Karachi March 25 2024: Systems Limited, the largest listed IT company at Pakistan Stock Exchange, profit increased 36 percent to PKR 8,559 million for 2023 as Company is showing a strong growth across all four segments, with Middle East region taking the lead
Systems Limited financial results for FY23 have maintained a strong trajectory. Operating revenues for the year in local currency were PKR 32,037.99 million showing a growth of 55 percent over the previous year. Profit after tax for the year was PKR 8,559.16 million showing a growth of 36 percent.
Gross profit and operating profit increased by 42 percent and 46 percent respectively. Since FY19, the Company has delivered a Compounded Annual Growth Rate (CAGR) in revenues of 56 percent. The revenue growth has been mainly driven by IT services and profitability growth has been driven by demand and growth across all geographies and all verticals.
The Company is showing a strong growth across all four segments, with Middle East region taking the lead, followed by Pakistan and North America. Export sales of the Company are approximately 83 percent of total sales, taking another 2% from the domestic sales, with the Company’s target being to further increase the export component going forward. Diversification into new regions and new markets will support this objective as the company is actively looking to expand in the new markets.
The Company’s revenue comes primarily from Digital/Data/Cloud Services, Managed Services, Consulting Services, IT outsourcing and Business Process Outsourcing/Contact Center. The Company generates over 80 percent of its revenue from export of Services to various geographies such as North America, Europe, Asia Pacific and Middle East and less than 20 percent from domestic market. The Company is well diversified into various business verticals such as Banking and Finance, Telco, Retail, CPG, Pharma, and Public sector.
