February 15, 2024 (MLN): Engro Powergen Qadirpur Limited (PSX: EPQL) revealed its earnings for 2023, wherein the profit after tax clocked in at Rs2.51 billion [EPS: Rs7.76] compared to a profit of Rs1.47bn [EPS: Rs4.54] in the same period last year (SPLY).
Along with the statement of profit or loss, the Board of Directors (BoD) of the company has declared a final cash dividend for the year ended at Rs1.5 per share i.e. 15%.
This is in addition to Interim Cash Dividends already paid at Rs3.50 per share i.e. 35%
Going by the results, the company's top line surged by 32.21% YoY to Rs13.26bn as compared to Rs10.03bn in SPLY.
Similarly, the cost of sales increased by 27.39% YoY, but as it rose by a proportion lesser than the increase in sales, the gross profit improved by 55.6% YoY to reach Rs2.66bn in 2023.
On the expense side, the company observed an increase in Administrative expenses by 32.81% YoY and other expenses by 52.09% YoY to clock in at Rs426.51m and Rs33.21m respectively during the review period.
On the expense side, the company observed an increase in Administrative expenses by 32.81% YoY to clock in at Rs426.51m during the review period.
Conversely, EPQL's other expenses dropped by over 52% to Rs33.21m, showcasing efficient expense management.
The company's earnings received a further boost through other income that was reported at Rs17.29m in 2023 but over 24% YoY lower than the income reported in 2022.
Moving forward, EPQL’s finance costs soared by 2.23x YoY and stood at Rs302.02m as compared to Rs135.18m in 2022, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs11.22m against the Rs7.04m paid in the corresponding period of last year, depicting a rise of 59.46% YoY.
| Statement of profit or loss for the year ended 31 December 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 13,256,377 | 10,026,884 | 32.21% |
| Cost of sales | (10,593,638) | (8,315,592) | 27.39% |
| Gross Profit | 2,662,739 | 1,711,292 | 55.60% |
| Administrative expenses | (426,505) | (321,133) | 32.81% |
| Other Income | 17,294 | 22,764 | -24.03% |
| Other expenses | (33,209) | (69,310) | -52.09% |
| Net Finance Income | 302,021 | 135,180 | 123.42% |
| Profit before taxation | 2,522,340 | 1,478,793 | 70.57% |
| Taxation | (11,221) | (7,037) | 59.46% |
| Net profit for the period | 2,511,119 | 1,471,756 | 70.62% |
| Basic earnings/ (loss) per share | 7.76 | 4.54 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-15T15:32:09+05:00
