Qudsia Bano

EMCO Industries Limited has announced impressive financial results for the first half (July-December) of the ongoing financial year 2022-23 (1HFY23). The company's revenue from sales has witnessed a remarkable growth of 43%, reaching Rs1.82 billion compared to Rs1.27 billion in the corresponding period of the previous fiscal, reports WealthPK.

Furthermore, EMCO Industries Limited's gross profit surged by 62% to Rs484.5 million in 1HFY23 from Rs299 million recorded in 1HFY22. This ‘exceptional’ performance demonstrates the company's robust and efficient operational capabilities notwithstanding macroeconomic difficulties. 

This achievement can be attributed to the company's focus on creating and selling higher-value items, leading to notable gains in gross margin as well as operating profit. The company's net profit also rose significantly to Rs149.5 million in the first six months of the fiscal year, marking a 43% increase from Rs104.2 million in the corresponding period of the previous year. It is worth noting that EMCO Industries Limited is dedicated to delivering value to its customers and shareholders.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales went up to Rs2.6 billion from Rs2.1 billion in FY21, posting an increase of 24% year-on-year. The gross profit for FY22 stood at Rs611.2 million, up 16% from Rs527.36 million in FY21. However, the profit-before-tax slightly decreased from Rs279.7 million in FY21 to Rs277.9 million in FY22. The after-tax slightly increased to Rs216.9 million in FY22 from Rs201.9 million in FY21, posting a growth of 7% on a year-on-year basis.

The earnings per share of the company also increased to Rs6.20 in FY22 from Rs5.77 in FY21, showing a growth of 7%.

About the company

EMCO Industries Limited was incorporated as a Joint Stock Company in Pakistan under the now repealed Companies Act, 1913 on August 17, 1954, by the name of Electric Equipment Manufacturing Company (Private) Limited. Later, it was converted into a public company on August 20, 1983, and its name was changed to EMCO Industries Limited on September 12, 1983. The company is principally engaged in the manufacture and sale of high/low-tension electrical porcelain insulators and switchgear.

Credit: Independent News Pakistan-WealthPk