Karachi February 14 2022: Revenue for the half year ended December 31, 2021 improved by 25 percent compared to the revenue posted in the same half year of previous fiscal year, as per company filling at the exchange.
In absolute numbers, the Company posted net revenue of PKR 2,965 million compared to PKR 2,379 million in the same half year of last fiscal year.
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ARY Group decided not to purse with acquisition of World Call Telecom: PSX
The Company also recorded a handsome amount of change requests from its existing customers for enhancement and customization in the systems deployed at their respective sites.
Gross Margins during the period clocked in at PKR 1,161 million as compared to the corresponding period where margins were recorded at PKR 948 million. Main reason for drop in gross margins is the increase in salaries and benefits cost. Human resource is the main cost of any IT organization and during Covid, Pakistan has witnessed increased demand of its IT resources globally. Therefore, to retain the best talent, increments were given to the resources couple of times during the last twelve months. This has increased the cost significantly.
However, company believe that this is the best investment and as we sell more, we will have a trained team of professionals ready to take care of new revenue with no or minimal new hiring.
Company’s profit before tax increased from PKR 301 million last year to PKR 770 million in the current half year. The Company posted a net profit of PKR 712 million compared to PKR 257 million last year. Earnings per diluted share were PKR 7.93 in comparison of PKR 2.86 in the corresponding period of last fiscal year.
