Kohinoor Energy earns Rs1.6bn in FY24

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%.

Amount in thousand except for EPS

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