KAPCO reports dismal financial performance in 9MFY23

MG News | April 26, 2023 at 03:52 PM GMT+05:00

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April 26, 2023 (MLN): Kot Addu Power Company Limited (PSX: KAPCO) has announced its 9MFY23 financial result today wherein the company recorded a profit after tax of Rs3.87 billion [EPS: Rs4.40], marking a significant decline of 52.9% YoY as opposed to Rs8.22bn [EPS: Rs9.35] achieved in the same period last year.

Net sales of the company witnessed a 67.18% YoY decrease to clock in at Rs25.29bn, which led the gross margins to fall tremendously by 79.25% YoY.

This decline in sales led to a decrease in profitability, which was due to an inoperative plant since the completion of PPA on Oct 24th, 2022.

On the cost front, the other expenses surged by 5.81x YoY and stood at Rs746.66 million as compared to Rs128.4m in 9MFY22 due to marked-to-market losses on PIBs and SUKUKs, while administrative expenses stood at Rs683.92m.

The finance cost of the company also elevated by 78.70% YoY to Rs4.6bn in 9MFY23 mainly due to higher interest rates.

On the taxation front, the tax expenses moved down by 28.93% YoY to Rs2.05bn in 9MFY23, compared to Rs2.88bn in the same period last year.

Profit and Loss Account for the nine months ended March 31, 2023 ('000 Rupees)
	Mar-23	Mar-22	% Change
Sales	25,297,939	77,088,300	-67.18%
Cost of sales	(24,928,808)	(71,666,635)	-65.22%
Gross profit	369,131	5,421,665	-93.19%
Administrative expenses	(683,922)	(718,815)	-4.85%
Other expenses	(746,668)	(128,409)	481.48%
Other income	11,588,511	9,114,580	27.14%
Operating profit	10,527,052	13,689,021	-23.10%
Finance cost	(4,600,133)	(2,574,244)	78.70%
Profit before tax	5,926,919	11,114,777	-46.68%
Taxation	(2,051,971)	(2,887,283)	-28.93%
Profit for the period	3,874,948	8,227,494	-52.90%
Earnings per share - basic and diluted (Rupees)	4.40	9.35	-52.94%

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