Kohinoor Energy earns Rs1.6bn in FY24

MG News | September 25, 2024 at 02:24 PM GMT+05:00
September 25, 2024 (MLN): Kohinoor Energy Limited (PSX: KOHE) earned Rs1.6 billion [EPS: Rs9.44] in FY24, edging up by 1.72% compared to the bottom line of Rs1.57bn [EPS: Rs9.29] in the same period last year (SPLY).
As per the profit and loss statement, the company's top line dropped 20.45% to Rs10.01bn as compared to Rs12.58bn in FY23.
The cost of sales decreased by 24.4%, but since the decline in revenue was more significant, the company’s gross profit fell by 3.8% to Rs2.3bn in FY24.
Accordingly, the gross margins improved to 23% as compared to 19.0% in SPLY.
KOHE's administrative expenses surged by 16.46% to Rs385.77m in FY24. Additionally, the company incurred Rs0.88m in other operating expenses.
The company's other income surged by 74.8% to Rs12m in FY24, compared to Rs6.87m in the same period last year.
Furthermore, finance cost marked a decline of 34.6% and stood at Rs319.99m as compared to Rs488.97m in SPLY.
Despite a decline in revenue and rising expenses, KOHE managed to book a higher profit due to lower finance charges and a rise in other income.
On the tax front, the company paid a higher tax worth Rs2.77m against the Rs1.54m paid in the corresponding period of last year, depicting an increase of 79.9%.
Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Jun 24 | Jun 23 | % Change | |
Sales | 10,009,893 | 12,583,137 | -20.45% |
Cost of sales | (7,711,987) | (10,194,769) | -24.35% |
Gross Profit/ (loss) | 2,297,906 | 2,388,368 | -3.79% |
Administrative Expenses | (385,770) | (331,256) | 16.46% |
Other Income | 12,004 | 6,866 | 74.83% |
Other Operating Expenses | (882) | 0 | -% |
Finance Cost | (319,992) | (488,972) | -34.56% |
Profit/ (loss) before taxation | 1,603,266 | 1,575,006 | 1.79% |
Final tax / levies | (2,768) | (1,539) | 79.86% |
Net profit/ (loss) for the period | 1,600,498 | 1,573,467 | 1.72% |
Basic earnings/ (loss) per share | 9.44 | 9.29 | - |
Amount in thousand except for EPS
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