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

By MG News | April 29, 2020 at 12:39 PM GMT+05:00

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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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