Systems Ltd's strengthened profits reflect improved performance

MG News | October 26, 2018 at 11:28 AM GMT+05:00

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October 26, 2018 (MLN): Notable rise in topline earnings of Systems Ltd. (SYS) lifted the profits of the company by nearly 52% during the nine months ended September 30, 2018, as the company’s topline-gains increased by 38.69% or about Rs1 billion.

According to the financial results issued by the company, administrative cost increased by 42%, and distribution cost surged by 55%.

A more impactful change was witnessed in finance cost and taxation expenses which both grew by 121.52% and 87.54% respectively.

Yet, the company managed to make it through with substantial gains in profits.

Moreover, the basic and diluted earnings per share have been recorded at Rs.6.10 per share, while during the corresponding period of last year, earning per share stood at Rs.4.05 per share.

Consolidated Profit and Loss account for the nine months ended September 30th 2018 (Rupees)
	Sep-18	Sep-17	% Change
Revenue - net	3,698,191,552	2,666,502,392	38.69%
Cost of sales	2,693,989,995	1,883,678,717	43.02%
Gross profit	1,004,201,557	782,823,675	28.28%
Distribution cost	97,482,786	62,846,211	55.11%
Administrative expenses	364,841,504	256,599,072	42.18%
Other operating expenses	45,427,766	46,232,319	-1.74%
Other income	211,244,410	43,440,116	386.29%
Operating profit	707,720,911	460,586,189	53.66%
Finance cost	16,355,956	7,383,565	121.52%
Profit before taxation	691,364,954	453,202,624	52.55%
Taxation	16,479,136	8,786,982	87.54%
Profit after taxation	674,885,818	444,415,642	51.86%
Earnings per share - basic	6.10	4.05	50.62%

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