NETSOL earns Rs1.38bn in FY24, declares Rs3 DPS

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MG News | September 12, 2024 at 03:28 PM GMT+05:00

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September 12, 2024 (MLN): NetSol Technologies Limited (PSX: NETSOL) reported a modest increase in earnings for FY24, with a rise of 7.7%, reaching Rs1.38 billion (EPS: Rs15.76) compared to Rs1.29bn (EPS: Rs14.63) in the same period last year.

The Board of Directors of the company has declared a final Cash Dividend for the year ended June 30, 2024 at Rs3 per share.

Going by the results, the company's top line marked an increase of 21% to Rs9.28bn as compared to Rs7.67bn in SPLY.

Conversely, the cost of sales decreased by 5.4%, and combined with the rise in sales, this led to an 84.1% increase in gross profit, which reached Rs4.16bn in FY24.

Accordingly, the gross margins improved to 44.9% as compared to 29.5% in SPLY.

On the expense side, the company reported rise in all its sub heads with administrative expenses rising 4.7% YoY to Rs1.42bn, selling and promotional expenses increasing 27.7% YoY to Rs855.32m, and other operating expenses surging 26.6% YoY to Rs692.88m.

Further narrowing the impact of sales growth on the bottom line was a 66.5% drop in other income, which amounted to Rs674.01m in FY24.

The company’s finance cost grew by 64.8% and stood at Rs313.78m as compared to Rs190.36m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs170.51m against the Rs192.51m paid in the corresponding period of last year, depicting a decrease of 11.4%.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 9,280,647 7,670,181 21.00%
Cost of sales (5,116,773) (5,408,017) -5.39%
Gross Profit/ (loss) 4,163,874 2,262,164 84.07%
Administrative Expenses (1,421,243) (1,357,653) 4.68%
Selling and promotional expenses (855,316) (669,724) 27.71%
Share of loss of associate 0 (33,687) -
Other Income 674,012 2,014,239 -66.54%
Other Operating Expenses (692,880) (547,234) 26.61%
Finance Cost (313,783) (190,362) 64.83%
Profit/ (loss) before taxation 1,554,664 1,477,743 5.21%
Final tax / levies (170,505) (192,509) -11.43%
Net profit/ (loss) for the period 1,384,159 1,285,234 7.70%
Basic earnings/ (loss) per share 15.76 14.63 -

Amount in thousand except for EPS

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