JS Company’s profits surge by 74% in CY19

By MG News | March 12, 2020 at 04:14 PM GMT+05:00

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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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