August 26, 2021: The net profit of IGI Holdings Limited (PSX: IGIHL) has massively increased by threefold to clock in at Rs1.06 billion during 1HCY21, as compared to the profit of Rs352.93 million in 1HCY20.
This reflected in company’s earnings per share which also jumped by 3x from Rs2.47 per share to Rs7.44 per share.
Alongside financial results, the company also announced an interim cash dividend for the year 2021 at Rs 2 per share i.e, 20%.
As per the financial statement issued by the company, operating expenses increased by 23% YoY but a greater percentage increase in operating revenue (up nearly by 26% YoY) caused operating profits to increase by around 38% YoY to Rs1.27bn.
To note, the other income of the company declined by 27.11% YoY to Rs128.71 million during the review period, compared to Rs17657mn in 1HCY20.
On the cost front, the general and administrative expenses increased by 29.73 YoY. However, the other expenses saw a substantial decline of 41.28% YoY to stand at Rs153mn in 1HCY21.
During the period, the share of profit from associates has enormously increased to Rs926.71mn, surged by 3x, compared to Rs285.26mn in the corresponding period last year.
The company also observed a notable hike of 67% in the amount paid in terms of taxes to Rs249.54mn in 1HCY21, against Rs149.35mn in 1HCY20.
|
Profit and Loss account for the half year ended June 30, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
Jun-21 |
Jun-20 |
% Change |
|
|
Operating revenue |
6,293,682 |
4,998,027 |
25.92% |
|
Operating expenses |
(5,027,936) |
(4,081,116) |
23.20% |
|
Operating profits |
1,265,746 |
916,911 |
38.04% |
|
Other income |
128,708 |
176,573 |
-27.11% |
|
General and administrative expenses |
(199,616) |
(153,871) |
29.73% |
|
Other expenses |
(152,994) |
(260,539) |
-41.28% |
|
1,041,844 |
679,074 |
53.42% |
|
|
Change in insurance liabilities (other than outstanding claims) |
(657,569) |
(462,048) |
42.32% |
|
Share of profit from associates- net |
926,714 |
285,261 |
224.87% |
|
Profit before taxation |
1,310,989 |
502,287 |
161% |
|
Taxation |
(249,542) |
(149,353) |
67.08% |
|
Profit after taxation |
1,061,447 |
352,934 |
200.75% |
|
Basic and diluted earnings per share (Rupees) |
7.44 |
2.47 |
201.21% |
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