Nishat Power registers 28% growth in net profits during 9MFY20

MG News | April 27, 2020 at 12:42 PM GMT+05:00

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April 27, 2020 (MLN): Nishat Power Limited (NPL) has announced its financial results for the 9MFY20, as per which the company has posted its net profits of Rs 3.78 billion i.e. 29% higher than the net profits of Rs 2.93 billion of the corresponding period last year.

This has translated into earning per share which clocked in at Rs 10.69 against Rs 8.28 in the aforementioned period.

According to BIPL securities, the rise in profitability is attributable to higher penal income and a higher USD indexation factor.

As per the financial statement issued by the company to PSX, NPL’s topline earnings went down by 18.29% YoY but more than a proportionate decrease in the cost of sales by 42% YoY owing to lower load factor, led gross profits to increase by 30% YoY. Therefore, the gross margin jumped from 33% to 53%.

On the expense front, the administrative cost of the company increased by around 29% YoY to Rs 248 million.

Meanwhile, due to higher interest rates and greater working capital requirement, finance cost ballooned by 35.5% YoY, keeping the company’s profitability in check.

Financial Results for the nine months ended March 31st, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Sales	9,460,433	11,578,661	-18.29%
Cost of sales	(4,485,588)	(7,758,295)	-42.18%
Gross profit	4,974,845	3,820,366	30.22%
Administrative expenses	(248,679)	(193,935)	28.23%
Other expenses	-	(2,295)	-
Other income	4,727	6,628	-28.68%
Finance cost	(946,517)	(698,521)	35.50%
Profit before taxation	3,784,376	2,932,243	29.06%
Taxation	-	-
Profit for the period	3,784,376	2,932,243	29.06%
Earnings per share - basic and diluted (Rupees)	10.690	8.280	29.11%

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