Hifsa Raja

NetSol Technologies Limited’s revenue climbed 20% to Rs1.68 billion in the nine months of the previous fiscal year 2021-22 (9MFY22) compared with Rs1.40 billion in the same months of the fiscal 2020-21.

The company’s gross profit registered a growth of 18% to reach Rs550 million in 9MFY22 from Rs466 million in 9MFY21.

The company managed to earn Rs877 million net income in 9MFY22, which was up by 1,042% compared to Rs76 million in 9MFY21.

The EPS increased to Rs9.76 in 9MFY22 from Rs0.86 in 9MY21, reports WealthPK.

Annual Results 2020-21

As of June 30, 2021, directors, the chief executive officer, their spouse(s) and minor children owned 1.23% of the shares of the company. Associated companies, undertakings and related parties owned 66.12% of the shares, banks, development financial institutions, and non-banking financial institutions, insurance companies, takaful, modaraba and pension funds owned 1.42%, public sector companies and corporations 6.06%, mutual funds 21.90%, and the general public (local) 22.63%.

Financial Performance

During the fiscal year 2020-21, the company’s net revenue increased 5% to Rs4.94 billion from Rs4.70 billion in 2019-20.  

The gross profit for FY21 increased by 15% compared to FY20.

Operating profit for FY21 was Rs492 million compared to Rs342 million in FY20, posting an increase of 44%.

Net income for FY21 stood at Rs191 million compared to Rs244 million in FY20, posting a decrease of 22%.

The earnings per share (EPS) ballooned from a low of Rs3.58 in 2017 to a high of Rs13.86 in 2019. However, the EPS plunged to Rs2.73 in 2020 and stayed flat at Rs2.13 in 2021.

NetSol Technologies Limited was incorporated in Pakistan on August 22, 1996 (under the now repealed Companies Ordinance, 1984, amended to Companies Act, 2017) as a private company limited by shares. However, it was later converted to a public limited company.The main business of the company is development and sale of computer software and allied services in Pakistan as well as abroad.

Credit : Independent News Pakistan-WealthPk