SYS: Strong tailwind

MG News | August 26, 2021 at 11:54 AM GMT+05:00

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August 26, 2021 (MLN): System Limited (SYS) has posted a consolidated net profit of Rs1.514billion during the six months for the period ended 30th June 2021, showing a growth of 42% YoY despite recording an exchange loss of Rs41.67 million.

In line with profit for the period, the basic earnings per share increased by 43% from Rs7.92 to Rs11.34.

According to the financial results sent to Exchange, the consolidated revenue grew by 44% from Rs4.56bn to Rs6.55bn. This increase in revenue has been contributed by all regions. Accordingly, the gross profit surged by 57% to Rs2.24bn, expanding gross margins from 31% to 34%.

Meanwhile, cost optimization and efficient working capital management translated into higher operating profits of Rs1.53bn, up by 74% YoY.

However, the other income of the company went down by 68% YoY to Rs 75mn on an account of PKR appreciation that led to exchange losses as 80% of the company’s revenue are exports.

Going forward, the topline of SYS will maintain 30% YoY growth in the next three years mainly due to higher software implementation, cloud-based and BPO services for international clients which have been undergoing rapid digital transformation, a research note of Intermarket Securities (IMS) highlighted.

Consolidated Condensed Interim Profit and Loss account for Half Year ended June 30, 2021 (Rupees)
	Jun-21	Jun-20	% Change
Revenue from contract with customers - net	6,548,070,790	4,559,370,645	43.62%
Cost of sales	4,303,581,830	3,131,000,069	37.45%
Gross profit	2,244,488,960	1,428,370,576	57.14%
Distribution expenses	211,290,243	105,594,843	100.10%
Administrative expenses	512,889,839	413,850,583	23.93%
Other operating expenses	(12,130,739)	28,977,770	-
Operating profit	1,532,439,617	879,947,380	74.15%
Other income	75,037,906	235,733,088	-68.17%
Finance cost	48,590,288	24,279,452	100.13%
Profit before taxation	1,558,887,235	1,091,401,016	42.83%
Taxation	44,184,459	23,737,171	86.14%
Profit after taxation	1,514,702,776	1,067,663,845	41.87%
Earnings per share - basic	11.34	7.92	43.18%

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