NCPL’s profit rises by 58% to Rs3.96bn in FY23 on account of cost cutting

August 30, 2023 (MLN): Nishat Chunian Power Limited (PSX: NCPL) posted a remarkable growth of 58.03% YoY in its net profits in FY23, which reached Rs3.96bn [EPS: Rs10.77] compared to a profit of Rs2.5bn [EPS: Rs6.82] in the same period last year (SPLY).

Going by the results, the company's top line dipped by 28.31% YoY to Rs18.22bn as compared to Rs25.42bn in SPLY.

However, the company was able to cut down its cost of sales by a huge 39.78% YoY, improving the gross profit by 42.17% YoY to Rs5.06bn in FY23.

During the period under review, the company earned 29.5% YoY lower other income of Rs113.14m in FY23 as compared to Rs160.49 million in SPLY.

On the expense side, the company observed a fall in administrative expenses by 11.5% YoY while other expenses rose by 23.99% YoY to clock in at Rs156.22m and Rs189.4m respectively during the review period.

The company’s finance costs marked a decline of 1.80% YoY and stood at Rs868.31m as compared to Rs884.21m in FY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs0.6m against the Rs0.94m paid in the corresponding period of last year, depicting a fall of 36.37% YoY.

Amount in thousand except for EPS

Copyright Mettis Link News