v3.26.1
Income tax (Tables)
 12 Months Ended
Dec. 31, 2025
Income tax [Abstract]  
Major Components of Income Tax Expenses
   
For the Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Current tax (benefit) expense
                  
Current income tax
  
$
2,703,389
    
$
3,924,599
    
$
3,025,179
  
Deferred income tax
    
(5,602,656
)
    
68,751,097
      
(55,155,403
)
                         
   
$
(2,899,267
)
  
$
72,675,696
    
$
(52,130,224
)
Amount Recognized in Other Comprehensive Income
Amounts recognized in OCI
 
As of December 31, 2025
  
As of December 31, 2024
  
As of December 31, 2023
  
 
Before
  
Tax (expense)
  
Net of
  
Before
  
Tax (expense)
  
Net of
  
Before
  
Tax (expense)
  
Net of
  
 
tax
  
benefit
  
tax
  
tax
  
benefit
  
tax
  
tax
  
benefit
  
tax
  
                                     
Items that will not be reclassified to profit and loss
                                    
Remeasurements of defined benefit liability
  
$
1,365,506
    
$
(409,652
)
  
$
955,854
    
$
16,372
    
$
(4,762
)
  
$
11,610
    
$
124,599
    
$
(37,380
)
  
$
87,219
  
Revaluation of property, construction in process and equipment
    
(3,783,944,143
)
    
1,135,183,243
      
(2,648,760,900
)
    
334,809,588
      
(100,442,876
)
    
234,366,712
      
(889,982,346
)
    
266,994,704
      
(622,987,642
)
                                                                         
   
$
(3,782,578,637
)
  
$
1,134,773,591
    
$
(2,647,805,046
)
  
$
334,825,960
    
$
(100,447,638
)
  
$
234,378,322
    
$
(889,857,747
)
  
$
266,957,324
    
$
(622,900,423
)
Reconciliation of Effective Tax Rate
Reconciliation of effective tax rate
   
For the Year Ended December 31,
  
   
2025
    
2024
    
2023
  
                   
(Loss) profit before income tax
  
$
(285,279,802
)
  
$
(3,495,289,882
)
  
$
5,662,697
  
Tax using the Company´s domestic tax rate
    
30
%
    
30
%
    
30
%
Income tax at legal tax rate
    
(85,583,941
)
    
(1,048,586,965
)
    
1,698,809
  
Tax effect of:
                        
Annual adjustment inflation
    
19,736,040
      
35,881,580
      
86,082,320
  
Non-deductible expenses
    
8,942,866
      
9,847,790
      
5,970,038
  
Mainly change in allowance for NOL’s and other permanent differences
    
54,005,768
      
1,075,533,291
      
(145,881,392
)
                         
Total tax expense
  
$
(2,899,267
)
  
$
72,675,696
    
$
(52,130,224
)
Income Tax Movement in Deferred Tax Balance
Movement in deferred tax balances
2025
  
Net balance
as of January 1,
    
Recognized in profit and loss
    
Recognized in OCI
    
Final balance
  
                         
Prepayments
  
$
(12,868,926
)
  
$
10,986,160
    
$
-
    
$
(1,882,766
)
Property, plant and equipment
    
(95,323,604
)
    
26,808,092
      
-
      
(68,515,512
)
PP&E Surplus
    
(3,548,469,730
)
    
9,023,076
      
1,135,183,243
      
(2,404,263,411
)
PP&E (capitalized foreign exchange rate and interest expense)
    
(220,604,535
)
    
-
      
-
      
(220,604,535
)
Investment properties
    
(372,371,632
)
    
(22,500,000
)
    
-
      
(394,871,632
)
Right of use of assets
    
(60,049,712
)
    
15,193,798
      
-
      
(44,855,914
)
Derivatives
    
-
      
-
      
-
      
-
  
Accruals
    
23,045,513
      
31,312,320
      
-
      
54,357,833
  
Debt cost to be amortized
    
(69,902,187
)
    
2,554,827
      
-
      
(67,347,360
)
Advance customers
    
5,196,925
      
29,576,603
      
-
      
34,773,528
  
Lease liabilities
    
62,014,298
      
(13,364,025
)
    
-
      
48,650,273
  
Equipment rent
    
84,603,406
      
(84,603,406
)
    
-
      
-
  
Employees’ benefits
    
3,151,126
      
816,118
      
(409,652
)
    
3,557,592
  
Employees’ statutory profit sharing
    
780,459
      
(205,119
)
    
-
      
575,340
  
                                 
   
$
(4,200,798,599
)
  
$
5,598,444
    
$
1,134,773,591
    
$
(3,060,426,564
)

2024
  
Net balance
as of January 1,
    
Recognized in
profit and loss
    
Recognized in OCI
    
Final balance
  
                         
Prepayments
  
$
(3,999,701
)
  
$
(8,869,225
)
  
$
-
    
$
(12,868,926
)
Property, plant and equipment
    
(39,818,079
)
    
(55,505,525
)
    
-
      
(95,323,604
)
PP&E Surplus
    
(3,471,731,220
)
    
23,704,366
      
(100,442,876
)
    
(3,548,469,730
)
PP&E (capitalized foreign exchange rate and interest expense)
    
(231,042,798
)
    
10,438,263
      
-
      
(220,604,535
)
Investment properties
    
(300,519,080
)
    
(71,852,552
)
    
-
      
(372,371,632
)
Right of use of assets
    
(65,111,127
)
    
5,061,415
      
-
      
(60,049,712
)
Derivatives
     (35,077,118 )     35,077,118       -       -  
Accruals
    
3,370,885
      
19,674,628
      
-
      
23,045,513
  
Debt cost to be amortized
     -       (69,902,187 )     -       (69,902,187 )
Advance customers
    
46,637,589
      
(41,440,664
)
    
-
      
5,196,925
  
Lease liabilities
    
62,388,460
      
(374,162
)
    
-
      
62,014,298
  
Equipment rent
     -       84,603,406       -       84,603,406  
Employees’ benefits
    
2,629,807
      
526,081
      
(4,762
)
    
3,151,126
  
Employees’ statutory profit sharing
    
672,518
      
107,941
      
-
      
780,459
  
 
                                
   
$
(4,031,599,864
)
  
$
(68,751,097
)
  
$
(100,447,638
)
  
$
(4,200,798,599
)

2023
  
Net balance
as of January 1,
    
Recognized in
profit and loss
    
Recognized in OCI
    
Final balance
  
                         
Prepayments
  
$
(1,422,966
)
  
$
(2,576,735
)
  
$
-
    
$
(3,999,701
)
Property, plant and equipment
    
236,862
      
(40,054,941
)
    
-
      
(39,818,079
)
PP&E Surplus
    
(3,744,476,101
)
    
5,750,177
      
266,994,704
      
(3,471,731,220
)
PP&E (capitalized foreign exchange rate and interest expense)
    
(226,499,908
)
    
(4,542,890
)
    
-
      
(231,042,798
)
Investment properties
    
(326,498,611
)
    
25,979,531
      
-
      
(300,519,080
)
Right of use of assets
    
-
      
(65,111,127
)
    
-
      
(65,111,127
)
Derivatives
     (57,837,597 )     22,760,479       -       (35,077,118 )
Accruals and borrowing cost
    
147,482
      
3,223,403
      
-
      
3,370,885
  
Advance customers
    
-
      
46,637,589
      
-
      
46,637,589
  
Lease liabilities
    
-
      
62,388,460
      
-
      
62,388,460
  
Employees’ benefits
    
1,996,298
      
670,889
      
(37,380
)
    
2,629,807
  
Employees’ statutory profit sharing
    
641,950
      
30,568
      
-
      
672,518
  
 
                                
   
$
(4,353,712,591
)
  
$
55,155,403
    
$
266,957,324
    
$
(4,031,599,864
)
Income Tax Unrecognized Deferred Tax Balance
Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit will be available against which the Company can use the benefits therefrom.
   
As of December 31, 2025
    
As of December 31, 2024
  
   
Gross amount
    
Tax effect
    
Gross amount
    
Tax effect
  
                         
Income tax losses
  
$
1,904,835,875
    
$
571,450,763
    
$
1,698,038,184
    
$
509,411,455
  
Interest to be deducted
    
256,196,287
      
76,858,886
      
408,193,235
      
122,457,971
  
Other assets
    
-
      
-
      
41,049,602
      
12,314,881
  
                                 
   
$
2,161,032,162
    
$
648,309,649
    
$
2,147,281,021
    
$
644,184,307
  
Tax Losses Carried Forward
Tax losses for which no deferred tax asset was recognized expire as follows:
   
Gross
    
Expire
  
Year
  
amount
    
rate
  
             
2018
  
$
463,327,909
      
2028
  
2020
    
30,851,973
      
2030
  
2021
    
15,727,355
      
2031
  
2022
    
37,489,376
      
2032
  
2023
    
4,450,065
      
2033
  
2024
    
557,141,333
      
2034
  
2025
    
795,847,864
      
2035
  
                 
Total income tax losses
  
$
1,904,835,875