Nishat Power Limited (PSX: NPL) announced its financial results for the half-year that ended on December 31st, 2022, whereby the company posted a profit after tax (PAT) of Rs. 2.04 billion, up 23 percent year-on-year (YoY).
According to its financial results, NPL also increased its earnings in the 2nd quarter FY (2023), October-December with a profit after tax of Rs. 1.1 billion, up 47.8 percent YoY from Rs. 0.74 billion in the same period last year.
Along with the result, the company also announced a cash dividend of Rs. 2 per share for the half year, taking the period and payout to Rs. 4 per share.
During the half year, the net sales of the company increased by 39 percent YoY to Rs. 13.69 billion from Rs. 9.87 billion mainly due to a 71 percent YoY surge in furnace oil prices while dispatches were down 28 percent YoY. During 2QFY23, the sales showed a massive 80 percent QoQ drop where sales decreased from Rs. 11.45 billion to Rs. 2.24 billion.
The gross profit of the company in 6MFY23 jumped by 20 percent YoY to Rs. 2.3 billion, while the other income decreased by 5.8 percent YoY from Rs. 51.8 billion to Rs. 48.8 billion.
Gross margins during 2QFY23 increased to 53 percent likely due to a lower load factor, according to a report by Arif Habib Ltd.
Other income during Q2 went up by 303 percent YoY to Rs. 27 billion from Rs. 6.7 billion last year.
NPL’s finance cost declined by 58.5 percent YoY from Rs. 144 billion to Rs. 59 billion in 6MFY23 and 66.2 percent during Q2.
The company reported earnings of Rs. 3.11 per share in Q2 as opposed to Rs. 2.10 per share in the previous year.
At the time of filing, the company’s scrip at the bourse was Rs. 18.92, up 7.5 percent or Rs. 1.32 with a turnover of 3.87 million shares on Monday.