Supernet Limited reports lower earnings despite higher sales in FY23

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MG News | October 05, 2023 at 01:15 PM GMT+05:00

October 05, 2023 (MLN): Supernet Limited (PSX: GEMSPNL) experienced a notable decline in profitability, with a year-over-year decrease of 34.57%.

For the fiscal year 2023, the company reported a profit after tax amounting to Rs188.32 million, resulting in earnings per share (EPS) of Rs1.5.

This represents a significant contrast to the preceding fiscal year, FY22, during which Supernet Limited reported a profit of Rs287.82m, equivalent to an EPS of Rs2.33.

Going by the results, the company's top line increased by 24.19% YoY to Rs3.92bn as compared to Rs3.16bn in SPLY.

The cost of sales also rose by 32.72% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 7.15% YoY to Rs1.13bn in FY23.

During the review period, other income expanded by 44.31% YoY to stand at Rs24.68m in FY23 as compared to Rs17.1m in SPLY.

On the expense side, the company observed a rise in Administrative expenses by 29.61% YoY to clock in at Rs513.14m.

The company’s finance costs soared by 60.16% YoY and stood at Rs43.57m as compared to Rs27.21m in FY22, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs93.06m against the Rs100.23m paid in the corresponding period of last year, depicting a fall of 7.15% YoY.

Consolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000)
  June 23 June 22 % Change
Sales 3,919,991 3,156,413 24.19%
Cost of services (2,791,861) (2,103,585) 32.72%
Gross Profit 1,128,130 1,052,828 7.15%
Administrative expenses (513,144) (395,919) 29.61%
Distribution costs (203,663) (167,654) 21.48%
Exchange (loss)/ gain (111,044) (91,119) 21.87%
Other Income 24,680 17,102 44.31%
Finance cost (43,573) (27,206) 60.16%
Profit before taxation 281,386 388,032 -27.48%
Taxation (93,064) (100,228) -7.15%
Net profit for the period 188,322 287,804 -34.57%
Basic earnings/ (loss) per share  1.5 3.22 -

Amount in thousand except for EPS

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