KAPCO's net profit takes a power hit on sinking sales in 1HFY23

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MG News | February 23, 2023 at 10:07 AM GMT+05:00

February 23, 2023 (MLN): The net profit of Kot Addu Power Company Limited (KAPCO) has slumped by 43.19% YoY to clock in at Rs3.19 billion [EPS: Rs3.62] in 1HFY23 compared to Rs5.6bn [EPS: RS6.37] in the same period last year.

Going by the financial statement sent to PSX, the net sales of the company dropped by 53.16% YoY to stand at Rs25.17bn in the review period. At the same time, the cost of sales has also plunged by 52.53% YoY to Rs24bn in 1HFY23.

Accordingly, the gross margin of the company squeezed to 4.57% in 1HFY23 compared to 5.83% in 1HFY22.

On the cost front, the other expenses and administrative expenses saw a notable jump of 94.48% YoY and 99% YoY to Rs269mn and Rs561mn respectively, during the said period.

Similarly, the company reported a significant upsurge in finance cost of 99% YoY to Rs3.14bn in 1HFY23 on the back of a hike in policy rate amid growing inflation.

However, the tax expenses fell by 18.56% YoY to Rs1.69bn in 1HFY23, which provided some solace to the financial well-being of the company.

Profit and Loss Account for the half year ended December 31 2022 ('000 Rupees)

 

Dec-22

Dec-21

% Change

Sales

                  25,169,489

                  53,731,431

-53.16%

Cost of sales

                (24,019,617)

                (50,601,160)

-52.53%

Gross profit

                    1,149,872

                    3,130,271

-63.27%

Administrative expenses

                      (561,192)

                      (281,940)

99.05%

Other expenses

                      (269,300)

                      (138,473)

94.48%

Other income

                    7,702,240

                    6,555,859

17.49%

Operating profit

                    8,021,620

                    9,265,717

-13.43%

Finance cost

                  (3,144,411)

                  (1,581,478)

98.83%

Profit before tax

                    4,877,209

                    7,684,239

-36.53%

Taxation

                  (1,691,265)

                  (2,076,577)

-18.56%

Profit for the period

                    3,185,944

                    5,607,662

-43.19%

Earnings per share - basic and diluted (Rupees)

                               3.62

                               6.37

-43.17%

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