RM0.023 loss in FY 2025). Revenue: RM82.2m (up 1.2% from FY 2025). Net income: RM17.4m (up RM25.2m from FY 2025). Profit margin: 21% (up from net loss in FY 2025). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • May 26
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 13
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 05
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 08
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 22
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Nov 04
SAMURAI Paint Celebrates 28 Years of Excellence with the Launch of Its First-Ever Car Spray Paint Series SAMURAI Paint announced the launch of its first-ever car spray paint series. This exciting expansion marks a new chapter for the brand, which has built its reputation since 1997 on quality, creativity, and customer-focused innovation. For nearly three decades, SAMURAI Paint has been the go-to choice for motorcycle enthusiasts worldwide, recognized for its advanced technology, long-lasting durability, and professional-grade finishes that are easy to use. The brand extends its expertise to a broader audience -- bringing the same craftsmanship, technology, and passion for innovation to car owners. For years, car owners have faced a common frustration -- finding an exact color match for vehicle touch-ups has often been costly, time-consuming, and unreliable. Addressing this gap, SAMURAI Paint has leveraged 28 years of coating expertise to develop a new color-matching aerosol spray system for automobiles. At the heart of this innovation is SAMURAI's proprietary color-mixing technology, allowing users to customize and fine-tune shades with exceptional precision before application. Supporting this breakthrough is the brand's post-fill technology, which fills paint directly into cans without traditional machinery -- improving efficiency, customization, and product consistency. By transforming a long-standing challenge into a DIY-friendly solution, SAMURAI Paint evolves into a comprehensive automotive coating brand defined by innovation, precision, and performance. Coinciding with its 28th anniversary, SAMURAI Paint has also inaugurated its new headquarters in downtown Johor Bahru, symbolizing a major step forward for the company and its people-first philosophy. Built to encourage creativity, collaboration, and innovation, the new HQ provides a modern, inspiring workspace for employees while complementing ongoing operations at its manufacturing facility. The city-based office also helps attract new talent and features eight purpose-built livestream studios, reinforcing SAMURAI Paint's growing digital presence and customer engagement worldwide. Aligned with this goal, the company is building strategic partnerships with key players in the global automotive and aerosol industries, particularly across India and the United States. These alliances aim to create mutually beneficial collaborations, strengthen SAMURAI Paint's international footprint, and accelerate its entry into larger markets. Board Change • Oct 28
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Aug 26
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. 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 • Jul 15
Full year 2025 earnings released: RM0.023 loss per share (vs RM0.005 profit in FY 2024) Full year 2025 results: RM0.023 loss per share (down from RM0.005 profit in FY 2024). Revenue: RM81.2m (up 1.7% from FY 2024). Net loss: RM7.81m (down RM9.34m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Tillkännagivande • Jul 15
Samurai 2K Aerosol Limited, Annual General Meeting, Jul 30, 2025 Samurai 2K Aerosol Limited, Annual General Meeting, Jul 30, 2025, at 14:00 Singapore Standard Time. Location: bridge room, level 2, raffles marina ltd, 10 tuas west drive, singapore 638404, Singapore Tillkännagivande • Jul 14
Samurai 2K Aerosol Limited Proposes Final (One-Tier Tax Exempt) Dividend for the Financial Year Ended 31 March 2025 Samurai 2K Aerosol Limited at the AGM to be held on 30 July 2025 to consider the approval of the payment of final (one-tier tax exempt) dividend of SGD 0.0034 per share for the financial year ended 31 March 2025. Board Change • Jun 16
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (S$32.1m market cap, or US$24.9m). Board Change • May 28
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 30
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 07
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 13
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. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 03
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Jul 16
Samurai 2K Aerosol Limited, Annual General Meeting, Jul 30, 2024 Samurai 2K Aerosol Limited, Annual General Meeting, Jul 30, 2024, at 14:00 Singapore Standard Time. Location: chartroom, level 2, raffles marina ltd, 10 tuas west drive, singapore 638404, Singapore Tillkännagivande • Jul 04
Samurai 2K Aerosol Limited Announces Partially Resume Operations in Johor Bahru Samurai 2K Aerosol Limited refers to the company's announcement dated 29 May 2024 in relation to the fire incident that occurred on 27 May 2024. The company update that the group's operations had partially resumed in June 2024 which include delivery of goods to its customers and production of goods with existing well-functioning machinery. The company's current focus includes re-building stocks levels that were depleted by the fire. Production schedules have been strategically arranged to ensure goods are able to be delivered as planned and management is confident that business activities will fully resume in August 2024. Currently, the fire department and the insurer are in the midst of conducting the investigation and assessment. The company will provide updates to the shareholders of the company as and when the company receives any further material progress on the matters. Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: RM0.004 (vs RM0.034 loss in FY 2023) Full year 2024 results: EPS: RM0.004 (up from RM0.034 loss in FY 2023). Revenue: RM75.6m (up 7.6% from FY 2023). Net income: RM1.33m (up RM12.8m from FY 2023). Profit margin: 1.8% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 28% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (S$26.8m market cap, or US$19.8m). Board Change • Mar 26
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. 6 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 22
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 16
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. 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 • Nov 20
First half 2024 earnings released: EPS: RM0.008 (vs RM0.001 in 1H 2023) First half 2024 results: EPS: RM0.008 (up from RM0.001 in 1H 2023). Revenue: RM39.7m (down 5.0% from 1H 2023). Net income: RM2.78m (up 494% from 1H 2023). Profit margin: 7.0% (up from 1.1% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Board Change • Nov 03
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. 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 • Jul 15
Full year 2023 earnings released: RM0.034 loss per share (vs RM0.039 profit in FY 2022) Full year 2023 results: RM0.034 loss per share (down from RM0.039 profit in FY 2022). Revenue: RM70.3m (down 38% from FY 2022). Net loss: RM11.4m (down 187% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 31% 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. Tillkännagivande • Jul 14
Samurai 2K Aerosol Limited, Annual General Meeting, Jul 28, 2023 Samurai 2K Aerosol Limited, Annual General Meeting, Jul 28, 2023, at 14:00 Singapore Standard Time. Location: Bridge Room, Level 2, Raffles Marina Ltd, 10 Tuas West Drive Singapore Singapore Agenda: To consider the adoption of the Audited Consolidated Financial Statements of the Company and its subsidiaries for the financial year ended 31 March 2023 together with the Directors' Statement and Independent Auditors' Report; to consider the executive changes; to consider the approval of the payment of Directors' Fees of MYR 312,150 for the financial year ending 31 March 2024; to consider the re-appointment of Baker Tilly TFW LLP as Auditors; to consider the authority to allot and issue new shares under Section 161 of the Companies Act 1967; to consider the authority to allot and issue shares under the Performance Share Plan; to consider the authority to allot and issues shares under the Employee Share Option Scheme; and to consider the renewal of Share Buy-Back Mandate. Board Change • Jul 05
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jun 20
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Huat Lim was the last independent director to join the board, commencing their role in 2019. 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 • Jun 01
Full year 2023 earnings released: RM0.028 loss per share (vs RM0.039 profit in FY 2022) Full year 2023 results: RM0.028 loss per share (down from RM0.039 profit in FY 2022). Revenue: RM70.3m (down 38% from FY 2022). Net loss: RM9.40m (down 172% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 28% 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. Board Change • May 12
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • May 06
Samurai 2K Aerosol Limited Provides Earnings Guidance for the Fiscal Year 2023 Samurai 2K Aerosol Limited provided earnings guidance for the fiscal year 2023. For the period, the company expects to report a loss. Board Change • Apr 28
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 13
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 01
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 16
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Aug 12
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Jul 28
Samurai 2K Aerosol Limited Proposes Payment of Final (One-Tier Tax Exempt) Dividend for the Financial Year Ended 31 March 2022 Samurai 2K Aerosol Limited proposed approval of the payment of final (one-tier tax exempt) dividend of SGD 0.002 per share for the Financial year ended 31 March 2022 at its AGM held on 27 July 2022. Reported Earnings • Jul 13
Full year 2022 earnings released: EPS: RM0.039 (vs RM0.053 in FY 2021) Full year 2022 results: EPS: RM0.039 (down from RM0.053 in FY 2021). Revenue: RM113.0m (up 2.2% from FY 2021). Net income: RM13.1m (down 25% from FY 2021). Profit margin: 12% (down from 16% 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 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
Full year 2022 earnings released: EPS: RM0.039 (vs RM0.053 in FY 2021) Full year 2022 results: EPS: RM0.039 (down from RM0.053 in FY 2021). Revenue: RM113.0m (up 2.2% from FY 2021). Net income: RM13.1m (down 25% from FY 2021). Profit margin: 12% (down from 16% 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 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Apr 27
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. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Chong Lim was the last independent director to join the board, commencing their role in 2019. 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 • Jul 14
Full year 2021 earnings released: EPS RM0.053 (vs RM0.015 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: RM110.6m (up 75% from FY 2020). Net income: RM17.5m (up 244% from FY 2020). Profit margin: 16% (up from 8.1% 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 3% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • May 30
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: RM110.6m (up 75% from FY 2020). Net income: RM17.5m (up 244% from FY 2020). Profit margin: 16% (up from 8.1% in FY 2020). The increase in margin was driven by higher revenue. Tillkännagivande • May 29
Samurai 2K Aerosol Limited Proposes Final Tax Exempt Dividend for the Financial Year Ended 31 March 2021 The Directors of Samurai 2K Aerosol Limited proposed the final tax exempt dividend of SGD 0.02 per ordinary share in respect of the financial year ended 31 March 2021, subject to the approval of shareholders at the forthcoming annual general meeting. Is New 90 Day High Low • Mar 11
New 90-day high: S$0.80 The company is up 27% from its price of S$0.63 on 03 December 2020. The Singaporean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: S$0.63 The company is up 17% from its price of S$0.54 on 05 August 2020. The Singaporean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 47% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: S$0.58 The company is up 5.0% from its price of S$0.55 on 06 July 2020. The Singaporean market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period.