February 21, 2022 (MLN): Nishat Power Limited (NCPL) has witnessed a decline in its profitability by 18.42% YoY for the half-year ended December 31, 2020, to clock in at Rs1.163 billion (EPS: Rs3.17) compared to a profit of Rs1.42bn (EPS: Rs3.88) in the same period last year (SPLY), the company filing on PSX showed on Monday.
On the revenue front, the sales of the company saw a surge of 68.41% YoY to stand at Rs9.77bn in 1HFY22 on the back of an increase in dispatches to 150 GWh and higher FO prices, up by 68% YoY.
Owing to the notable jump in the cost of sales, the gross margins of the company has shrunk to 17% from 34% in the same period last year.
The decline in margin is attributable to a higher load factor, however, PKR depreciation of 3% has been witnessed during 2QFY22, a report by Arif Habib Limited noted.
However, the company drew some relief from a decline in finance cost by 5.44% due to lower short-term borrowings.
|
Profit and Loss Statement for the half-year ended December 31, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-21 |
Dec-20 |
% Change |
|
Sales |
9,773,722 |
5,803,591 |
68.41% |
|
Cost of Sales |
(8,073,969) |
(3,843,907) |
110.05% |
|
Gross Profit |
1,699,753 |
1,959,684 |
-13.26% |
|
Administrative expenses |
(77,466) |
(63,901) |
21.23% |
|
Other operating expenses |
(62,960) |
– |
– |
|
Other income |
67,022 |
16,814 |
298.61% |
|
Finance cost |
(460,713) |
(487,222) |
-5.44% |
|
Profit before taxation |
1,165,636 |
1,425,375 |
-18.22% |
|
Taxation |
(2,813) |
– |
– |
|
Profit for the year |
1,162,823 |
1,425,375 |
-18.42% |
|
Earnings per share – basic and diluted (Rupees) |
3.17 |
3.88 |
-18.30% |
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