Cnergyico reverses fortunes with Rs1.2bn profit in Q1 2024

MG News | April 26, 2024 at 03:46 PM GMT+05:00

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April 26, 2024 (MLN): Cnergyico PK Limited (PSX: CNERGY) turned around in the first three months of 2024, earning a profit after tax of Rs1.19 billion [EPS: Rs0.22] compared to a substantial loss of Rs5.15bn [LPS: Rs0.95] incurred in the same period last year (SPLY).

Going by the unconsolidated results, the company's revenue marked an increase of 6.4% YoY to Rs54.47bn as compared to Rs51.19bn in SPLY.

Moreover, the cost of sales fell to Rs50.6bn in 1Q2024 as compared to Rs53.98bn in SPLY.

The gross margins improved significantly to 7.12% as compared to -5.45% in SPLY.

During the review quarter, other income surged by 2.4x YoY to stand at Rs1.03bn in 1Q2024 as compared to Rs437.31m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 28.3% YoY and other expenses by 48.3% YoY to clock in at Rs399.1m and Rs796.36m respectively during the review period.

The company’s finance cost alsogrew by 39.8% YoY and stood at Rs2.35bn as compared to Rs1.68bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs21.02m against the Rs154.36m paid in the corresponding period of last year, depicting a fall of 86.4% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	54,472,470	51,186,974	6.42%
Cost of sales	(50,596,082)	(53,976,197)	-6.26%
Gross Profit/ (loss)	3,876,388	(2,789,223)	-
Administrative Expenses	(399,096)	(311,070)	28.30%
Selling And Distribution Expenses	(151,374)	(110,810)	36.61%
Other Income	1,027,701	437,314	135.00%
Other Operating Expenses	(796,359)	(537,034)	48.29%
Finance Cost	(2,350,627)	(1,681,831)	39.77%
Profit/ (loss) before taxation	1,206,633	(4,992,654)	-
Taxation	(21,022)	(154,362)	-86.38%
Net profit/ (loss) for the period	1,185,611	(5,147,016)	-
Basic earnings/ (loss) per share	0.22	(0.95)	-

Amount in thousand except for EPS

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