Kot Addu Power Company Limited (KAPCO) was incorporated in Pakistan on April 25, 1996 as a public limited company. The company was listed on April 18, 2005 on the Karachi, Islamabad and Lahore stock exchanges.
The principal activities of the company are to own, operate and maintain a multi-fuel fired power station with 15 generating units with a nameplate capacity of 1,600 MW in Kot Addu, District Muzaffargarh (Punjab), Pakistan.
The plant technology attains 43% efficiency rate and comprises of 10 multi-fuel-fired gas turbines, five steam turbines and 10 heat recovery steam generators. An ancillary plant includes water extraction and treatment systems, cooling towers, oil storage tanks, and fuel oil treatment plants. KAPCO has full flexibility to switch over between gas and furnace oil as the fuel source for generation. Fuel switching can be carried out whilst the machines are generating and therefore the company has the ability to generate electricity on either fuel or a combination of both.
In 2008, KAPCO sold 8,863 GWh of electricity to WAPDA. The net electrical output of the Company represents 25.5% of the total electricity produced by the Independent Power Producers (IPPs) and around 9.5% of the total energy generated in Pakistan. The level of generation represents a cumulative load factor of 75.2% with an overall availability of 88%. The thermal efficiency achieved was 43.2%.
Industry review
The power sector of Pakistan continues to face the circular debt issue. All the participants from E&P companies to refineries, oil and marketing companies, power generation companies to electricity supplying companies have been victim of circular debt. KAPCO situation has not been any different.
KAPCO's sole customer WAPDA (Water and Power Development Authority) experienced liquidity issues in 2008 as well. On the supply side, KAPCO's suppliers Pakistan State Oil (PSO) and Sui Northern Gas Pipelines Ltd (SNGPL) also face delays in payments due to the liquidity problems of WAPDA. This in turn resulted in increase debt on KAPCO's balance sheet, impasse of cash flows and increased working capital.
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SNAP SHOT
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Symbol KAPCO
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Nature of Business Power Sector
Price (12-aug-10) Rs 41.05
Outstanding Shares 880253 million
EPS Rs 4.22
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Financial performance 3Q10The company's sales during the review period were Rs 62.880 billion (Rs 52.978 billion in March 08-March 09) and cost of sales was Rs 55.600 billion (Rs 44.942 billion in Jul 08-March 09). Cost of sales, which were 85% of sales in 2009 increased to 88% of sales after 3Q10. Profit from operations was Rs 9.255 billion (Rs 11.608 billion in Jul08-Mar09) and profit after tax during the review period was Rs 3.718 billion (Rs 4.176 billion in Jul08-Mar09). The resultant earnings per share were Rs 4.22 per share (Rs 10 each) (Rs 4.74 per share in Mar08-Mar09).
From January 1, 2010 to March 31, 2010, the Power Plant generated 1,703 GWh of electricity at a load factor of 58.9% and with an overall availability of 67.2%. The fuel mix was 83.5% on Low Sulphur Furnace Oil and 16.5% on High Speed Diesel. There was no generation on Gas. Major overhaul of two gas turbines and one steam turbine commenced in February 2010. As per outage plan, Hot Gas Path Inspection of two Gas Turbines was completed; and four Gas Turbines underwent Combustion Inspections. As per Company Policy, all such maintenance works are charged to the Profit and Loss Account in the respective periods when incurred. The company continues to actively pursue delayed payments against capacity and energy payments from its sole customer, WAPDA. The matter continues to be taken up not only with WAPDA, but also before the concerned ministries in the government of Pakistan. On March 31, 2010, overdue receivables from WAPDA were of the amount of Rs 34,107 million. Progress on the earlier proposed expansion project (280 MWs) has been discontinued due to the impending circular debt and its consequential impact on the fuel supply chain to the power sector.
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DETAIL ANALYSIS
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SUMMARY
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BALANCE SHEET
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Rs in '000 June,2009 Mar,2010
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Deferred liabilities 2,943,032 4.9% 3,156,569 4.5%
NON-CURRENT LIABILITIES 8,136,722 13.6% 7,900,844 11.3%
Trade and other payables 19,213,087 32.0% 26,727,777 38.2%
CURRENT LIABILITIES 28,739,296 47.9% 40,944,020 58.5%
EQUITY 23,083,236 38.5% 21,123,734 30.2%
EQUITY AND LIABILITY 59,959,254 100% 69,968,598 100%
Property, plant and equipment 18,504,118 30.9% 18,183,279 26.0%
NON-CURRENT ASSETS 18,796,425 31.3% 18,514,589 26.5%
Stock-in-trade 1,967,212 3.3% 3,520,753 5.0%
Trade debts 32,721,969 54.6% 41,703,463 59.6%
CURRENT ASSETS 41,162,829 68.7% 51,454,009 73.5%
TOTAL ASSETS 59,959,254 100% 69,968,598 100%
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INCOME STATEMENT
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Rs in '000 9 months %Sales 9 months %Sales
Mar,2009 Mar,2010 -
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Sales 52,977,703 100% 62,879,801 100%
Cost of sales (44,941,694) 85% (55,599,526) 88%
Gross profit 8,036,009 15% 7,280,275 12%
Profit before tax 6,420,756 12% 5,718,079 9%
Taxation (2,245,108) 4% (1,999,947) 3%
Profit for the period 4,175,648 8% 3,718,132 6%
Earnings per share 4.74 4.22
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The revenue for KAPCO for the 3Q10 were 18.69% higher than 3Q09. It increased from Rs 52.977 billion to Rs 62.879 billion in FY10. The modest increase in overall revenue is attributed to devaluation of Pakistani currency and increase in tariffs during the same period. The cost of sales (88% of sales) which includes fuel cost, salaries, wages and benefits, plant maintenance, repairs, depreciation increased 23.7% in 3Q10 to Rs 55.599 billion. Residual fuel oil, which amounts to Rs 52.576 billion only, accounts for 94.5% of the operating cost.
Overall, cost of sales increased more as compared to revenues resulting in 9.4% decrease in Gross profit for PNSC group reaching Rs 7.28 billion. In 3Q10, Kapco's administrative expenses decreased considerably showing 24.26% reduction to Rs 329 million. Operating income of Kapco plunged from year back Rs 4 billion to Rs 2.304 billion showing 67% decrease and alarming sign for the Kapco.
Earnings before interest and tax equaled to Rs 9.255 billion. Finance cost for the company decreased by 31.11% to Rs 3.537 billion. The reason for apparent decrease is caused by increased in deferred liabilities of the company. However, the markup cost on long and short-term borrowing has increased. Profit before and after taxation decreased to Rs 5.718 billion and Rs 3.718 billion from year earlier Rs 6.42 billion and Rs 4.715 billion, showing 44% decrease. Profit before and after taxation both reduced by 10.95% at the end of third quarter. Overall, profit of Kapco has reduced after 3Q10. EPS for Kapco decreased to Rs 4.22 after 3Q10 from 4.74 year earlier.
Comparing March 31, 2010 to June 30, 2009, it has been found that the non-current assets (98% property, plant and equipment) of the company decreased by 1.5% amounting to Rs 18.514 billion and the current assets (81% trade debt) increased by 27.45% from Rs 32.721 billion to Rs 41.703 billion. Property, plant and equipment decreased to Rs 18.183 billion. Trade debts (account receivable) increased to Rs 41.703 billion due to non-payment by WAPDA.
The current liabilities increased by 42.47% from Rs 28.739 billion to Rs 40.944 billion. The current liabilities comprise of 65.3% trade and other payable, 32.5% short-term borrowing and remaining is long-term liability. The non-current liabilities, which include long-term loans, deferred liabilities decreased by 2.9% from Rs 8.136 billion to Rs 7.9 billion. Equity of the company slipped 8.5% to Rs 21.123 billion.
Thus, Kapco's balance sheet has weakened due to increased increase in account payable. Receivables of the company have also increased. Although, assets of the company have increased but much of the growth is funded by increase in debt and return of equity holder has decreased.
On probing further, it is found that profitability of the company has slightly worsened after the 3Q10 reports. The gross profit margin and profit margin of the group declined to 11.5% and 5.9% from 15.2% and 7.9% in the same period last year. Return on Assets and Return on equity position also exacerbated to 5.31% and 17.6% from 6.96% and 18.01% in the same period last year. Decrease in profitability ratio is primarily because of decrease in net income for the company.
Current Assets and Current liability both increased by 25% and 42.5%. Current ratio worsened slightly to 1.26 from 1.43. Quick ratio, which contains liquid assets, also devolved to 1.17 from 1.36. The reason can be attributed to increase in account payables, account receivables and inventory. Networking capital also decreased considerably from year earlier to Rs 10.5 billion.
The activity ratio also showed ineffective collection of receivables, increased payables and decreased inventory. Situation was similar for asset management ratios. Kapco showed weakening assets since total asset turnover, fixed asset turnover decrease to 1.11 and 0.29 from 1.13 and 0.35. Sales/equity slightly improved but at the expense of debt holders. Company's debt management ratios showed the situation might worsen for Kapco due to increase debt and heavy reliance on long-term loan to meet its day-to-day obligations. From investor's point of view, company's price has increased as compared to the same period last year. P/E multiple of the company has also increased in 3Q10 to 10.7X from 7.7X year earlier.
However, in the last quarter, decreasing trend in price has been observed.
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RATIOS
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KAPCO HUBCO
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PROFITABILITY RATIOS
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Gross profit margin (%) 15.2% 11.6%
Pretax Profit Margin (%) 12.1% 9.1%
Profit Margin (%) 7.9% 5.9%
Return on Assets (%) 7.0% 5.3%
Return on Equity (%) 18.1% 17.6%
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LIQUIDITY RATIOS
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Quick ratio 1.36 1.17
Current Ratio 1.43 1.26
Net Working Capital (Rs) 12,423,533 10,509,989
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ACTIVITY RATIOS
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Inventory Turnover(Days) 16 23
Day Sales Outstanding (Days) 222 239
Day Payable outstanding(Days) 154 173
Operating cycle (Days) 238 262
Cash Conversion Cycle(Days) 84 88
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ASSET MANAGEMENT RATIOS
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Total Asset Turnover 1.13 1.11
Fixed Asset Turnover 0.35 0.29
Sales/Equity 2.30 2.98
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DEBT MANAGEMENT RATIOS
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Debt to Asset 0.62 0.70
Debt to Equity Ratio 1.60 2.31
Times Interest Earned 0.45 0.38
Long Term Debt to Equity 0.22 0.22
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MARKET VALUE RATIOS
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Earnings per share(Rs) 4.74 4.22
Price/Earnings Ratio 7.7 10.7
Book value per share(Rs) 26.2 24.0
No of Shares Issued (millions) 880,253 880,253
Market prices (Rs) 36.29 44.97
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In FY09, the turnover increased at a decreasing rate by 23.98% compared to FY08, mounting to Rs 69,363 million where the increase was mainly based on increase in energy purchase price and capacity purchase price. KAPCO was able to post a net-income of Rs 5,762 million compared to Rs 7,966 million in FY08. Earnings per Share declined to Rs 6.44 in FY09. KAPCO's turnover was Rs 55,947 million in 2008, which is an increase of 50.86% when compared with the sales figure of 2007. This increase was mainly due to the higher demand of electricity in the country, which subsequently led to the higher supply by KAPCO to WAPDA.
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2008 2009 change
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Total Revenue 55,947,078 69,363,913 19%
Operating Profit (EBIT) 9,727,854 15,133,104 36%
Total Assets 56,964,461 59959254 5%
Net Income 7,966,143 5,672,355 -40%
Cost of Goods Sold 46,600,485 58,373,072 180%
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Liquidity condition in FY09 marginally improved, as the ratio increased to 1.43X for the period. The decline in the previous period was overcome through various factors. The main attribute is because of a huge swelling 123% of bank balance, primarily on current accounts to target the short-term needs of the company. The liabilities section saw both a high increase and decrease. The finances under mark-up agreement reduced to Rs 8.617 million in FY09 from Rs 23,637 million in FY08. However, the trade payables showed a massive increase duly payable to WAPDA and PSO. The amount for WAPDA mounts to Rs 0.4 million and for PSO Rs 15,482 million.
This led to only a marginal increase in the current ratio, whereas the similar trend could be seen for quick ratio as it increased to 1.25X as not much change was there in stocks and spares section.
Liquidity position of KAPCO remained under threat during 2008 and slightly worsened. The current ratio fell from 1.85 in 2007 to 1.38 in 2008. This was firstly because of the phenomenal increase of 267.53% in finances under mark-up arrangements during FY08 on a year on year (YoY) basis. Secondly, the current ratio did not fall drastically because on the current assets side trade debts increased by 153.2% and jumped to Rs 29,303 million in FY08. Both of these figures represent the liquidity problem that KAPCO and other IPPs like KAPCO are facing. KAPCO had to utilize and extend its running finance facilities available from different banks to ensure that it paid its creditors. Whereas WAPDA's dues continue to rise from the last year and the company has to bear with a liquidity crunch because its sole customer (WAPDA) is unable to clear off its obligations towards KAPCO.
Comparing with KAPCO, which has the current ratio of only 1.03X, KAPCO is still able to manage its liquidity condition better than KAPCO. KAPCO carries a heavier debt burden of trade payables on its balance sheet.
Gross Profit Margin (GPM) fell from 23.58% in 2007 to 16.71% in 2008 mainly because during FY08 cost of sales rose by 64.4% as against the figure of 2007. The rise in cost of sales was because Fuel cost increased by 71.9% during FY08 from PKR 25.572 billion in 2007 to PKR 43.96 billion in 2008. Last year international oil prices touched record levels, which also caused the prices of substitutes such as gas to increase as well. The upward pressure on gas prices was higher in Pakistan because of reports that Pakistan's gas reserves are dwindling. All of these reasons contributed to the rise in fuel costs of KAPCO. Return on common equity was 37.35% in FY08 this was higher by around 11% when compared with the last 2-year figures. Retained earnings increased by 25.63% in 2008 on a YoY basis.
The company was not able to maintain its profitability; the Gross Profit and Net Profit ratio saw a decline in FY09. Gross profit reduced to 15.85% in FY09, as there was not a significant increase in sales compared to cost of sales, which led to decrease in the ratio. The reason behind this is the increase of Gas Turbines Overhauls' Cost, which induced the overall increase. For the Net Profit Margin, it further decreased to 8.18%, as the administrative expense increased by 90%, followed by Finance Cost which went up by 190%, as the rate for mark up arrangements increased from Re. 0.3995 (max) to Re. 0.5068, along this the utilization of the facility also increased to Rs 438.511 million in FY09 compared to Rs 237.753 million in FY08.
The gross profit margin was 7.36% while Net Profit posted only 4.56%. The reason behind this remains the same, as KAPCO's sales growth remained subdued in comparison to its Cost of Sales along with 100% increase in the Finance Cost for FY09.
In FY09, KAPCO's asset management ratios improved as compared to FY08. Inventory Turnover further reduced to 31.44 days. Along with this the Days Sales Outstanding too declined to 169.83 days making the operating cycle 201 days, which is 22 days less vis-à-vis FY08. The Total Assets Turnover increased slightly to 1.16X from 0.98X in FY08. KAPCO also improved its sales/equity ratio from 2.62X in FY08 to 3.00X in FY09.
Inventory turnover (days) decreased by 11.35 days during 2008 as against the figure of 2007 because sales were higher by 50.86% in FY08. On the other hand stock levels only increased by 9.96% in FY08. The indicator shows that inventory turnover was higher than last year and KAPCO replaced stocks at a higher rate in FY08 than in FY07. The operating cycle increased by 64.9 days due to the increase in the day sales outstanding (DSO). DSO increased to 188.56 days because of the rise in trade debts owed by WAPDA. The unstable and volatile trend of operating cycle during the past three years is mainly due to the liquidity problem posed by the circular debt trap. Sales-equity ratio increased to 2.62 in FY08 from 1.97 in FY07. This increasing trend is in continuation for the past four years and shows that KAPCO has been able to increase sales by a greater percentage as compared to the percentage increases in equity.
KAPCO too maintained its Asset Management ratios in 2009 as compared to KAPCO; its sales/equity was 2.8X, which is slightly less than KAPCO's 3.00x.
Debt ratios in FY09 showed an improved performance. The debt to asset ratio fell to 61.50% as the total assets increased by 5.26% compared to Total Liabilities only increasing by 3.48%.
Secondly, the long-term debt to equity too showed a decline as it decreased from 41.35% in FY08 to 35.25% in FY09. This was essentially due to the decrease in the long-term loan - unsecured, which was issued by WAPDA, to decrease to Rs 5,147 million from Rs 6,047 million.
However, the TIE ratio fell to 2.36 in FY09; this was due to increase in the finance cost due to the revised rate on mark-up arrangements in the short-term facility. A major reason for the increase in financial charges was the financial charges associated with buying raw material on credit to the tune of Rs 2.2 billion. KAPCO on the other hand did face some debt-constrained issues as its Debt to Assets Ratio reached to 0.67 in FY09, and the Long Term Debt to Equity amounted to 0.38X.
Total liabilities increased by 77.6% during 2008 on a YoY basis even though long-term liabilities fell by Rs 1.73 billion. The rise in short-term finance facility utilization was the major reason for higher total liabilities. Total assets rose by 46.3% during FY08. Both debt to asset and debt to equity showed an upward trend at the end of FY08 because of higher short-term debt that KAPCO needed to pay off its suppliers and creditors these payments were not financed by KAPCO's own assets, rather by running finance lines from commercial banks, as WAPDA did not pay off its obligations towards KAPCO. TIE ratio fell to 4.65 in FY08 from 6.71 in FY07 because financial costs rose by 66.35% during FY08 on a YoY basis. This rise was mainly due to the increases in the finances under mark-up arrangement, which increased from Rs 115.5 million in FY07 to Rs 1.1 billion in FY08.
EPS saw a decline in FY09 to Rs 6.44 as the net-income decreased for FY09, similarly the dividend payout too decreased to Rs 4.41 per share as the total dividends dispersed reduced to Rs 3,883 million in FY09. Earnings per share were higher by Rs 3.38 in FY08 at Rs 9.05. Because the number of ordinary shares has not changed from the previous year this measure indicates purely the increase in profits that are attributable to shareholders. Book value has increased during FY08 because of the increases in retained earnings.
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KOT ADDU POWER COMPANY LIMITED (KAPCO) - KEY FINANCIAL DATA
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Income Statement (Rs'000) 2004 2005 2006 2007 2008 2009
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Total Revenue 21,842,271 27,563,546 32,833,378 37,086,650 55,947,078 69,363,913
Cost of Goods Sold 13,282,309 17,827,010 22,998,341 28,343,289 46,600,485 -58,373,072
General & Administrative
Expenses 113,479 183,421 200,901 289,613 381,261 -727,267
Operating Profit (EBIT) 8,709,129 9,895,305 10,062,010 8,911,070 9,727,854 15,133,104
Financial Charges 2,028,032 1,766,735 1,465,498 1,327,430 2,208,130 -6,410,224
Net Income 6,936,425 8,047,790 5,317,362 4,991,409 7,966,143 5,672,355
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Balance Sheet (Rs'000) 2004 2005 2006 2007 2008 2009
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Stores & Spares 2,338,037 2,432,928 2,472,538 2,553,701 2,551,182 3,131,479
Cash & Bank Balances 1,690,103 3,762,465 4,366,054 208,999 179,439 400,353
Total Current Assets 7,941,539 12,327,215 11,503,767 17,642,951 37,083,343 41,162,829
Total Non Current Assets 24,968,752 24,402,841 22,774,015 21,288,075 19,881,118 18,796,425
Total Assets 32,910,291 36,730,056 34,277,782 38,931,026 56,964,461 59959254
Total Current Liabilities 3,718,292 5,330,912 2,890,972 9,530,326 26,828,443 28739296
Long Term Liabilities 11,172,275 9,112,516 11,264,973 10,537,252 8,808,010 8,136,722
Total Liabilities 14,890,567 14,443,428 14,155,945 20,067,578 35,636,453 36876018
Share Capital 8,802,532 8,802,532 8,802,532 8,802,532 8,802,532 36,000,000
Total Equity 18,019,724 22,286,628 20,121,837 18,863,448 21,328,008 23083236
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LIQUIDITY RATIO 2004 2005 2006 2007 2008 2009
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Current Ratio 2.14 2.31 3.98 1.85 1.38 1.43
Quick ratio 1.35 1.36 2.73 1.40 1.21 1.25
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ASSET MANAGEMENT 2004 2005 2006 2007 2008 2009
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Inventory Turnover(Days) 48.13 66.02 39.50 41.87 30.52 11.45
Day Sales Outstanding (Days) 33.22 30.44 34.15 112.35 188.56 169.83
Operating Cycle (Days) 81.35 96.46 73.65 154.22 219.08 201.27
Total Asset turnover 0.66 0.75 0.96 0.95 0.98 1.16
Sales/Equity 1.21 1.24 1.63 1.97 2.62 3.00
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DEBT MANAGEMENT 2004 2005 2006 2007 2008 2009
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Debt to Asset (%) 45.25 39.32 41.30 51.55 62.56 61.50
Debt/Equity (Times) 0.83 0.65 0.70 1.06 1.67 1.60
Times Interest Earned (Times) 4.29 5.60 6.87 6.71 4.65 2.36
Long Term Debt to Equity (%) 62.00 40.89 55.98 55.86 41.3 35.25
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PROFITABILITY (%) 2004 2005 2006 2007 2008 2008
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Gross Profit Margin 39.19 35.32 29.95 23.58 16.71 15.85
Net Profit Margin 31.76 29.20 16.19 13.46 14.24 8.18
Return on Asset 21.08 21.91 15.51 12.82 13.98 9.46
Return on Common Equity 38.49 36.11 26.43 26.46 37.35 24.57
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PER SHARE 2004 2005 2006 2007 2008 2008
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Earnings per share 7.88 9.14 6.04 5.67 9.05 6.44
Dividend per share 7.95 3.86 8.82 7.10 6.23 4.41
Book value 20.47 25.32 22.86 21.43 24.23 26.22
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Shareholding structure
On June 27, 1996, following international competitive bidding by the Privatisation Commission Government of Pakistan, the management of KAPCO was transferred to National Power (now International Power) of the United Kingdom, which acting through its subsidiary National Power (Kot Addu) Limited (NPKAL), bought shares representing a 26% stake in KAPCO. Later, NPKAL bought a further 10% shareholding in KAPCO increasing its total shareholding to 36%.
The other majority shareholder in KAPCO is WAPDA with a present shareholding of 46%.
Following the successful completion of the Offer for Sale by the Privatization Commission (on behalf of WAPDA) in February 2005, 18% of KAPCO's shareholding is now held by the general public. Future outlook
From the recent shortage of fuel supplies that led to nationwide load shedding of more than eight hours in a day, brought about the serious issue of debt payments from WAPDA to KAPCO and KAPCO to PSO. Shortage of fuel supplies constrained the power generation for the country. Intervention of government by paying Rs 1bn on behalf of each company restored the situation temporarily; however, the debt issue remains as the payments from WAPDA yet to be collected.
Such issues would bring upon rampant reactions from the public. The two power companies together had a capacity to produce over 2800 MW of electricity, although they seldom produce more than 2000 MW on a regular basis. Therefore, the companies have to improve their performance in order to ever increasing demand.
Future environment could be unsatisfactory for not only KAPCO but also other industries that would be heavily affected by the load-shedding crisis because of the debt payments by the power generation companies.
Since power sector is the backbone of country and other industries depend on their performance, government has to take concrete steps to resolve power issue. Owing to floods and circular debt issue, current situation seems quite bleak and long term strategic decisions have to been taken by government otherwise the problem would persist.
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KAPCO VS KAPCO
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BALANCE SHEET KAPCO KAPCO
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Rs in '000 June,2009 Mar,2010 June,2009 Mar,2010
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Deferred liabilities 2,943,032 3,156,569 15,001 26,330
NON-CURRENT LIABILITIES 8,136,722 7,900,844 11,355,914 23,654,916
Trade and other payables 19,213,087 26,727,777 43,970,160 53,214,079
CURRENT LIABILITIES 28,739,296 40,944,020 49,297,407 59,906,482
EQUITY 23,083,236 21,123,734 29,532,350 28,616,333
EQUITY AND LIABILITY 59,959,254 69,968,598 90,185,671 112,177,731
Property, plant and equipment 18,504,118 18,183,279 37,895,720 48,289,134
NON-CURRENT ASSETS 18,796,425 18,514,589 39,195,727 51,541,701
Stock-in-trade 1,967,212 3,520,753 2,540,887 1,025,251
Trade debts 32,721,969 41,703,463 46,629,457 57,568,384
CURRENT ASSETS 41,162,829 51,454,009 50,989,944 60,636,030
TOTAL ASSETS 59,959,254 69,968,598 90,185,671 112,177,731
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INCOME STATEMENT KAPCO KAPCO
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Rs in '000 9 months 9 months 9 months 9 months
Mar,2009 Mar,2010 Mar,2009 Mar,2010
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Sales 52,977,703 62,879,801 67,355,485 71,745,519
Cost of sales (44,941,694) (55,599,526) (62,553,018) 65,971,182)
Gross profit 8,036,009 7,280,275 4,802,467 5,774,337
Profit before tax 6,420,756 5,718,079 2,965,262 4,291,178
Taxation (2,245,108) (1,999,947)
Profit for the period 4,175,648 3,718,132 2,965,262 4,291,178
Earnings per share 4.74 4.22 2.56 3.71
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