August 21, 2023 (MLN): Nishat Power Limited (NPL) has revealed its financial statement today for the year ended June 30, 2023, as per which the company posted a profit worth Rs4.09bn [EPS: Rs11.55], depicting an increase of 23.13% YoY, compared to Rs3.32bn [EPS: Rs9.38] in the same period last year (SPLY), NPL's filing on PSX showed today.
Along with the FY23 financial results, the board of directors of NPL has also announced a final cash dividend for the period ended June 30, 2022, at Rs3 per share i.e. 30%. This is in addition to the 40% Interim Dividends already paid.
Going by the results, the company's top line fell by 2.60% YoY to Rs23.07bn as compared to Rs23.68bn in SPLY.
Decline in sale figures is mainly due to a 32% decline in dispatches (538GWh, Load factor: 31%).
Total dispatches fell because of an overall decline in electricity demand in the country attributed to an economic slowdown and the addition of relatively cheaper power plants to the system.
During 4QFY23 net sales witnessed a decline of 37% YoY to Rs5.9bn, owed to lower dispatches, which are down by 38% YoY (170GWh, Load factor: 39%).
The cost of sales fell by 6.63% YoY but was greater than proportionate to the sales decline, which improved the gross profit by 18.02% YoY to Rs4.57bn in FY23.
During the review period, other income rose significantly by 95.57% YoY to stand at Rs178.45m in FY23 compared to Rs91.25m in SPLY.
On the expense side, the company observed an increase in Administrative expenses by 20.09% YoY and other expenses by 2.22x YoY to clock in at Rs401.49m and Rs162.76m respectively during the review period.
The company’s finance costs shrunk by 62.50% YoY and stood at Rs88.43m compared to Rs235.8m in FY22, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs8.06m against the Rs0.38m paid in the corresponding period of last year, depicting a massive rise.
| Financial Results for the year ended 30 June 2023 | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 23,068,964 | 23,684,340 | -2.60% |
| Cost of sales | (18,495,640) | (19,809,291) | -6.63% |
| Gross Profit | 4,573,324 | 3,875,049 | 18.02% |
| Administrative expenses | (401,493) | (334,334) | 20.09% |
| Other Income | 178,452 | 91,247 | 95.57% |
| Other expenses | (162,761) | (73,179) | 122.41% |
| Finance cost | (88,434) | (235,800) | -62.50% |
| Operating profit | 4,099,088 | 3,322,983 | 23.36% |
| Taxation | (8,059) | (377) | – |
| Net profit for the period | 4,091,029 | 3,322,606 | 23.13% |
| Basic and diluted earnings/ (loss) per share | 11.55 | 9.38 | – |
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Posted on: 2023-08-21T16:52:19+05:00
