NPL’s profitability moves up by 12.4% YoY in 1HFY22

MG News | February 15, 2022 at 01:34 PM GMT+05:00

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February 15, 2022 (MLN): The profit after tax (PAT) of Nishat Power Limited (NPL) has increased by 12.44% YoY during the period of six months ended on December 31, 2022, to clock in at Rs1.66 billion (EPS: Rs4.69) compared to Rs1.47bn (EPS: 4.17) in the same period last year (SPLY), the company filing on PSX showed today.

The improvement in profitability is attributed to the massive surge in the company’s other income.

In conjunction with the results, the company also announced an interim cash dividend of Rs2 per share i.e, 20% for the half-year ended on December 31, 2022.

Though the revenue of the company has jumped by 82.5% YoY to stand at Rs9.87bn on the back of a higher load factor along with higher FO prices, against Rs5.4bn in 1HFY21, the colossal surge in cost of sales by more than two folds has squeezed the gross margin of the company to 19% from 33% in SPLY.

However, the positive highlight is an upsurge in other income that increased by around 8x YoY to peg at Rs40 million during 1HFY22.

Moreover, the finance cost of the company also shrank by 24% YoY to Rs144.25mn during the review period which provided much-needed respite to the bottom line due to lower short-term borrowings.

On the cost side, the administrative cost inched up by 11.44% YoY to stand at Rs153mn.

Financial Results for the half-year ended December 31st, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Sales	9,870,996	5,407,073	82.56%
Cost of sales	(7,951,736)	(3,605,267)	120.56%
Gross profit	1,919,260	1,801,806	6.52%
Administrative expenses	(153,589)	(137,823)	11.44%
Other expenses	(830)	-	-
Other income	40,081	4,983	704.35%
Finance cost	(144,250)	(191,343)	-24.61%
Profit before taxation	1,660,672	1,477,623	12.39%
Taxation	759	-	-
Profit for the year	1,661,431	1,477,623	12.44%
Earnings per share - basic and diluted (Rupees)	4.692	4.173	12.44%

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