Siemens Pakistan swings to profit with Rs1.01bn in earnings
MG News | January 30, 2025 at 10:08 AM GMT+05:00
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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