SYS: Strong tailwind

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

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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