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.
| Condensed interim Financial Results for half year ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Revenue | 5,149,884 | 7,038,980 | -26.84% |
| Cost of sales | (4,113,042) | (5,837,870) | -29.55% |
| Gross Profit | 1,036,842 | 1,201,110 | -13.68% |
| Administrative expens17.6% Yoy | (164,818) | (140,151) | 17.60% |
| Other Income | 5,183 | 2,739 | 89.23% |
| Other expenses | (842) | (10,084) | -91.65% |
| Finance cost | (118,113) | (277,247) | -57.40% |
| Profit before taxation | 758,252 | 776,367 | -2.33% |
| Taxation | (958) | (782) | 22.51% |
| Net profit for the period | 757,294 | 775,585 | -2.36% |
| Basic earnings/ (loss) per share | 4.47 | 4.58 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-23T15:21:59+05:00
