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)
