Systems Limited manifests 89.27% growth in bottom-line earnings for FY18
MG News | April 01, 2019 at 10:39 AM GMT+05:00
April 1, 2019 (MLN): Systems Limited has stated net earnings of Rs. 1.06 billion for the year ended December 31, 2018, approximately 89.27% higher than the earnings of last year. Moreover, the company’s basic Earnings per Share stood at Rs. 9.59 as compared to Rs. 5.11 last year.
As per an official report on the company’s financial earnings, the growth in profits was a result of improvement in sales revenue by Rs. 1.4 billion, which completely netted off any negative impact emanating from surge in cost of sales by Rs. 1.1 billion.
Moreover, the company gained further relief in the form of other income, which augmented by Rs. 293 million.
Despite a noteworthy increase in the taxation expense by 461%, the company still managed to perform outstandingly.
The company announced a final cash dividend for the period under review at Rs. 2 per share i.e. 20%.
| Profit and loss account for the year ended December 31 2018 (Rupees) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Revenue - net | 5,323,922,442 | 3,832,429,037 | 38.92% |
| Cost of services | -3,795,122,571 | -2,683,690,637 | 41.41% |
| Gross profit | 1,528,799,871 | 1,148,738,400 | 33.09% |
| Distribution expenses | -90,539,319 | -58,938,644 | 53.62% |
| Administrative expenses | -572,629,509 | -484,005,420 | 18.31% |
| Other operating expenses | -138,347,792 | -135,834,095 | 1.85% |
| Other income | 408,460,653 | 114,980,509 | 255.24% |
| Operating profit | 1,135,743,904 | 584,940,750 | 94.16% |
| Finance costs | -27,073,044 | -15,786,491 | 71.50% |
| Profit before taxation | 1,108,670,860 | 569,154,259 | 94.79% |
| Taxation | -47,387,580 | -8,435,716 | 461.75% |
| Profit for the year | 1,061,283,280 | 560,718,543 | 89.27% |
| Earnings per share |
|
|
|
| Basic earnings per share | 9.59 | 5.11 | 87.67% |
| Diluted earnings per share | 9.56 | 5.10 | 87.45% |
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