Karachi: Cnergyico Pk Limited has disclosed its financial results for the year ended June 30, 2024, marking a significant improvement from the previous year’s losses. The Board of Directors, in a meeting held on September 16, 2024, in Karachi, approved the audited financial statements which indicate a shift from a substantial loss in 2023 to a profit in 2024.

The company reported a net revenue from contracts with customers at Rs. 240.63 million for 2024, up from Rs. 193.91 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), this increase in revenue contributed heavily to the company's recovery. The cost of sales saw a slight increase, amounting to Rs. 228.20 million in 2024 compared to Rs. 203.66 million in 2023.

Despite the increased costs, Cnergyico managed a gross profit of Rs. 12.43 million in 2024, recovering from a gross loss of Rs. 9.75 million the previous year. This recovery was supported by a reduction in other expenses and an increase in other income, which totaled Rs. 1.14 million in 2024, down from Rs. 7.98 million in 2023.

Operating profit stood at Rs. 10.87 million for 2024, a recovery from an operating loss of Rs. 5.64 million in 2023. Finance costs remained a significant expense at Rs. 9.39 million, but the overall financial activities resulted in a profit before tax of Rs. 1.49 million, compared to a loss of Rs. 12.21 million in 2023.

After accounting for taxes, the net profit for Cnergyico in 2024 was Rs. 1.01 million, a substantial improvement over the previous year's net loss of Rs. 12.66 million. Earnings per share also turned positive, standing at Rs. 0.18 compared to a loss of Rs. 2.34 per share in 2023.

This financial turnaround is particularly noteworthy considering the economic challenges and market dynamics of the previous fiscal year. The annual report will be available to shareholders and investors via PUCARS at least 21 days prior to the Annual General Meeting.