Saif Power Q3 profit falls 25%

By MG News | Category Q32024 | October 29, 2024 at 03:15 PM GMT+05:00

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October 29, 2024 (MLN): Saif Power Limited (PSX: SPWL) recorded a profit after tax of Rs535.37 million [EPS: Rs1.39] during the quarter ending September 2024, down 25.3% from the profit of Rs717.09m [EPS: Rs1.86] in the same period last year (SPLY).

The company's revenue went down by 39.2% to Rs4.49bn as compared to Rs7.39bn in SPLY.

The cost of sales fell by 39.8% but was higher than proportionate to sales decline, which worsened the gross profit by 36.6% to Rs877.6m in Q3 CY24.

The gross margins improved to 19.5% as compared to 18.7% in SPLY.

On the expense side, the company's administrative expenses rose 56.5% from a year ago to Rs92.59m, selling and distribution expenses rose to Rs0m, and other operating expenses rose to Rs0m.

The company’s finance cost deflated by 80.2% and stood at Rs120.96m as compared to Rs609.32m in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	4,492,067	7,392,666	-39.24%
Cost of sales	(3,614,469)	(6,008,579)	-39.84%
Gross Profit/ (loss)	877,598	1,384,087	-36.59%
Administrative Expenses	(92,586)	(59,176)	56.46%
Other Income	(128,679)	1,497	-
Finance Cost	(120,959)	(609,319)	-80.15%
Net profit/ (loss) for the period	535,373	717,090	-25.34%
Basic earnings/ (loss) per share	1.39	1.86	-

Amount in thousand except for EPS

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