Systems Limited had post massive 102% profit growth in 9 months

 Systems Limited (SYS) has unveiled its financial performance for the nine months that ended on September 30, 2021, as per which the company maintained its growth trajectory by posting net profits worth Rs5.12 billion, witnessing a substantial increase of 2x YoY compared to profits of Rs2.52bn reaped in 9MCY21.

This has been reflected in basic earnings per share which grew by 96% YoY from Rs9.44 per share to Rs18.47 per share.

SYS’s tremendous performance during the period was attributable to a number of factors such as increased presence in developed markets, sustainability in MEA operations due to increased recurring revenue, increased business from North America region, and from being a core beneficiary of government focus on public sector digitalization and rupee devaluation.

The company has established accelerated assets, products, and solutions that would expand the sales pipeline and bring more sale closures for the future in the global market, going forward.

During the period, the company’s standalone revenue grew by 91.4% YoY from Rs10.52bn to Rs20.14bn, while its costs of sales jumped by 99% YoY, causing gross margins to drop by 2% from 34% to 32%.

Furthermore, the company also paid a massive amount in terms of tax expenses that stood at Rs279.58mn compared to Rs69.3mn paid in last year.