Karachi December 22, 2021: Siemens (Pakistan) Engineering Co. Ltd received record new orders of Rs. 22.3 billion during FY 2021, which was nearly twice that of FY 2020 wherein company had recorded only Rs. 12.5 billion worth of new orders, as per information shared by the company.
The Energy Transmission business contributed the majority of new orders at Rs. 15 billion as compared to Rs. 5.6 billion last year.
The most recent financial year bode well for the Company as market activities caught up after the severe effects of Covid-19 pandemic on the global economy. The Company managed to capture a significant portion of the opportunities available, which is reflected in our financial results.
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Sales increased by 12% or approximately Rs. 1.54 billion as compared to FY 2020 in a sign of the post Covid-19 economic recovery. The sales revenue was led by Energy business, which recorded an increase of Rs.1.6 billion as compared to FY 2020. For the year, the Company incurred an overall profit before tax of Rs. 1.4 billion including net other income of Rs. 227 million. This was attributable to higher sales, better gross profit margins and targeted measures to optimize marketing, selling and administrative expenses.
Siemens (Pakistan) has adopted a consistent strategy to position itself along the electrification, automation and digitization value chain. We have the know-how and expertise that extends from power generation to power transmission, power distribution, and smart grid for the efficient application of electrical energy.
The Covid-19 pandemic continued to impact the world economy, particularly the global logistics network. Nevertheless, Pakistan continues to effectively navigate through the pandemic by implementation of stringent SOPs and steps for mass vaccination of the population. As per experts, Covid-19 is still expected to remain a challenge for FY 2022, albeit at a lower scale as industries and companies learn to work with the new normal.
The Company continued the pace that was set in the final months of FY 2020, with a healthy intake of new orders. This places the Company on a good footing for the upcoming year. With a solid backlog for revenue and pipeline for sustained performance, the Company is optimistic for FY 2022 if the political and economic situation of the country is stabilized. The rapid devaluation of the currency in the past few months and increase in global oil prices are negatively impacting Pakistan