In Part I, Centurion Corporation Investing Thesis Part I, I’ve mainly described Centurion’s industry characteristics, as well as the characteristics of the company.

Let’s take a closer look at the financials of the company:

Centurion did well growing their topline over the past 4 years, with revenue growing at a steady clip. As of 9M16, Centurion’s revenue has already hit $85.5mil, compared to $76.3mil for 9M15.

If we look at the profit attributable to equity holders though, that has fallen sharply in FY15 compared to the 2 prior years.

Why so? Why is the company raking in more $$$, but keeping less of it?

The answer lies in all the operational and interest expenses in between:

The company conveniently groups the COGS, distribution and administrative expenses together in their AR (something unusual). I guess this applies well for the company because well, what exactly is the COGS ...