Karachi: Cyan Limited has announced its financial results for the second quarter and first half of 2024, showing notable increases in both income and profits.
According to information available from the Pakistan Stock Exchange (PSX), the company's unaudited condensed interim financial statements for the quarter ended June 30, 2024, reflect a robust performance. The directors approved these results during their meeting on August 23, 2024. The results highlight a significant gain in income from returns on investments and gains on the sale of investments. Notably, the return on investments increased to 57.744 million rupees in the first half of 2024, up from 72.692 million rupees in the previous year. Similarly, gains from the sale of investments netted 139.107 million rupees, compared to 33.058 million rupees last year.
Other income saw an increase from 1.289 million rupees in the previous half-year to 642,000 rupees in the same period of 2024. Despite financial challenges, Cyan Limited maintained its profitability, with a net surplus on the re-measurement of investments, netting 195.786 million rupees up from 139.684 million rupees in the prior period.
Operational and administrative expenses were contained at 17.906 million rupees, and financial charges slightly reduced operational gains, totaling 23.322 million rupees. However, the company showed resilience with a profit before taxes and levy of 177.880 million rupees. After accounting for a levy of 8.021 million rupees and taxes of 8.020 million rupees, the profit after taxation stood at 161.839 million rupees.
The company also reported a comprehensive income adjustment for the period, with a net surplus on revaluation of investments at 25.095 million rupees, leading to a total comprehensive income of 186.934 million rupees for the half year.
Cyan Limited's basic and diluted earnings per share for the half-year were recorded at 2.63 rupees compared to 1.70 rupees for the same period in 2023, signaling a strong upward trajectory for the company's financials as it moves into the second half of the year.