ISLAMABAD: 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.
Earnings Per Share
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%.
Profit or Loss:
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Waves Corporation Limited (Formerly Waves Singer Pakistan Limited) was incorporated in Pakistan under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) as a public company limited.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.
