The net profitability of Engro Powergen surges by 29% YoY in CY19

MG News | February 07, 2020 at 02:48 PM GMT+05:00

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February 7, 2020 (MLN): Engro Powergen Qadirpur Limited (EPQL) has announced profits of Rs. 3.4 million for the year ended December 31, 2019, i.e. 29% higher than the results of the previous year.

During the period, the cost of sales increased by 8.36% YoY but a greater percentage increase in sales revenue (up nearly by 11.17% YoY) caused gross profits to increase by around 19% YoY to Rs 3.62 billion.

The company’s administrative expenses declined by around 30.43%, from Rs.125 million to Rs.87 million, YoY. Furthermore, the substantial decline in finance cost by 70.58% increased the bottom-line.

Tax expenses of the company surged by 3.12 times YoY. On the other hand, other income decreased by 8.52% YoY owing to a decrease in income from financial assets.

Other than this, EPQL’s basic and diluted earnings per share have been reported at Rs.10.51 per share while those recorded last year were Rs.8.11 per share.

Profit and Loss Account for the year ended December 31, 2019 (Rupees)
	Dec-19	Dec-18	% Change
Sales	13,201,094	11,874,365	11.17%
Cost of Sales	(9,576,653)	(8,837,993)	8.36%
Gross Profit	3,624,441	3,036,372	19.37%
Administrative Expenses	(87,371)	(125,582)	-30.43%
Other Expenses	(75,037)	(87,894)	-14.63%
Other Income	1,633	1,785	-8.52%
Profit from Operations	3,463,666	2,824,681	22.62%
Finance Cost	(57,663)	(196,005)	-70.58%
Workers' profits participation fund and Workers' welfare fund	-	-
Profit before Taxation	3,406,003	2,628,676	29.57%
Taxation	(3,321)	(1,063)	212.42%
Profit for the Period	3,402,682	2,627,613	29.50%
Earnings per share - Basic and Diluted	10.51	8.11	29.59%