Saif Power Ltd's profits up by 17% on account of improved top-line earnings
MG News | October 23, 2018 at 03:50 PM GMT+05:00
October 23, 2018 (MLN): Saif Power Limited’s profits for the nine month period ended on September 30, 2018 have gone up significantly when compared to the profits earned during the corresponding period of last year.
The hike in gains came about as a result of higher net turnover by the company.
As per an official report on the company’s financial earnings for the period, net turnover leapt up by 32% while gross profits increased by 16%.
Although finance cost increased by a noticeable magnitude, the company still managed to maintain an upward trend in gains as they rose by 17% from Rs.1.9 billion to Rs.2.3 billion.
Saif Power’s basic and diluted earnings per share increased by Rs.0.87 per share, to Rs.5.97 per share.
In addition to this, the board of directors of the company also recommended an interim cash dividend at Rs.1.65 per share (16.5%).
| Financial results for the nine month period ended September 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Turnover - net | 14,403,010,700 | 10,899,721,707 | 32.14% |
| Cost of sales | (11,382,904,742) | (8,296,689,415) | 37.20% |
| Gross profit | 3,020,105,958 | 2,603,032,292 | 16.02% |
| Administrative expenses | (109,538,915) | (120,768,540) | -9.30% |
| Finance cost | (606,258,140) | (514,952,806) | 17.73% |
| Other income | 1,943,148 | 3,670,059 | -47.05% |
| Profit for the period | 2,306,252,051 | 1,970,981,005 | 17.01% |
| Earnings per share - basic and diluted | 5.97 | 5.10 | 17.06% |
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