Financial Performance

Summary Income Statement*

For the year ended 31 December (USD)
2018 (restated)* 2019 2020
Revenue 205,563,390 477,757,547 452,108,570
Cost of revenue (107,593,582) (285,728,112) (282,344,173)
Gross profit 97,969,808 192,029,435 169,764,397
General and administrative expenses (23,971,369) (52,463,669) (47,395,777)
End of service provision (1,309,036) (4,899,967) (5,348,358)
Provision for impairment of trade receivables (1,250,607) 2,776,252 (2,558,649)
Provision for impairment of inventory - (253,329) (686,478)
Share-based payments expense - (11,341,219) (3,845,870)
Provisions (280,017) (1,443,181) (410,669)
Operating profit 71,158,779 124,404,322 104,418,534
Net finance cost/(income) (28,494,768) (88,190,066) (65,218,703)
Provision for impairment of dividends receivable - - -
Bargain purchase gain 46,252,908 11,877,674 -
Business acquisition transaction costs (5,617,088) (6,432,718) -
Other income/(expenses) (1,602,982) (1,120,703) -
Other taxes (295,960) (438,716) (512,159)
IPO expenses - - -
Fair value loss on derivative financial instrument (4,340,180) 771,134 (1,178,052)
Profit for the year before income tax 77,060,709 40,870,927 30,968,231
Income tax expense (3,788,784) (9,337,365) (8,946,717)
Profit for the year 73,271,925 31,533,562 22,021,514
Other comprehensive income
Other comprehensive income to be reclassified - - -
to profit or loss in subsequent periods
Other comprehensive income not to be reclassified - - -
to profit or loss in subsequent periods
Total comprehensive income 73,271,925 31,533,562 22,021,514
Earnings per share – basic and diluted (USD per share) 1.69 0.65 0.46

*The Financial Information represented of the Group is a continuation of the existing business and reflects the carrying values of the Subsidiary as if the Subsidiary had always been consolidated from the earliest period presented even though the Company was not in existence before 22 May 2016. Any difference between the consideration paid and nominal value of the share capital of the Subsidiary is recorded as a merger reserve.

**Comparative information has been adjusted to reflect the IFRS 3 Business combination measurement period adjustments, refer to note 4 of the 2019 Annual Report and note 3 of the 2020 Half-year Report.