KAPCO's annual profits rise by 23.5% owing to higher other income
By MG News | September 17, 2019 at 10:43 AM GMT+05:00
September 17, 2019 (MLN): Kot Addu Power Company Limited (KAPCO) has announced its financial results today for the year ended June 30th 2019, as per which the company’s annual profits increased by 23.5% to Rs 13 billion from Rs 10.6 billion last year.
The rise in earnings is primarily driven by PKR depreciation and higher other income which increased by 45.8% to Rs 13.7 billion against 9.4 billion in June 2018.
On the revenue front, company’s topline dropped by 7.7% YOY due to fall in power generation.
While major expense heads such as administrative expenses and financial costs as a result of higher short-term borrowing and rise in interest rates, increased by a fair margin, the overall impact on the company’s ultimate earnings was still impressive.
Moreover, the company’s Earnings per share stood at Rs. 14.9, as compared to Rs. 12.06 in last year.
| Profit and Loss Account for the Year Ended June 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % Change |
| Sales | 84,830,617 | 91,915,894 | -7.71% |
| Cost of sales | (70,625,377) | (78,536,832) | -10.07% |
| Gross profit | 14,205,240 | 13,379,062 | 6.18% |
| Administrative expenses | (708,740) | (465,787) | 52.16% |
| Other operating expenses | (8,922) | (371,085) | -97.60% |
| Other income | 13,781,099 | 9,453,211 | 45.78% |
| Profit from operations | 27,268,677 | 21,995,401 | 23.97% |
| Finance cost | (8,306,164) | (6,187,594) | 34.24% |
| Profit before tax | 18,962,513 | 15,807,807 | 19.96% |
| Taxation | (5,850,973) | (5,190,722) | 12.72% |
| Profit for the year | 13,111,540 | 10,617,085 | 23.49% |
| Earnings per share - basic and diluted (Rupees) | 14.90 | 12.06 | 23.55% |
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