CNERGY turns to profit in FY24, earns over Rs1bn

September 16, 2024 (MLN): Cnergyico PK Limited (PSX: CNERGY) reported a massive turnaround in FY24, earning Rs1.01 billion [EPS: Rs0.18] in FY24 compared to a massive loss of Rs12.66bn [LPS: Rs2.34] in the previous fiscal year.

Going by the results, the company's top line grew 24.1% to Rs240.63bn as compared to Rs193.91bn in SPLY.

The cost of sales rose by 12.1% but as the growth in sales outpaced, the company was able to book a gross profit of Rs12.43bn in FY24.

On the expense side, the company's administrative expenses increased by 24%YoY to Rs1.54bn, while selling and promotional expenses rose by 32.0% YoY to Rs635.22m.

Conversely, other operating expenses fell 76% YoY to Rs514.57m.

During the period under review, other income slipped 85.8% to stand at Rs1.14bn in FY24 as compared to Rs7.98bn in SPLY.

The company’s finance cost skyrocketed by 42.7% and stood at Rs9.39bn as compared to Rs6.58bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs476.65m against the Rs449.34m paid in the corresponding period of last year, depicting a rise of 6.1%.

To sum up, the substantial growth in sales was sufficient to offset challenges such as rising expenses, finance costs, taxation, and declining other income, leading to a successful turnaround from a loss to a profit for the company.

Amount in thousand except for EPS

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