Lahore August 26, 2021: System Limited profitability increased by 42 percent during first six months of this calendar year, as per information shared by the company on Pakistan Stock Exchange (PSX).
During period under review, standalone revenue grew by 47 percent over same period last year from PKR 3,388.59 million to PKR 4,992.56 million.
Country’s IT related exports increased by 53 percent in dollar terms during the same period as per data published by SBP.
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Gross profit and operating profit increased by 53 percent and 61 percent respectively, delivering a leveraged operating performance for the company. However, as a consequence of currency fluctuations, net profit for the period has been diluted by an exchange loss of PKR 32.59 million with the net increase of 31 percent achieved from 1,029.35 million to PKR 1,349.60 million. Basic and diluted earnings per share both increased by 30 percent in line with profit for the period. The increase in revenue has been contributed by all regions. Cost optimization and efficient working capital management translated into higher operating profits.
The Group (Consolidated)
During the six months for the period ended 30th June 2021, consolidated revenue grew by 44 percent from PKR 4,559.37 million to PKR 6,458.07 million. Gross profit and operating profit increased by 57 percent and 74 percent respectively. Net profit for the period increased by 42 percent from 1,067.66 million to PKR 1,514.70 million with PKR 41.67 million in exchange loss. Basic and diluted earnings per share increased by 43 percent and 42 percent respectively, in line with profit for the period.
