Systems Limited (PSX: SYS) reported a staggering 223 percent year-over-year (YoY) profit gain in its financial statements for the three months that ended on March 31st, 2023. The company reported an increase in profit for the 1QCY23 from Rs. 1.2 billion to Rs. 3.8 billion in its consolidated financial results.
For the reviewed period, the company made no cash dividend announcements.
Comparing the current time to the same period last year, standalone revenue increased from Rs. 4.07 billion to Rs. 6.8 billion, a 69 percent increase. Systems Limited’s operating performance was leveraged as both gross profit and operating profit rose by 51% and 81%, respectively.
The depreciation of the Pakistani Rupee during the year under review had a beneficial effect on net profit, raising it by 241%, from Rs. 1.06 billion to Rs. 3.6 billion, thanks to an exchange gain of Rs. 2.241 billion.
The combined revenue increased from Rs. 5.3 billion to Rs. 10.7 billion by a factor of 101. Operating profit rose by 71 percent, while gross profit jumped by 75 percent. The period’s net profit climbed by 223%, from Rs. 1.2 billion to Rs. 3.8 billion, with exchange gain accounting for Rs. 2.38 billion of that rise.
In 1QCY23, the Systems Limited’s other revenue increased by 663 percent, from Rs. 334 million to Rs. 2.55 billion. However, throughout the year under review, SYS’s finance costs rose by 378 percent to Rs. 157 million.
During 1QCY22, administrative costs increased by 81 percent, from Rs. 434 million to Rs. 785 million. In addition, the business paid 112.9 million rupees in taxes as opposed to 26.6 million rupees in 1QCY22.
In keeping with the period’s profit, basic and diluted earnings per share climbed by 208% (to Rs. 13.36) and 207% (to Rs. 13.24). In US dollars, revenue increased by 38% from Q1 2022 to Q1 2023.
The company’s stock was trading at Rs. 462 at the time of reporting, down 0.78 percent or Rs. 3.65 on Friday with a volume of 338,930 shares.
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