August 28, 2024 (MLN): Saif Power Limited (PSX: SPWL) swung to a profit during the quarter ended June 30, 2024 (Q2 2024), posting a profit of Rs674.83 million [EPS: Rs1.34] compared to the loss of Rs528.45m [LPS: Rs1.66] reported in the same quarter last year.
To reward shareholders for this performance, the Board of Directors (BoD) of SCBPL has recommended an interim cash dividend of Rs1.25 per share i.e. 12.5%.
Going by the results, the company's top line contracted significantly by 68.2% to Rs2.59bn as compared to Rs8.15bn in SPLY.
Similarly, with a greater-than-proportionate drop in the cost of sales, the gross profit rose significantly to Rs991.19m in Q2 2024.
The gross margins improved to 38.3% as compared to 0.6% in SPLY.
On the expense side, the company's administrative expenses rose 38.8% YoY to Rs79.09m.
Supporting SPWL's earnings further was a massive jump in the other incomes, rising significantly to Rs94.25m versus just Rs1.92m in Q2 CY23.
The company’s finance cost dipped by 23.4% and stood at Rs489.69m as compared to Rs639.29m in SPLY.
Hence, despite a reduction in revenue, SPWL achieved solid earnings due to effective management of expenses.
Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
