Nishat Chunian Power reports higher earnings in first half of FY24

MG News | February 26, 2024 at 12:33 PM GMT+05:00
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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