EPQL's profit soars by 77% YoY to Rs2.44bn in 9MCY23, announces Rs2 DPS

October 12, 2023 (MLN): Engro Powergen Qadirpur Limited (PSX: EPQL) has disclosed its profit and loss statement for the 9MCY23 as per which the company's profitability soared by 77.36% YoY to Rs2.44 billion [EPS: 7.54], compared to Rs1.38bn [EPS: 4.25] profit reported in the Same Period Last Year (SPLY).

Along with the 9MCY23 results, the Board of Directors (BoD) of EPQL has announced an interim cash dividend at Rs2 per share i.e. 20%.

This is in addition to the interim cash dividend already paid at Rs1.50 per share i.e. 15%.

Going by the results, the company's top line increased by 44.14% YoY to Rs10.9bn as compared to Rs7.56bn in SPLY.

The cost of sales also rose by 37.22% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 72.08% YoY to Rs2.59bn in 9MFY23.

On the expense side, the company observed a rise in Administrative expenses by 20.62% YoY to clock in at Rs263.35m during the review period.

Conversely, EPQL's other expenses registered a fall of 8.50% to Rs28.32m in 9MCY23, compared to Rs30.95m reported in 9MCY22.

During the period under review, other income contracted by 19.98% YoY to stand at Rs14.86m as compared to Rs18.56m in SPLY.

The company incurred a net finance income of Rs141.36m in 9MCY23, reflecting an increase of 27.35% YoY compared to Rs111m in 9MCY22.

On the tax front, the company paid a higher tax worth Rs7.51m against the Rs5.63m paid in the corresponding period of last year, depicting a rise of 33.42% YoY.

Copyright Mettis Link News