Systems Limited has announced its financial result for the year that ended December 31st 2018. The growth run continues for Pakistan’s oldest software house as it reported a growth of 82.80% in its consolidated financials for the year.
The company reported a profit of Rs. 1.06 billion as compared with a profit of Rs. 560 million in 2017.
The latest financials of Systems Limited showed improving health of the company as rupee devaluation and the export rebate positively impacted the revenue growth.
The growth in profits can be seen due to the improvement in net sales as it reported Rs. 5.32 billion in sales, which were up by 39% against Rs 3.83 billion in the same period of last year. The cost of sales was up by 41% which were stated Rs 3.80 billion but the overall sales which completely netted off the negative impact.
The company’s net sales increased owing to growth in revenue of TechVista Systems FZ and E-Processing Systems and saw an increase in domestic operations. Moreover, Systems has also increased its business with Microsoft.
Overall expenses of the company grew to Rs. 801 million against Rs. 678 million. The company posted a massive increase in other income as it showed a growth of 255.24% to Rs. 408 million from Rs. 114 million.
Earnings per share of the company grew to Rs. 9.51 as compared with Rs. 5.11. The company announced a final cash dividend for the period under review at Rs. 2 per share i.e. 20%. Along with the cash dividend, the company also issued 10% bonus shares.
Systems Limited engages in the software development, trading of software, and business process outsourcing (BPO) activities in North America, the Middle East, and Pakistan. Over time, it has developed presence in US retail, apparel and mortgage industry.
At the time of filing this report, SYS shares at the bourse were trading at Rs 111.80, up by Rs 5.30 or +4.98% with a turnover of 58400 shares on Monday.