Siemens Pakistan swings to profit with Rs1.01bn in earnings

MG News | January 30, 2025 at 10:08 AM GMT+05:00

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January 30, 2025 (MLN): Siemens Pakistan Engineering Co. Limited (PSX: SIEM) reported a net profit of Rs1.01 billion [EPS: Rs122] for the quarter ended December 31, 2024, marking a strong turnaround from the loss of Rs1.08bn [LPS: Rs131.8] in the same period last year.

The company's net sales witnessed a sharp decline of 39.8%, dropping to Rs1.59bn from Rs2.64bn in Q4 2023. However, a steeper reduction in the cost of sales by 57.3% helped gross profit surge by 69.4% to Rs620.11m.

On the expense side, marketing and selling expenses increased by 25.3% YoY to Rs219.23m, while general administrative expenses more than doubled, rising 131% to Rs17.63m. A notable reversal in expected credit losses contributed Rs31.42m in income.

Operating profit surged 173% to Rs395.31m, supported by a 100.2% rise in financial income to Rs15.09m, offset slightly by a 13.1% decrease in financial expenses to Rs4.03m.

On the tax front, the company incurred an income tax expense of Rs88.07m, a sharp contrast to the tax benefit of Rs183.36m in the same quarter last year.

A key driver of profitability was the Rs688.33m gain from discontinued operations, helping Siemens Pakistan post a Rs1.01bn net profit for the quarter.

Profit and Loss for the quarter ended December 31, 2018 ('000 Rupees)
	Dec-18	Dec-17	% Change
Net sales and services	1,593,178	2,644,727	-39.8%
Cost of sales and services	(973,065)	(2,278,561)	-57.3%
Gross Profit	620,113	366,166	69.4%
Marketing and selling expenses	(219,239)	(175,004)	25.3%
General administrative expenses	(17,634)	(7,634)	131.0%
Reversal of/ (allowance for) expected credit losses	31,423	(19,577)	-260.5%
	414,663	163,951	152.9%
Other income	91	3,999	-97.7%
Other operating expenses	(19,444)	(23,149)	-16.0%
Net other operating (expenses)/ income	(19,353)	(19,150)	1.1%
Operating profit/(loss)	395,310	144,801	173.0%
Financial income	15,098	7,540	100.2%
Financial expenses	(4,035)	(4,641)	-13.1%
Net financial income	11,063	2,899
Profit/(loss) before income tax expense and gain on sale of assets classified as held for sale	406,373	147,700	175.1%
Income tax	(88,074)	183,369	-148.0%
Net profit for the period	318,299	331,069	-3.9%
Discontinued operations
Net profit / (loss) for the period from discontinued operations	688,334	(1,418,019)
Net profit / (loss) for the period	1,006,633	(1,086,950)
Basic and diluted earnings/(loss) per share (Rupees)	122.06	(131.8)

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