Systems Limited Posts Over 100% Profit Growth in H-1 2022

Systems Limited, a leading Pakistani IT company, maintained its staggering financial performance amid consistent expansion in operations with a record profit year-on-year growth of over 100 percent in the first half of 2022. According to the financial results, the leading IT company made a huge profit of Rs 2.79 billion first time from January to July 2022 as compared to Rs. 1.39 billion reported in a similar period of 2021, showing a growth of 107 percent in profitability. The company drove its profitability from the operating profit and exchange gain during the period. During the period under review, standalone revenue grew 76 percent over the same period last year from Rs. 4.99 billion to Rs. 8.791 billion. Consequently, gross profit and operating profit are up by 60 percent and 53 percent respectively, delivering a leveraged operating performance for the company. Additionally, continued devaluation of the Pakistani Rupee resulted in an exchange rate gain of Rs. 664.67 million compared to the loss in June 2021 of Rs. 32.59 million increasing net profit by 107 percent, from Rs. 1.349 billion to Rs. 2.792 billion. The basic and diluted earnings per share both increased by 104 percent in line with profit for the period. The earnings per share surged to Rs. 10. During the period, the company also acquired an IT company NdcTech and expanded its operations in Saudi Arabia and South Africa.