February 11, 2021 (MLN): Engro Powergen Qadirpur Limited (EPQL) has reported a 39% YoY decline in net profits during CY20, to Rs 2.1 billion from Rs 3.4 billion reported in CY19.
This translated into the company’s earnings per share which also went down by the same percent from Rs 10.51 to Rs 6.42.
Alongside financial results, the company also announced a cash dividend of Rs. 1.75 per share i.e. 17.5% for the period mentioned above which was in addition to interim cash dividend for the half-year ended June 30, 2020, already paid at Rs. 1.25 per share i.e. 12.5%.
During the year, Sales revenue for the period clocked in at Rs 8.1 billion compared to Rs 13.2 billion in the previous year. The decrease in sales revenue is mainly attributable to lower power dispatch during the period.
As a result, the gross margin of the company dropped from 27.4% to 21.5% in CY20.
On the expense side, admin expenses jumped meagerly by4.24% YoY, while its other expenses soar by 21% YoY.
The company also witnessed a whopping 48.79x increase in other income and booked finance worth Rs 445.7 million against a finance cost of Rs 57.6 million, but the impact wasn’t sufficient to lift the company’s profitability up.
|
Profit and Loss Account for the Year ended December 31, 2020 (Rupees '000') |
|||
|---|---|---|---|
|
|
Dec-20 |
Dec-19 |
% Change |
|
Sales |
8,097,818 |
13,201,094 |
-38.66% |
|
Cost of Sales |
(6,358,895) |
(9,584,745) |
-33.66% |
|
Gross Profit |
1,738,923 |
3,616,349 |
-51.91% |
|
Administrative Expenses |
(103,724) |
(99,509) |
4.24% |
|
Other Expenses |
(66,350) |
(54,807) |
21.06% |
|
Other Income |
79,681 |
1,633 |
4779.42% |
|
Profit from Operations |
1,648,530 |
3,463,666 |
-52.41% |
|
Finance Income / (Cost) |
445,715 |
(57,663) |
– |
|
Workers' profits participation fund and Workers' welfare fund |
– |
– |
|
|
Profit before Taxation |
2,094,245 |
3,406,003 |
-38.51% |
|
Taxation |
(15,075) |
(3,321) |
353.93% |
|
Profit for the Period |
2,079,170 |
3,402,682 |
-38.90% |
|
Earnings per share – Basic and Diluted |
6.42 |
10.51 |
-38.92% |
Copyright Mettis Link News
39660
