EPQL's PAT triples to Rs1.22bn in 1HCY23

August 04, 2023 (MLN):   Engro Powergen Qadirpur Limited (PSX: EPQL) has registered a net profit worth Rs1.22 billion (EPS: Rs3.77) for the half-year ended June 30, 2023, depicting a surge of 3x YoY against the net profit of Rs410.61 million, the company’s financial statement sent to Exchange said.

Along with the 1HCY23 financial results, the board of directors of EPQL has also announced an interim cash dividend for the half year ended June 30, 2023, at Rs1.50 per share i.e. 15%.

Going by the results, the company's top line marked an increase of 66.21% YoY to Rs7.08bn as compared to Rs4.26bn in SPLY.

The cost of sales rose significantly by 48.88% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 3.24x YoY to Rs1.37bn in 1HCY23.

During the period under review, other income marked a decline of 19.02% YoY to stand at Rs11.01m in 1HCY23 as compared to Rs13.6m in SPLY.

On the expense side, the company observed an increase in Administration expenses by 17.36% YoY to clock in at Rs182.09m. While the other expenses decreased by 52.75% to stand at Rs6.62m respectively during the review period.

The company’s net finance income fell by 77.81% YoY and stood at Rs31.07m in 1HCY23 as compared to Rs140.05m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs4.57m against the Rs4.97m paid in the corresponding period of last year, depicting a decrease of 7.88% YoY.