KAPCO's earnings jump by 80% during FY20 despite lower revenues

MG News | September 18, 2020 at 03:19 PM GMT+05:00

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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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