Hifsa Raja

Waves Corporation Limited’s gross profit was Rs1.903 billion in the first nine months (Jan-Sept) of the CY2022 compared with Rs1.908 billion in the corresponding period of the previous year with a minor decrease of 0.27 percent. The operating profit showed a year-on-year increase of 2%, reaching Rs720 million in 9MCY22 compared to Rs704 million in the corresponding period of 9MCY21.

Similarly, the profit before taxation increased 22% during the nine-month period of CY22 to Rs580 million from Rs476 million in the corresponding period of CY21. The profit after taxation registered an increase of 25%, reaching Rs465 million in nine months of CY22 compared with Rs371 million profit over the corresponding period of CY21, reports WealthPK.

Financial Performance

During the Calendar Year 20-21, the company’s income was Rs125 million against Rs281 million in 2019-20, registering a decrease of 55%.  The operating profit registered a decrease of 73% to Rs63 million in 2020-21 against Rs237 million in 2019-20. The company’s profit before taxation was Rs284 million in 2020-21 against Rs177 million in 2019-20, reporting an increase of 60%. The profit after taxation for FY21 was Rs173 million compared with Rs109 million fin 2019-20 with an increase of 58%, reports WealthPK.

In 2018, the earnings per share was Rs2.04 which dipped to Rs1.39 in 2019 and further to minus Rs1.95 in 2020. However, it made a recovery and reached R0.62 in 2021.

Shareholdings:

As of June 30, 2021, directors, chief executive officer, and their spouses and minor children owned 48.28% of the total shares, mutual funds and modarabas 2.00%, joint stock companies 10.47% and general public 37.51%.

The profit was quite low in 2017, but it increased in 2018 and 2019. However, the year 2020 saw a decline in profitability due to the Covid-19 setback. In 2021, the business greatly improved and the corporation made a big profit compared to the previous year.

Waves Corporation Limited (Formerly Waves Singer Pakistan Limited) was incorporated in Pakistan under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) as a public company limited. The company is principally engaged in the manufacture and assembly of domestic consumer appliances along with retailing and trading of the same and other light engineering products.

Credit : Independent News Pakistan-WealthPk