Kohinoor Energy earns Rs757.29m in 1HFY24, down 2.36% YoY

February 23, 2024 (MLN): Kohinoor Energy Limited (PSX: KOHE) has reported a profit after tax worth Rs757.29 million [EPS: Rs4.47] in 1HFY24, down by 2.36% YoY compared to a profit of Rs775.59m [EPS: Rs4.58] recorded in the same period last year (SPLY).

Going by the results, the company's top line dropped 26.84% YoY to Rs5.15bn as compared to Rs7.04bn in SPLY.

The cost of sales also fell by 29.55% YoY, but the drop was lower than proportionate to sales decline, which worsened the gross profit by 13.68% YoY to Rs1.04bn in 1HFY24.

On the expense side, the company observed an increase in its administrative expenses to clock in at Rs164.82m, up by 17.6% YoY.

Conversely, the company managed to control its other expenses as a drop of 91.65% YoY was recorded in 1HFY24.

A support came to KOHE as its other income soared 89.23% YoY to stand at Rs5.18m in 1HFY24 as compared to Rs2.74m in SPLY.

The company’s finance costs deflated by 57.40% YoY and stood at Rs118.11m as compared to Rs277.25m in 1HFY23, despite higher interest rates.

On the tax front, the company paid a lower tax worth Rs0.96m against the Rs0.78m paid in the corresponding period of last year, depicting a fall of 22.51% YoY.

The reduction in finance costs, taxation and other expenses aided Kohinoor Energy to keep its profits relatively stable in 1HFY24 compared to SPLY.

Amount in thousand except for EPS

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