Nishat Chunian’s net profits surge by 30.5% in 9MFY20

April 29, 2020 (MLN): Nishat Chunian Power Limited (NCPL) has disclosed its financial results for the 9MFY20 ended March 31, 2020 wherein the company reported its net profit of Rs 3.4 billion (EPS: Rs 9,26), showing a growth of 30.5% YoY against net profits of Rs 2.6 billion (EPS: Rs 7.09) in the same period of last fiscal year.

The rise in profitability emanated from an increase in penal income and a higher USD indexation factor.

As per the financial statement, NCPL’s sales revenue went down by 6.44% YoY but more than a proportionate decrease in the cost of sales by 27% YoY, resulting in an increase in gross profits by 34.67% YoY. Therefore, the gross margin jumped from 34% to 48%.

During the period under review, administrative costs and other operating expenses dropped by 28% YoY and 99% YoY, respectively.

Meanwhile, due to higher interest rates and greater working capital requirement, finance cost ballooned by 70% YoY, keeping the company’s profitability in check.

Profit and Loss Statement for the nine months ended March 31, 2020 ('000 Rupees)

 

Mar-20

Mar-19

% Change

Sales

 10,588,940

 11,318,100

-6.44%

Cost of Sales

 (5,461,792)

 (7,510,855)

-27.28%

Gross Profit

 5,127,148

 3,807,245

34.67%

Administrative expenses

 (109,874)

 (153,630)

-28.48%

Other operating expenses

 (825)

 (110,688)

-99.25%

Other income

 29,516

 27,928

5.69%

Finance cost

 (1,644,029)

 (965,280)

70.32%

Profit before taxation

 3,401,936

 2,605,575

30.56%

Taxation

 –  

 –  

Profit for the year

 3,401,936

 2,605,575

30.56%

Earnings per share – basic and diluted (Rupees)

 9.26

 7.09

30.61%

 

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Posted on: 2020-04-29T12:39:00+05:00

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