Systems Limited records a 22% growth in earnings during 1HCY20
MG News | August 26, 2020 at 12:29 PM GMT+05:00
August 26, 2020 (MLN): Systems Limited has revealed the details of its financial performance for the six months ended June 30, 2020, according to which, the company has recorded earnings of Rs. 1.06 billion (EPS: 8.73), i.e. around 22% higher as compared to the same period of last year.
The boost in bottom-line earnings was primarily caused by an increase in revenue by 27%. A decline in non-core expenses by 57% was another factor that contributed to higher earnings.
On the other hand, the company saw a 10.6% and 28.7% rise in distribution expenses and administrative expenses, respectively.
Similarly, the finance cost grew by 22.7% while income tax expense showed an increase of 60.3% as compared to the same period of last year.
| Financial Results for the half-year ended June 30, 2020 (Rupees) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Revenue from contract with customers - net | 4,559,370,645 | 3,580,778,430 | 27.3% |
| Cost of sales | (3,131,000,069) | (2,477,916,571) | 26.4% |
| Gross Profit | 1,428,370,576 | 1,102,861,859 | 29.5% |
| Distribution expenses | (105,594,843) | (95,484,319) | 10.6% |
| Administrative expenses | (413,850,583) | (321,590,760) | 28.7% |
| Other operating expenses | (28,977,770) | (67,008,726) | -56.8% |
| Other income | 235,733,088 | 294,009,653 | -19.8% |
| Finance cost | (24,279,452) | (19,791,671) | 22.7% |
| Profit before taxation | 1,091,401,017 | 892,996,036 | 22.2% |
| Taxation | (23,737,171) | (14,809,628) | 60.3% |
| Profit after taxation | 1,067,663,846 | 878,186,408 | 21.6% |
| Earnings per share | 8.73 | 7.17 | 21.8% |
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