EPQL declares dividend of Rs3.5 per share, profit jumps 31%

MG News | August 01, 2024 at 01:10 PM GMT+05:00

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August 01, 2024 (MLN): Engro Powergen Qadirpur Limited (PSX: EPQL) experienced a rise of 31.0% YoY in its profitability during the second quarter of 2024 amid an increase in finance income.

The company's profit after tax rose to Rs1.03 billion [EPS: Rs3.17], compared to a profit of Rs782.81 million [EPS: Rs2.42] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend of Rs3.5 per share.

Going by the results, the company's top line dipped 5.3% YoY to Rs3.5bn as compared to Rs3.7bn in SPLY.

The cost of sales fell by 6.6% YoY. The gross profit edged lower by 1.4% YoY to Rs876.39m in Q2 2024.

The gross margins improved to 25.0% as compared to 24.0% in SPLY.

During the period under review, other income surged to Rs237.92m in Q2 2024 as compared to Rs11.52m in SPLY.

On the expense side, the company's administrative expenses fell 37.9% YoY to Rs68.96m, and other operating expenses rose 388.5% YoY to Rs18.97m.

On the tax front, the company paid a lower tax worth Rs1.29m against the Rs2.77m paid in the corresponding period of last year, depicting a decrease of 53.4% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	3,503,638	3,700,190	-5.31%
Cost of sales	(2,627,252)	(2,811,292)	-6.55%
Gross Profit/ (loss)	876,386	888,898	-1.41%
Administrative Expenses	(68,955)	(110,947)	-37.85%
Other Income	237,915	11,515	1966.13%
Other Operating Expenses	(18,974)	(3,884)	388.52%
Profit/ (loss) before taxation	1,026,372	785,582	30.65%
Taxation	(1,291)	(2,768)	-53.36%
Net profit/ (loss) for the period	1,025,081	782,814	30.95%
Basic earnings/ (loss) per share	3.17	2.42	-

Amount in thousand except for EPS

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