Systems Ltd states profits of over Rs 2 billion for CY20
MG News | March 04, 2021 at 10:50 AM GMT+05:00
March 4, 2021 (MLN): Systems Limited has reported earnings of Rs. 2.16 billion (EPS: 17.78) for the year ended December 31, 2020, i.e. around 38% higher as compared to the earnings of last year.
The company paid a final cash dividend for the year at Rs. 3.5/-per share i.e. 35%. Moreover, the Board of Directors recommended to issue Bonus Shares in the proportion of 1 share(s) for every 10 share(s) held i.e. 10%.
The company posted revenues of Rs. 9.87 billion for the year, i.e. up by 31% on account of higher maintenance contracts. The company also benefitted from higher exports owing to a viable exchange rate.
While the company performed decently with respect to sales, it failed to control major costs as S&D and Administrative expenses increased by 13% and 3.4%, respectively.
The finance costs increased by nearly 42% due to higher working capital requirement.
|
Consolidated Profit and Loss account for the year ended December 31, 2020 (Rupees) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Revenue from contracts with customers |
9,876,827,710 |
7,535,648,069 |
31.07% |
|
Cost of sales |
(6,619,640,203) |
(5,166,301,606) |
28.13% |
|
Gross profit |
3,257,187,507 |
2,369,346,463 |
37.47% |
|
Selling and distribution expenses |
(201,024,729) |
(178,002,387) |
12.93% |
|
Administrative expenses |
(722,310,556) |
(698,066,995) |
3.47% |
|
Other operating expenses |
(220,135,525) |
(163,532,016) |
34.61% |
|
Other income |
235,201,038 |
318,491,575 |
-26.15% |
|
Finance cost |
(66,659,676) |
(47,022,121) |
41.76% |
|
Profit before taxation |
2,282,258,059 |
1,601,214,519 |
42.53% |
|
Taxation |
(117,960,376) |
(33,281,698) |
254.43% |
|
Profit after taxation |
2,164,297,683 |
1,567,932,821 |
38.04% |
|
Earnings per share - basic and diluted |
17.78 |
12.86 |
38.26% |
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