October 24, 2023 (MLN): PAKGEN Power Limited (PSX: PKGP) 's profitability increased significantly by 2.73x YoY as its profit after tax for the 9MCY23 stood at Rs5.08bn [EPS: 13.66], compared to the profit of Rs1.87bn [EPS: 5.01] reported in the Same Period Last Year.
Going by the results, the company's top line marked a decline of 62.44% YoY to Rs16.27bn as compared to Rs43.31bn in SPLY.
The cost of sales fell by 72.45% to Rs11.36bn and since the decline was greater than the sales decline, the gross profit increased significantly by 2.38x YoY to Rs4.9bn in 9MCY23.
On the expense side, PKGP's administrative and other expenses rose by 27.45% and 14.9% YoY to Rs228.55m and Rs3.94m respectively in 9MCY23.
The company's profit received a significant boost from a 2.57x YoY increase in other income, reaching Rs512.6m in 9MCY23, compared to Rs199.85m in the SPLY.
PKGP's finance costs plunged by 93.87% YoY and stood at Rs12.7m as compared to Rs207.18m in 9MCY22.
On the tax front, the company incurred a tax expense of Rs83.38m during the review period, whereas in 9MCY22, the tax expenditure was nil.
Un-audited Condensed Interim Statement of Profit or Loss Account for the Nine months ended September 2023 (Rupees in '000)
