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

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