KAPCO's earnings jump by 80% during FY20 despite lower revenues
By MG News | September 18, 2020 at 03:19 PM GMT+05:00
September 18, 2020: Kot Addu Power Company (KAPCO) has announced earnings of Rs. 23.6 billion (EPS: 26.83) for FY20, i.e. a whopping 80% higher than the profits recorded in last year.
It is interesting to note that the profitability showed a commendable growth despite lower revenues, which fell by 16% on the back of lower power generation as well as drop in the prices of FO and LNG. Nonetheless, the 29% decline in cost of sales due helping in lifting the gross profits by 51%.
The other income of the company surged by 51% owing to increase in over-due receivables.
The finance cost remained somewhat the same as it changed by merely 1.8%, due to consistent curtailment in interest rates throughout the latter half of the year as well as decline in short term borrowings.
| Financial Results for year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Sales | 71,543,299 | 84,830,617 | -15.7% |
| Cost of sales | (50,065,134) | (70,625,377) | -29.1% |
| Gross Profit | 21,478,165 | 14,205,240 | 51.2% |
| Administrative expenses | (872,749) | (708,740) | 23.1% |
| Other operating charges | - | (8,922) | |
| Other income | 20,806,245 | 13,781,099 | 51.0% |
| Finance cost | (8,457,417) | (8,306,164) | 1.8% |
| Profit before taxation | 32,954,244 | 18,962,513 | 73.8% |
| Taxation | (9,341,051) | (5,850,973) | 59.6% |
| Profit after taxation | 23,613,193 | 13,111,540 | 80.1% |
| Earnings per share | 26.83 | 14.9 | 80.1% |
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