Cnergyico posts 98% higher loss in nine months

MG News | April 30, 2025 at 04:14 PM GMT+05:00

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April 30, 2025 (MLN): Cnergyico PK Limited (PSX: CNERGY) reported a loss after taxation of Rs1.76 billion [LPS: Rs0.32] for the nine months ended March 31, 2025, marking a 98.47% increase in losses compared to a loss of Rs885.88 million [LPS: Rs0.16] in the same period last year (SPLY).

According to the consolidated results, the company’s revenue from contracts with customers saw a significant increase of 48.71% year-on-year (YoY), reaching Rs279.78bn as compared to Rs188.14bn in SPLY.

However, after accounting for discounts, taxes, levies, and duties, net revenue from customers amounted to Rs218.07bn, a 41.31% YoY growth compared to Rs154.32bn in the same period last year.

The cost of sales also saw a rise of 45.61%, reaching Rs213.77bn, up from Rs146.81bn in SPLY. As a result, the company’s gross profit dropped by 42.80%, standing at Rs4.3bn compared to Rs7.52bn in the previous year.

The company’s operating profit declined by 59.58%, reaching Rs2.41bn from Rs5.97bn in the same period last year.

This was primarily due to a significant drop in other income, which fell by 84.77% YoY to Rs355.96m, down from Rs2.34bn in the previous period.

On the expense side, the company reported an increase in administrative expenses by 17.76% YoY, reaching Rs1.35bn compared to Rs1.14bn in SPLY.

Selling and distribution expenses also rose by 14.41%, reaching Rs495.48m.

The company’s finance costs saw a notable decrease of 47.30% YoY, standing at Rs3.75bn compared to Rs7.12bn in SPLY, largely due to reduced interest rates.

On the tax front, the company paid a higher final tax and minimum taxes worth Rs1.24bn, up 40.03% from Rs883.33m in the corresponding period last year.

Income tax expenses, however, saw a decrease of 28.75%, amounting to Rs816.91m as compared to Rs1.15bn in SPLY.

The loss attributable to equity holders of the parent company increased by 100.69%, reaching Rs1.74bn compared to a loss of Rs866.1m in the same period last year.

Non-controlling interest saw a minimal increase in loss, reaching Rs20.01m compared to Rs19.79m in SPLY.

Consolidated Condensed Interim Statement of Profit or Loss Account (Un-audited) For the Nine Months ended March 31, 2025 (Rupees '000)
Item	Mar-25	Mar-24	%Change
Revenue from contract with customers	279,778,891	188,142,714	48.71%
Discounts, taxes, levies, and duties	(61,708,544)	(33,820,853)	82.46%
Net revenue from customers	218,070,347	154,321,861	41.31%
Cost of sales	(213,771,198)	(146,806,141)	45.61%
Gross profit / (loss)	4,299,149	7,515,720	-42.80%
Administrative expenses	(1,346,156)	(1,143,131)	17.76%
Selling and distribution expenses	(495,478)	(433,057)	14.41%
Other expenses	(401,544)	(2,308,854)	-82.61%
Other income	355,959	2,336,750	-84.77%
Operating profit / (loss)	2,411,930	5,967,428	-59.58%
Finance costs	(3,750,174)	(7,116,468)	-47.30%
(Loss) / profit before taxation	(1,338,244)	(1,149,058)	16.46%
Final tax and minimum taxes	(1,236,877)	(883,325)	40.03%
Income tax	816,913	1,146,499	-28.75%
(Loss) / profit after taxation	(1,758,208)	(885,884)	98.47%
Attributable to:
- Equity Holders of the Parent Company	(1,738,201)	(866,096)	100.69%
- Non-controlling interest	(20,007)	(19,788)	1.11%
Basic / diluted (Loss) / earnings per share	(0.32)	(0.16)	100.00%

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