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Nishat Chunian Power reports higher earnings in first half of FY24

Nishat Chunian Power reports higher earnings in first half of FY24
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February 26, 2024 (MLN): Nishat Chunian Power Limited (PSX: NCPL) revealed its profitability for the first half of FY24, wherein the profit after tax clocked in at Rs2.43 billion [EPS: Rs6.6] compared to a profit of Rs1.84bn [EPS: Rs5] in the same period last year (SPLY).

Going by the results, the company's top line fell by 17.45% YoY to Rs8.72bn as compared to Rs10.57bn in SPLY.

However, the cost of sales also declined 25.13% YoY, improving the gross profit by 7.95% YoY to Rs2.65bn in 1HFY24.

The gross margins improved to 30.36% as compared to 23.22% in SPLY.

During the review period, other income rose by 44.58% YoY to stand at Rs74.8m in 1HFY24 as compared to Rs51.73m in SPLY.

On the expense side, the company observed a rise in administrative expenses by 8.49% YoY to clock in at Rs78.83m during the review period.

The company’s finance cost contracted by 52.72% YoY and stood at Rs219m as compared to Rs463.24m in SPLY, mainly due to higher interest rates.

On the tax front, the company's tax liability remained notably low, with a mere Rs0.1m paid compared to the Rs0.36m in the corresponding period of last year, depicting a fall of 71.39% YoY.

Unconsolidated (un-audited) Financial Results for half year ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 8,722,669 10,566,635 -17.45%
Cost of sales (6,074,428) (8,113,500) -25.13%
Gross Profit 2,648,241 2,453,135 7.95%
Administrative Expenses (78,826) (72,660) 8.49%
Other Income 74,797 51,734 44.58%
Finance Cost (219,003) (463,236) -52.72%
Profit before taxation 2,425,209 1,838,387 31.92%
Taxation (103) (360) -71.39%
Net profit for the period 2,425,106 1,838,027 31.94%
Basic earnings/ (loss) per share 6.60 5.00

Amount in thousand except for EPS

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Posted on: 2024-02-26T12:33:19+05:00