EPQL: Bottom line sees contraction by 31% in 1HCY21

August 5, 2021 (MLN): Engro Powergen Qadirpur Limited (EPQL) has revealed its financial results for the half year ended on June 30, 2021 as per which the company noted a notable decline in profit by 31% to clocked in at Rs905million, compared to the profit worth Rs1.31billion in the same period last year (SPLY).

This has translated in to a drop in company’s earnings per share which stood at Rs2.79 per share, against Rs 4.04 per share in SPLY.

Going by the financial results sent to PSX, the topline of the company expanded by 11.5% to reached Rs4.86bn during the review period. However, the cost of sales remained greater by 31% which has plunged the company’s gross profit for the period by 39% to stood at Rs740.62mn.

On the expense front, the company’s administrative expenses jumped by 22.62% YoY to Rs61mn during 1HCY21. On the other hand, the other expenses of the company fell by approximately 25% to Rs22.5mn.  

During the period, the company witnessed a substantial decline in its other income head by 97% to Rs2.33mn, which has also affected its profitability.

The financial statement also unveiled some of the positive highlights include a twofold increase in net finance income to clocked in at Rs246mn and a massive decline of 97% YoY decline in tax expenses, providing cushion to the profitability from further slid.

To note, the company has also announced cash dividend for the second quarter ended June 30, 2021 at Rs. 1.5 per share i.e. 15%.

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