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

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MG News | August 30, 2023 at 01:09 PM GMT+05:00

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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.

Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000)
  June 23 June 22 % Change
Sales 18,220,811 25,415,977 -28.31%
Cost of sales (13,162,851) (21,858,305) -39.78%
Gross Profit 5,057,960 3,557,672 42.17%
Administrative expenses (156,218) (176,520) -11.50%
Other Income 113,139 160,492 -29.50%
Other expenses (189,404) (152,763) 23.99%
Finance cost (868,314) (884,205) -1.80%
Profit before taxation 3,957,163 2,504,676 57.99%
Taxation (600) (943) -36.37%
Net profit for the period 3,956,563 2,503,733 58.03%
Basic earnings/ (loss) per share 10.77 6.82 -

Amount in thousand except for EPS

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