February 08, 2022 (MLN): Engro Powergen Qadirpur Limited (EPQL) has registered a net profit worth Rs1.59 billion (EPS: Rs4.92) for the year ended December 31, 2021, depicting a decline of 23% YoY against the net profit of Rs2.08bn due to lower gross margins, the company’s financial statement sent to Exchange said.
In conjunction with financial results, the company recommended a final cash dividend for the year ended December 31, 2021, at Rs6 per share i.e., 60%. This is in addition to the interim cash dividend for the half-year ended June 30, 2021, already paid at Rs. 1.5 per share i.e. 15%.
During the calendar year 2021, the top line of the company witnessed a 26% YoY jump to stand at Rs10.2bn due to higher dispatch which was partly offset by higher cost of sales. Consequently, gross profit fell by 20.5% YoY to Rs1.38bn, squeezing margins by 8ppt to 14% during the said period.
On the expense front, the company’s administrative expenses climbed by 62% YoY to Rs168mn during CY21. On the contrary, the other expenses of the company dropped by around 15%.
The company witnessed a considerable decline in its other income by 95% to Rs4.09mn, which also affected the company’s profitability. Meanwhile, the company’s net finance income inched lower by 3% YoY to Rs433mn.
Going by the financial statement, the positive highlight was a colossal decline in tax expenses by 87% YoY, providing some solace to the financial health of the company.
|
Profit and Loss Account for the Year ended December 31, 2021 (Rupees '000') |
|||
|---|---|---|---|
|
|
Dec-21 |
Dec-20 |
% Change |
|
Sales |
10,203,775 |
8,097,818 |
26.01% |
|
Cost of Sales |
(8,820,758) |
(6,358,895) |
38.72% |
|
Gross Profit |
1,383,017 |
1,738,923 |
-20.47% |
|
Administrative Expenses |
(168,020) |
(103,724) |
61.99% |
|
Other Expenses |
(56,414) |
(66,350) |
-14.98% |
|
Other Income |
4,090 |
79,681 |
-94.87% |
|
Profit from Operations |
1,162,673 |
1,648,530 |
-29.47% |
|
Finance Income-net |
433,529 |
445,715 |
-2.73% |
|
Workers' profits participation fund |
– |
– |
|
|
Profit before Taxation |
1,596,202 |
2,094,245 |
-23.78% |
|
Taxation |
(1,895) |
(15,075) |
-87.43% |
|
Profit for the Period |
1,594,307 |
2,079,170 |
-23.32% |
|
Earnings per share – Basic and Diluted |
4.92 |
6.42 |
-23.36% |
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