PAKGEN’s earnings rise despite shrinking margins

MG News | April 26, 2024 at 03:54 PM GMT+05:00

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April 26, 2024 (MLN): PAKGEN Power Limited (PSX: PKGP) earned a higher profit worth Rs1.85 billion [EPS: Rs4.98] in the first quarter of 2024 despite a dip in gross margins.

In the same period last year (SPLY), the company recorded a profit of Rs1.7bn [EPS: Rs4.56].

Along with the results, the company announced an interim cash dividend of Rs2 per share.

Going by the results made available by the company on the Pakistan Stock Exchange (PSX), the company's revenue grew by 37.0% YoY to Rs5.15bn as compared to Rs3.76bn in SPLY.

However, the cost of sales surged 71.7% YoY, worsening the gross profit by 2.9% YoY to Rs1.7bn in 1Q2024.

The gross margins fell to 32.99% as compared to 46.55% in SPLY.

During the review period, other income went up by 8.6xYoY to stand at Rs314.27m in 1Q2024 as compared to Rs36.54m in SPLY.

On the expense side, the company observed a fall in administrative expenses by 2.4% YoY and other expenses by 39.8% YoY to clock in at Rs82.25m and Rs1.55m respectively during the review period.

The company’s finance cost rose by 4.9x YoY and stood at Rs14.32m as compared to Rs2.93m in SPLY, mainly due to higher interest rates.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	5,152,733	3,761,067	37.00%
Cost of sales	(3,452,616)	(2,010,414)	71.74%
Gross Profit/ (loss)	1,700,117	1,750,653	-2.89%
Administrative Expenses	(82,247)	(84,227)	-2.35%
Other Income	314,269	36,535	760.19%
Other Operating Expenses	(1,554)	(2,582)	-39.81%
Finance Cost	(14,322)	(2,934)	388.14%
Profit/ (loss) before taxation	1,916,263	1,697,445	12.89%
Taxation	(62,764)	-	-
Net profit/ (loss) for the period	1,853,499	1,697,445	9.19%
Basic earnings/ (loss) per share	4.98	4.56	-

Amount in thousand except for EPS

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