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Systems Limited Posts Highest Ever Quarterly Profit of Rs. 3.87 Billion in Q1 2023

Systems Limited (PSX: SYS) announced its financial results for the three months that ended on March 31st, 2023, wherein it posted a massive 223 percent year-on-year (YoY) profit growth.

According to the company’s consolidated financial results, the profit for the 1QCY23 increased from Rs. 1.2 billion to Rs. 3.8 billion.

The company did not announce any cash dividend for the period in review.

During the period under review, standalone revenue grew by 69 percent over the same period last year from Rs. 4.07 billion to Rs. 6.8 billion. Gross profit and operating profit increased by 51% and 81% respectively, delivering a leveraged operating performance for the company.

As a consequence of the devaluation of the Pakistani Rupee during the period under review, net profit for the period has been positively impacted by an exchange gain of Rs. 2.241 billion compared, increasing net profit by 241 percent, from Rs. 1.06 billion to Rs. 3.6 billion.

The consolidated revenue grew by 101 percent from Rs. 5.3 billion to Rs. 10.7 billion. Gross profit and operating profit increased by 75 percent and 71 percent, respectively.

Net profit for the period increased by 223 percent from Rs. 1.2 billion to Rs. 3.8 billion with Rs. 2.38 billion being contributed by exchange gain.

Other income of the company jumped by 663 percent from Rs. 334 million to Rs. 2.55 billion in 1QCY23. Meanwhile, the finance costs of SYS increased by 378 percent to Rs. 157 million during the period in review.

Administrative expenses during 1QCY22 spiked by 81 percent from Rs. 434 million to Rs. 785 million. Additionally, the company paid Rs. 112.9 million in taxes, compared to Rs. 26.6 million in 1QCY22.

Basic and diluted earnings per share increased by 208 percent (EPS: Rs. 13.36) and 207 percent (EPS: Rs. 13.24) in line with profit for the period. Revenue growth is 38 percent in US$ compared to Q1 2022.

At the time of filing, the company’s scrip at the bourse was Rs. 462, down 0.78 percent or Rs. 3.65 with a turnover of 338,930 shares on Friday.

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