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Home Business

PSX firms post record high profit

by News Desk
September 29, 2021
in Business, Finance, Main
Reading Time: 1 min read
PSX
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The companies listed at the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index have posted record high profit of Rs875 billion in the fiscal year ending June 30, 2021 due to government’s pro-growth and business friendly policies and low interest rate during the year.

“Earnings augmented 56% to an all-time high of Rs875 billion during FY21 compared to Rs562 billion in FY21,” Arif Habib Limited Head of Research Tahir Abbas said in a report on Tuesday. “Broadly speaking, a sharp U-turn in domestic demand helped cyclical sectors post an impressive rebound in profitability with some segments swinging into healthy profits compared to losses last year.”

The brokerage house report is based on analysis of KSE-100 index companies. It included the financial results of 83 companies while the remaining 17 companies in the index have not posted their results yet. The companies which have been included in the analysis represent almost 89% of the market capitalisation of KSE-100.

The jump in earnings in FY21 was fuelled by cyclical sectors with cement sector posting profit worth Rs40.6 billion against losses of Rs2 billion in the prior fiscal year and oil marketing companies (OMCs) posting earnings of Rs39.3 billion against losses of Rs13.4 billion.

Automobile assemblers displayed a five-fold growth in earnings in FY21 compared to FY20, fertiliser sector’s profit grew 92% in the year, banks 18%, chemicals 130%, power 22%, textile composite 97% and tobacco sector’s earnings surged 36%.

Tags: FY21high profitKSE-100latestPSX
News Desk

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