Kohinoor Energy posts Rs1.57bn profit in FY23, up by 4.38% YoY

September 21, 2023 (MLN): Kohinoor Energy Limited (PSX: KOHE) has reported a profit of Rs1.57 billion [EPS: Rs9.29] for the fiscal year 2023, which represents an increase of 4.38% YoY compared to the Rs1.51bn [EPS: Rs8.90] profit recorded in the same period last year (SPLY), as revealed in the company's filing on PSX today.

Going by the results, the company's top line fell by 13.45% YoY to Rs12.58bn as compared to Rs14.54bn in SPLY.

Similarly, the cost of sales fell by 18.85% YoY to Rs10.19bn, compared to Rs12.56bn in FY22.

The decline in cost of sales was greater than proportionate to sales decline, which improved the gross profit by 20.91% YoY to Rs2.39bn in FY23.

On the expense side, the company observed a rise in Administrative expenses by 41.30% YoY to clock in at Rs331.26m during the review period.

During the period under review, other income decreased by 9.49% YoY to stand at Rs6.87m in FY23 as compared to Rs7.59m in SPLY.

The company’s finance costs grew by 2,.10x YoY and stood at Rs488.97m as compared to Rs225.12m in FY23, mainly due to higher interest rates.

On the tax front, the company paid a significantly lower tax worth Rs1.54m against the Rs2.2m paid in the corresponding period of last year, depicting a decline of 30.05% YoY.

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