Nishat Power profit surges 32%

MG News | September 03, 2024 at 01:22 PM GMT+05:00

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September 03, 2024 (MLN): Nishat Power Limited (PSX: NPL) posted the highest ever profit after tax of Rs5.39 billion [EPS: Rs15.22] in the fiscal year 2024, up 31.7% compared to last year owing to a significantly higher other income.

The EPS (trailing twelve months) of Rs15.22 was also the highest ever recorded for the company.

Moreover, the company announced a final cash dividend of Rs5 per share i.e. 50%. This is in addition to the interim dividend already paid at Rs4.5 per share i.e. 45%.

The total dividend for the year thus reached an all-time high of Rs9.5 per share.

The company's sales fell 2.4% to Rs22.51bn as compared to Rs23.07bn in SPLY.

Cost of sales also declined by 6.1%, which improved the gross profit by 12.4% to Rs5.14bn in fiscal year ending June 2024.

The gross margins increased to 22.8% as compared to 19.8% in SPLY.

During the year, other income surged 504.5% to Rs1.08bn as compared to Rs178.45m in SPLY.

On the expense side, the company's administrative expenses rose 20.2% to Rs482.39m, while other operating expenses fell 94.4% to Rs9.07m from year ago.

The company’s finance cost marked a decline of 62.0% and stood at Rs33.64m as compared to Rs88.43m in SPLY.

On the tax front, the company paid a significantly larger tax worth Rs304.4m against the Rs8.06m paid in the corresponding period of last year, depicting a rise of 3,677.1%.

This translate to an effective tax rate of 5.3% compared to just 0.2% in 2023.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	22,505,489	23,068,964	-2.44%
Cost of sales	(17,365,234)	(18,495,640)	-6.11%
Gross Profit/ (loss)	5,140,255	4,573,324	12.40%
Administrative Expenses	(482,393)	(401,493)	20.15%
Other Income	1,078,822	178,452	504.54%
Other Operating Expenses	(9,068)	(162,761)	-94.43%
Finance Cost	(33,643)	(88,434)	-61.96%
Profit/ (loss) before taxation	5,693,973	4,099,088	38.91%
Taxation	(304,399)	(8,059)	3677.13%
Net profit/ (loss) for the period	5,389,574	4,091,029	31.74%
Basic earnings/ (loss) per share	15.22	11.55	-

Amount in thousand except for EPS

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