CW Pakistan
  • Legacy
    • Legacy Editorial
    • Editor’s Note
  • Academy
  • Wired
  • Cellcos
  • PayTech
  • Business
  • Ignite
  • Digital Pakistan
  • DFDI
  • PSEB
  • PASHA
  • TechAdvisor
  • GamePro
  • Partnerships
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • TechAdvisor
0
0
0
0
0
Subscribe
CW Pakistan
CW Pakistan CW Pakistan
  • Legacy
    • Legacy Editorial
    • Editor’s Note
  • Academy
  • Wired
  • Cellcos
  • PayTech
  • Business
  • Ignite
  • Digital Pakistan
  • DFDI
  • PSEB
  • PASHA
  • TechAdvisor
  • GamePro
  • Partnerships
  • Business

Systems Limited Reports Mixed Financial Results

  • October 22, 2024
Total
0
Shares
0
0
0
Share
Tweet
Share
Share
Share
Share

Systems Limited announced its financial results for the nine months ended September 30, 2024. The company reported a consolidated profit after tax (PAT) of Rs. 5,432 million, down 24 percent year-over-year (YoY) compared to Rs. 7,146 million in 9MCY23.

Despite the decline in overall profit, Systems Limited’s consolidated earnings for the third quarter of 2024 increased by 18 percent YoY to Rs. 2,188 million.

Net sales for 9MCY24 reached Rs. 48.3 billion, a 29 percent YoY increase. In 3QCY24, net sales grew by 22 percent YoY, driven by growth in dollarized revenue across all verticals.

Gross margins declined by 430 basis points (bps) YoY in 9MCY24 due to inflationary adjustments in compensation, rising energy costs, and a lower average exchange rate. In 3QCY24, gross margins decreased by 290bps YoY to 25 percent.

Administrative and distribution expenses rose by 15 percent year-over-year and 26 percent quarter-over-quarter in 3QCY24, likely due to inflationary pressures and an increase in the resource pool.

Other income for the quarter amounted to Rs. 186 million, up 4 percent YoY, primarily driven by interest income from subsidiaries and an increase in cash and cash equivalents.

Finance costs declined by 60 percent YoY and 30 percent quarter-over-quarter in 3QCY24, primarily due to lower short-term borrowings.

The company’s effective taxation rate for 3QCY24 was 9.9 percent, compared to 6.4 percent in the same period last year. This increase was primarily attributable to higher tax rates applicable in the UAE region.

Share
Tweet
Share
Share
Share
Previous Article
  • Ignite

Neem Launches Shariah-Compliant Earned Wage Access Solution, Neem Paymenow, to Support Financial Wellness in Pakistan

  • October 21, 2024
Read More
Next Article
  • Wired

Pakistan Post to Automate All Post Offices

  • October 22, 2024
Read More
You May Also Like
Read More
  • Business

Skywell Group to Build EV Assembly Plant in Punjab SEZ Under New Pakistan-China MoU

  • Press Desk
  • June 19, 2025
Read More
  • Business

S&P Global Completes 20 Years in Pakistan, Reaffirms Commitment to Innovation and Empowerment

  • Press Desk
  • June 19, 2025
Read More
  • Business

Aga Khan University Panel to Explore Supply Chain 5.0 and Sustainability on June 20

  • Press Desk
  • June 19, 2025
Read More
  • Business

Careem Halts Ride-Hailing in Pakistan Amid Competition and Economic Pressures

  • Press Desk
  • June 18, 2025
Read More
  • Business

Govt Limits FBR Arrest Authority, Adjusts Cash-on-Delivery Tax Policy

  • Press Desk
  • June 17, 2025
Read More
  • Business

Muhammad Saad Khan Appointed GAFAI Global AI Delegate for Saudi Arabia

  • Press Desk
  • June 15, 2025
Read More
  • Business

Pakistan, China Sign Five-Year Agreement for Technology Transfer and Skilled Labour Training

  • Press Desk
  • June 10, 2025
Read More
  • Business

10Pearls Secures Spot on CRN’s 2025 Solution Provider 500 List for Continued Digital Innovation

  • Press Desk
  • June 7, 2025
Trending Posts
  • Lahore Traffic Police Introduces Smart App to Accelerate E-Challan Recovery via Image Recognition
    • June 22, 2025
  • Pakistan Showcases IT Investment Opportunities at Concluding US Tech Conference 2025
    • June 21, 2025
  • KPITB Launches Automated Fine Collection System for Greater Transparency Across KP
    • June 21, 2025
  • Pakistan Forms High-Level Committee to Accelerate Digital Payments and Build Cashless Economy
    • June 21, 2025
  • SIFC Enables PayPal for Freelancers and Expands IT Infrastructure Nationwide
    • June 21, 2025
about
CWPK Legacy
Launched in 1967 internationally, ComputerWorld is the oldest tech magazine/media property in the world. In Pakistan, ComputerWorld was launched in 1995. Initially providing news to IT executives only, once CIO Pakistan, its sister brand from the same family, was launched and took over the enterprise reporting domain in Pakistan, CWPK has emerged as a holistic technology media platform reporting everything tech in the country. It remains the oldest continuous IT publishing brand in the country and in 2025 is set to turn 30 years old, which will be its biggest benchmark and a legacy it hopes to continue for years to come. CWPK is part of the SPIN/IDG Wakhan media umbrella.
Read more
Explore Computerworld Sites Globally
  • computerworld.es
  • computerworld.com.pt
  • computerworld.com
  • cw.no
  • computerworldmexico.com.mx
  • computerwoche.de
  • computersweden.idg.se
  • computerworld.hu
Content from other IDG brands
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • TechAdvisor
CW Pakistan CW Pakistan
  • CWPK
  • CXO
  • DEMO
  • WALLET

CW Media & all its sub-brands are copyrighted to SPIN-IDG Wakhan Media Inc., the publishing arm of NCC-RP Group. This site is designed by Crunch Collective. ©️1995-2025. Read Privacy Policy.

Input your search keywords and press Enter.