NCPL’s profits shrink by 18.42% YoY in 1HFY22

MG News | February 21, 2022 at 02:07 PM GMT+05:00

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February 21, 2022 (MLN): Nishat Power Limited (NCPL) has witnessed a decline in its profitability by 18.42% YoY for the half-year ended December 31, 2020, to clock in at Rs1.163 billion (EPS: Rs3.17) compared to a profit of Rs1.42bn (EPS: Rs3.88) in the same period last year (SPLY), the company filing on PSX showed on Monday.

On the revenue front, the sales of the company saw a surge of 68.41% YoY to stand at Rs9.77bn in 1HFY22 on the back of an increase in dispatches to 150 GWh and higher FO prices, up by 68% YoY.

Owing to the notable jump in the cost of sales, the gross margins of the company has shrunk to 17% from 34% in the same period last year.

The decline in margin is attributable to a higher load factor, however, PKR depreciation of 3% has been witnessed during 2QFY22, a report by Arif Habib Limited noted.

However, the company drew some relief from a decline in finance cost by 5.44% due to lower short-term borrowings.

Profit and Loss Statement for the half-year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Sales	9,773,722	5,803,591	68.41%
Cost of Sales	(8,073,969)	(3,843,907)	110.05%
Gross Profit	1,699,753	1,959,684	-13.26%
Administrative expenses	(77,466)	(63,901)	21.23%
Other operating expenses	(62,960)	-	-
Other income	67,022	16,814	298.61%
Finance cost	(460,713)	(487,222)	-5.44%
Profit before taxation	1,165,636	1,425,375	-18.22%
Taxation	(2,813)	-	-
Profit for the year	1,162,823	1,425,375	-18.42%
Earnings per share - basic and diluted (Rupees)	3.17	3.88	-18.30%

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