KARACHI: Net profit of Systems Ltd for 2021 amounted to Rs4.38 billion, up 102 per cent from a year ago, the company said in a stock notice on Thursday.

Along with the result, it declared a cash dividend of Rs5 per share in addition to 100pc bonus shares.

Quarterly profit for October-December totalled Rs1.86bn, which is 239pc higher than a year ago.

“The remarkable growth is attributed to growing digitalisation around the globe and a significant investment in skilled resource by Systems Ltd,” said a note by Insight Securities.

The gross margin for the last quarter of 2021 remained 29pc versus 31.7pc a year ago possibly because of the “addition of new resources in the workforce”, said the brokerage.

The depreciation of the rupee against the dollar led to “other income” of Rs301 million in the last quarter. The company also recorded a one-off gain of Rs816m on account of the dilution of voting rights in its subsidiary, E-Processing Systems.

The share price of the company rose 7.57pc to Rs674.94 on the stock exchange.

Published in Dawn, March 11th, 2022