JS Company’s profits surge by 74% in CY19
MG News | March 12, 2020 at 04:14 PM GMT+05:00
March 12, 2020 (MLN): Jehangir Siddiqui Company Limited (JSCL) has reported a 74% change in net profits for the year ended December 31, 2019, up from Rs. 206.8 million last year to Rs. 359.8 million this year.
Even though there was a fall of 2% in total income, the decline in total expenses by 8% resulted in a positive change in profit before taxation.
The company gained further respite from the decline in income tax expense by 47%, the impact of which led to the profits increasing by 74%.
The Earnings per share of the company for the period were reported at Rs. 0.39, i.e. 69% higher than the figure reported in the previous year.
| Profit and Loss Account for the year ended December 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change | |
| INCOME | |||
| Return on investments | 958,703 | 1,017,452 | -5.77% |
| Gain on sale of investments - net | 64,881 | 56,147 | 15.56% |
| Income from long-term loans and fund placements | 41,592 | 115,918 | -64.12% |
| Other income | 88,136 | 59,818 | 47.34% |
| Gain/(loss) on remeasurement of investments through profit or loss - held for trading - net | 66,969 | (3,688) | |
| Total Income | 1,220,281 | 1,245,647 | -2.04% |
| EXPENDITURE | |||
| Operating and Administrative expenses | 210,590 | 225,603 | -6.65% |
| Finance cost | 577,100 | 394,729 | 46.20% |
| Provision for Sindh Workers' Welfare Fund | 9,837 | 9,005 | 9.24% |
| (Reversal of) / provision for impairment - net | (59,269) | 175,072 | |
| Total Expenditure | 738,258 | 804,409 | -8.22% |
| PROFIT BEFORE TAXATION | 482,023 | 441,238 | 9.24% |
| Taxation | 122,213 | 234,373 | -47.86% |
| PROFIT FOR THE PERIOD | 359,810 | 206,865 | 73.93% |
| Earnings per share - basic and diluted (Rupees) | 0.39 | 0.23 | 69.57% |
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