Lahore October 26 2022: System Limited, the largest IT company listed at Pakistan Stock Exchange, reported profit of Rs. 4,816.210 in the first nine months of 2022 compared to Rs. 2,310.142 million in the corresponding period, according to company filing to the exchange.
During period under review, standalone revenue grew 82% over same period last year from Rs. 8,129.547 million to Rs. 14,798.176 million.
As a consequence, Gross profit and Operating profit are 70% and 69% higher respectively, delivering a leveraged operating performance for the company. Additionally, continued devaluation of the Pak Rupee resulted in an exchange gain of Rs 1,172.07 million compared to the gain in September 2021 of Rs 204 million increasing Net profit by 108%, from Rs. 2,310.142 million to Rs. 4,816.210 million.
Basic and diluted earnings per share both increased by 107% in line with profit for the period. The growth in revenue net of the impact of exchange gain is 45%.
The increase in revenue has been contributed to by all regions, however, Middle East takes the lead
In line with the unconsolidated results, the consolidated revenue grew by 91% from Rs. 10,524.24 million to Rs. 20,144.84 million. Since the financials of both the newly acquired entities, the NDCTech and Treehouse were consolidated w.e.f. July 1,2022, the impact of this is Rs 895.35 million in the revenue.
Gross profit and operating profit increased 77% and 75% respectively. Net profit for the period is Rs. 5,115.71 million is 103% higher than the same period last year, including the Rs. 1,178.89 million exchange gain. Basic and diluted earnings per share both increased by 96% in line with profit for the period. Eliminating the currency impact, revenue is up by 53% in US dollar terms.
