Nishat Power Limited’s profit soared 31% to Rs. 4.94 billion during the fiscal year 2019-2020, ending on June 30th, 2020.
The company had reported a profit of Rs. 3.76 billion in the same period last year, according to a notice sent by the company to the Pakistan Stock Exchange on Tuesday.
The rise in profitability is primarily attributable to higher USD/PKR indexation and a decline in the cost of sales.
The company also announced a final cash dividend of Rs. 1.0/share, taking the FY20 payout to Rs. 2.0/share. NPL’s net sales decreased by 25% to Rs. 11.73 billion in FY20 as compared to Rs. 15.58 billion due to a decrease in load factor during the year.
However, the cost of sales was down by a massive 71% to Rs. 5.31 billion as compared to Rs. 10.58 billion in the same period of the last year. This took the gross profits to Rs. 6.41 billion as compared to Rs. 4.99 billion.
It is pertinent to mention that Nishat Power benefitted majorly from the Energy Sukuk ll Payments, under which it received an amount of Rs. 1.6 billion.
Finance cost saw an increase of 21% to Rs. 1.14 billion as compared with Rs. 945 million. Administrative expenses increased by 23% to Rs. 337 million as compared to Rs. 274 million.
Earnings per share of the company increased to Rs. 13.96 from Rs. 10.646 during the above mentioned period.
NPL’s shares at the bourse were closed at Rs. 23.75, up by Rs. 0.18 or 0.76% with a turnover of 0.09 million shares on Tuesday.