PAEL’s nine months profits up by 8.99% YoY sepetmber’22

October 27, 2022 (MLN): Pak Electron Limited (PAEL) declared unaudited financial results for 9MCY22, wherein the company’s profits surged by 8.99% YoY in the nine months ended September’22 to Rs1.50 billion as compared to the same period last year (SPLY).

PAEL’s earnings per share clocked in at Rs1.98, 21.12% lower than Rs2.51 in SPLY.

According to the report issued to PSX, the revenue of the company increased by 36.12% YoY to stand at Rs43.32bn as compared to Rs31.83bn in the corresponding period last year.

Accordingly, the gross profit increased by 22.50% YoY during this period to stand at Rs8.44bn against Rs6.89bn last year, while the cost of sales is up by 39.85% YoY to Rs34.91bn this period.

On the cost front, PAEL’s major expense head i.e., distribution cost swelled by 18.53% YoY to Rs2.37bn while administrative expenses surged by 13.51% YoY.

Meanwhile, the finance costs of the company climbed by 40.71% YoY to Rs2.26bn in 9MCY22.

On the tax front, the effective tax rate was increased by 43.41% YoY in 9MCY22 to Rs692 million as opposed to Rs482mn in SPLY.

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