Fakiha Tariq

Javedan Corporation Limited (JVDC) reported outstanding growth of 170% in revenues, 235% in gross profit and 219% in net profit during the nine-month period ending March 31, 2023, compared to the corresponding period of the previous fiscal, WealthPK reports. In 9MFY23, JVDC made gross sales of Rs9.74 billion, and a gross profit of Rs5.89 billion, thus coming up with a high gross profit ratio of 60.5%. The company posted a net profit of Rs4.41 billion and a net profit ratio of 45% in 9MFY23. JVDC posted earnings per share of Rs11.60 during this period.

In comparison to the same period of last fiscal, the real estate company saw its revenues rocket by 170% from Rs3.6 billion to Rs9.74 billion in 9MFY23. Likewise, the gross profit of Rs1.75 billion in 9MFY22 ballooned by 235% in 9MFY23. JVDC’s net profit of Rs1.3 billion declared in 9MFY22 shot up by 219% to Rs4.41 billion in 9MFY23. In comparison to 9MFY22, the EPS of JVDC moved from Rs3.64 to Rs11.60 in 9MFY23. Registered on the Pakistan Stock Exchange (PSX) with the symbol “JVDC”, Javedan Corporation is the largest firm in the property sector with a market capitalisation of Rs15.9 billion.

Quarterly Profit & Loss Review

Quarterly analysis shows JVDC remained in profits in all the three quarters of the ongoing FY23. However, the company made the highest revenues and profits in the first quarter (July-September) of FY23 followed by the third and the second quarter. In the first quarter, JVDC posted gross revenues of Rs6.52 billion and gross profit of Rs4.43 billion on it. The company posted a net profit of Rs4.02 billion. Therefore, the gross and net profit ratios were reported to be 68% and 62%, respectively. In 1QFY23, the company reported earnings per share of Rs10.57.

In the second (October-December) quarter, the property company witnessed a gross profit of Rs525 million and a net profit of Rs43 million on the sales of Rs1.6 billion. Therefore, the gross and the net profit ratios turned out to be 31% and 2.6%, respectively. In 2QFY23, the company reported earnings per share of Rs0.12. In the latest and third quarter (January-March), JVDC earned the gross revenue of Rs1.42 billion and gross profit Rs940 million on it. The company declared a net profit of Rs351 million. Therefore, the gross and net profit margins for 3QFY23 were reported as 66% and 25%, respectively. In 3QFY23, JVDC posted earnings per share of Rs0.92.

Credit: Independent News Pakistan-WealthPk