IGI Holdings posts 25% growth in revenue, 15% in profit in 9MCY23

By MG News | October 25, 2023 at 03:18 PM GMT+05:00

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October 25, 2023 (MLN): IGI Holdings Limited (PSX: IGIHL) earned a profit after tax of Rs3.05 billion [EPS: Rs21.27] in 9MCY23, compared to a profit of Rs2.65bn [EPS: Rs18.55] in the same period last year (SPLY), marking a rise of 15.21% YoY.

Going by the results, the company's operating revenue rose by 25.47% YoY to Rs12.43bn as compared to Rs9.91bn in SPLY.

While the operating costs only inched up by 0.45% YoY, which improved the gross profit by 168.80% YoY to Rs3.96bn in 1QFY24.

Moreover, during the review period, other income skyrocketed by 2.56x YoY to stand at Rs621.76m in 1QFY24 as compared to Rs243.16m in SPLY.

On the expense side, the company observed a rise in general and administration expenses by 29.23% YoY and other expenses by 29.56% YoY to clock in at Rs358.24m and Rs412.79m respectively during the review period.

On the tax front, the company paid a higher tax worth Rs1.37bn against the Rs868.26m paid in the corresponding period of last year, depicting a rise of 57.50% YoY.

Consolidated (un-audited) Financial Results for Nine months ended 30 September, 2023 (Rupees in '000)
	Sep 23	Sep 22	% Change
Operating Revenue	12,430,092	9,906,517	25.47%
Operating Expense	(8,472,030)	(8,434,009)	0.45%
Gross Profit	3,958,062	1,472,508	168.80%
General and administration expenses	(358,244)	(277,208)	29.23%
Change in insurance liabilities (other than outstanding claims)	(2,101,304)	254,823	-
Share of profit from associates and joint venture under equity accounting - net	2,711,191	2,141,973	26.57%
Other Income	621,760	243,159	155.70%
Other expenses	(412,790)	(318,599)	29.56%
Profit before taxation	4,418,675	3,516,656	25.65%
Taxation	(1,367,538)	(868,259)	57.50%
Net profit for the period	3,051,137	2,648,397	15.21%
Basic earnings/ (loss) per share	21.27	18.55	-

Amount in thousand except for EPS

IGIHL and KSE-100 YTD Performance

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