Kohinoor Energy post PKR 1.57 billion Profit in FY2023

September 21, 2023

Kohinoor Energy Limited (PSX: KOHE) announced its fiscal year 2023 financial results, reporting a profit of Rs1.57 billion, equating to an earnings per share (EPS) of Rs9.29. This marks a notable 4.38% increase compared to the Rs1.51 billion profit and an EPS of Rs8.90 recorded in the same period the previous year. These findings were disclosed in the company’s filing on the Pakistan Stock Exchange (PSX) today. No Dividend Payout was announced.

However, the company’s top-line revenue experienced a 13.45% year-on-year decline, amounting to Rs12.58 billion, compared to Rs14.54 billion in the same period last year. A significant contributing factor to the improved profitability was a substantial 18.85% decrease in the cost of sales, which dropped to Rs10.19 billion from Rs12.56 billion in FY22. This reduction in cost surpassed the decline in sales, resulting in a remarkable 20.91% year-on-year increase in gross profit, which reached Rs2.39 billion in FY23.

In terms of expenses, administrative costs surged by 41.30% year-on-year, totaling Rs331.26 million during the review period. Other income saw a 9.49% year-on-year decrease, reaching Rs6.87 million in FY23, compared to Rs7.59 million in the same period last year.

The company’s finance costs experienced a significant increase, growing by 2.10 times year-on-year, amounting to Rs488.97 million, primarily due to higher interest rates. On the tax front, the company paid a substantially lower tax of Rs1.54 million, reflecting a 30.05% year-on-year decline compared to the Rs2.2 million paid in the corresponding period of the previous year.

	June 23	Jun-22	% Change
Sales	12,583,137	14,538,310	-13%
Cost of sales	-10,194,769	-12,562,948	-19%
Gross Profit	2,388,368	1,975,362	21%
Administrative expenses	-331,256	-234,437	41%
Other Income	6,866	7,586	-9%
Other expenses	–	-13,810	-100%
Finance cost	-488,972	-225,121	117%
Operating profit	1,575,006	1,509,580	4%
Taxation	-1,539	-2,200	-30%
Net profit for the period	1,573,467	1,507,380	4%
Basic and diluted earnings/ (loss) per share	9.29	8.9	–