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

PACRA maintains 'AA' entity rating for Kohinoor Energy
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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