Systems Limited has become Pakistan’s first technology company to cross a market value of Rs. 100 billion.
The information technology company’s share price is currently Rs. 740.93, according to the press release. This makes it worth Rs. 102 billion in market capitalization.
We are so excited to share that #SystemsLimited has done it again!— Systems Limited (@SystemsLtd) September 1, 2021
We are the FIRST tech company in Pakistan to cross 100 billion rupees market capitalization.
Kudos to our hardworking employees, partners, stakeholders and leadership that have made this possible! 🎉 #100billion pic.twitter.com/5iNhWurVr0
Intermarket Securities Limited analyst Rahul Hans said that the brokerage house had upgraded its estimates for the company.
He added that “SYS has delivered higher-than-expected revenues/profits in 1HCY21 to warrant the upgrade”.
Systems Limited has been consistent in its financial performance with a 42 percent growth in profits for the period of January to June 2021, as compared to a similar period last year.
According to the financial results announced to PSX, the net profit for the company increased from Rs. 1.067 billion to Rs. 1.514 billion.
Systems Limited’s revenue grew 50 percent year-over-year to Rs. 3.5 billion in the second quarter of FY 2021. This was 15 percent higher than its revenue of Rs. 2.30 billion in the first quarter of FY 2021.
Systems Limited’s free cash flow came in at Rs. 543 million in the second quarter of FY 2021. Its gross profit margin for the second quarter of FY 2021 was 34 percent, while its operating profit margin was 22 percent.
The company served 291 active customers in the second quarter, of which 16 clients contributed over Rs. 1 million in revenue.
It highlighted that it intends to use its “healthy cash flow position” to explore new geographies, develop its infrastructure, and invest in the country’s startup ecosystem.
The company recently acquired a 20 percent stake in Retailistan (a retail technology startup) for Rs. 468 million.
The CEO of Systems Limited, Asif Peer, acknowledged the company’s positive growth trajectory and said, “With an aggressive focus on the advanced, well-poised technological solutions and under the leadership of dedicated professionals and industry veterans, we will be able to expand our operations in Europe and other global markets and lead the way”.