Skip to content
Smart Money
Create free account Log in

Technology & Communication

SYS Systems Limited

Latest results: FY2025 · Dec 2025

Watch SYS · free results alerts

Last close · 16 Oct 2026

Rs 116.74 +0.67%

Annual · FY2014 – FY2025

Systems Limited (SYS) income statement

Systems Limited reported revenue of Rs 80.4 bn for FY2025 (Jan – Dec 2025), up 19.1% on FY2024. Gross profit came to Rs 22.4 bn, a gross margin of 27.9%. Operating profit was Rs 13.0 bn (an operating margin of 16.1%). Finance cost was Rs 128.1 mn, down 43.0% on FY2024. Tax of Rs 586.3 mn took 5.0% of pre-tax profit. Profit attributable to shareholders was Rs 11.0 bn, up 48.0% on FY2024, or Rs 7.52 per share.

SYS income statement (annual) (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 * Jan – Dec 2024 FY2023 * Jan – Dec 2023 FY2022 * Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue 80.4 67.5 53.4 31.8 15.3
Cost of revenue (58.0) (51.4) (39.6) (23.1) (10.3)
Gross profit 22.4 16.0 13.8 8.6 5.0
Selling, general & administrative expenses (9.4) (7.4) (5.7) (3.3) (1.8)
Operating profit 13.0 8.9 10.9 5.5 3.2
Finance cost (0.1) (0.2) (0.6) (0.2) (0.1)
Profit before tax 11.6 7.8 8.8 7.0 4.4
Taxation (0.6) (0.4) (0.1) (0.4) (0.1)
Profit after tax 11.0 7.5 8.7 6.6 4.4
Profit attributable to shareholders 11.0 7.5 8.7 6.6 4.5
Per share & other
EPS – basic (Rs) Rs 7.52 5.11 5.97 4.72 3.24
EPS – diluted (Rs) Rs 7.45 5.07 5.93 4.69 3.21
Dividend per share (Rs) Rs 2.00 1.20 1.20 1.00 0.50
EBITDA 14.7 10.7 12.7 6.3 3.6
Depreciation & amortisation 1.7 1.8 1.9 0.8 0.4
Weighted average shares mn 1,468.9 1,460.0 1,455.1 1,403.8 1,376.7
SYS income statement — year-on-year change (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 * Jan – Dec 2024 FY2023 * Jan – Dec 2023 FY2022 * Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue +19.1% +26.3% +68.2% +107.5% +54.9%
Cost of revenue +12.7% +29.9% +71.2% +124.2% +55.8%
Gross profit +39.7% +15.8% +60.3% +73.1% +53.2%
Selling, general & administrative expenses +27.5% +30.6% +70.9% +82.0% +60.0%
Operating profit +45.0% -17.5% +98.4% +70.2% +52.0%
Finance cost -43.0% -65.1% +186.2% +98.2% +89.9%
Profit before tax +48.8% -11.0% +25.8% +57.5% +94.3%
Taxation +64.5% +276.4% -73.1% +551.6% -54.3%
Profit after tax +48.0% -14.1% +31.1% +51.4% +102.4%
Profit attributable to shareholders +48.0% -14.1% +31.1% +48.6% +101.9%
Per share & other
EPS – basic (Rs) +47.1% -14.4% +26.5% +45.7% +100.5%
EPS – diluted (Rs) +46.7% -14.5% +26.5% +46.1% +102.6%
Dividend per share (Rs) +66.7% 0.0% +20.0% +100.0% +57.1%
EBITDA +37.0% -15.9% +102.6% +75.4% +49.1%
Depreciation & amortisation -3.4% -6.7% +131.0% +120.5% +27.7%
Weighted average shares — — — — —

Change against the previous fiscal year; shown when the earlier figure is positive.

SYS income statement — common size (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 * Jan – Dec 2024 FY2023 * Jan – Dec 2023 FY2022 * Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of revenue (72.1%) (76.2%) (74.1%) (72.8%) (67.4%)
Gross profit 27.9% 23.8% 25.9% 27.2% 32.6%
Selling, general & administrative expenses (11.7%) (11.0%) (10.6%) (10.4%) (11.9%)
Operating profit 16.1% 13.3% 20.3% 17.2% 21.0%
Finance cost (0.2%) (0.3%) (1.2%) (0.7%) (0.7%)
Profit before tax 14.5% 11.6% 16.4% 22.0% 29.0%
Taxation (0.7%) (0.5%) (0.2%) (1.1%) (0.4%)
Profit after tax 13.7% 11.1% 16.3% 20.9% 28.6%
Profit attributable to shareholders 13.7% 11.1% 16.3% 20.9% 29.2%
Per share & other
EBITDA 18.3% 15.9% 23.9% 19.8% 23.4%
Depreciation & amortisation 2.1% 2.6% 3.6% 2.6% 2.4%

Each line as a percentage of revenue.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 149
SYS income statement — all reported line items (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue from Goods & Services 80.4 67.5 53.4 31.8 15.3
Sales of Goods & Services - Net - Unclassified — — — — —
Revenue Taxes 3.9 3.3 2.2 0.4 0.2
Gross Revenue from Business Activities - Total 84.3 70.8 55.6 32.1 15.5
Revenue from Business Activities - Total 80.4 67.5 53.4 31.8 15.3
Cost of Operating Revenue 58.0 51.4 39.6 23.1 10.3
Cost of Revenues - Total 58.0 51.4 39.6 23.1 10.3
Cost of Revenues - Unclassified 11.1 12.4 10.0 7.2 2.0
Selling, General & Administrative Expenses - Total 9.4 7.4 5.7 3.3 1.8
Selling, General & Administrative Expenses - Unclassified 2.2 2.0 1.6 1.0 0.4
Amortization in Cost of Revenues 0.7 0.7 1.0 0.2 0.0
Depreciation in Cost of Revenues 0.8 0.9 0.7 0.5 0.3
Depreciation in Selling, General & Administrative Expenses 0.2 0.2 0.2 0.1 0.1
Labor & Related Expenses including Stock-Based Compensation in Cost of Revenues 45.3 37.4 27.8 15.1 8.1
Amortization of Intangibles in Selling, General & Administrative Expenses 0.0 0.0 0.0 0.0 0.0
Material Expenses 0.1 0.1 0.1 0.1 0.0
Other Operating Expense/(Income) - Net — (0.3) (2.7) (0.1) (0.0)
Other Operating Income - Total — — — 0.1 0.0
Ground leases/Rental Expenses in Cost of Revenues 0.1 0.1 0.1 0.1 0.0
Gross Profit - Industrials/Property - Total 22.4 16.0 13.8 8.6 5.0
Operating Expenses - Total 67.4 58.5 42.6 26.3 12.1
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses 6.9 5.0 3.7 2.1 1.3
Research & Development Expense 0.1 0.1 0.1 — —
Selling, General & Administrative Expenses - Other - Total 0.1 0.1 0.1 0.2 0.0
Rental Expense 0.1 0.1 0.1 0.1 0.0
Operating Profit before Non-Recurring Income/(Expense) 13.0 8.9 10.9 5.5 3.2
Financing Income/(Expense) - Net - Total (0.0) (0.1) (0.5) 1.7 0.4
Interest Expense - Net of (Interest Income) 0.0 0.1 0.5 0.1 (0.0)
Interest Expense - Net of Capitalized Interest 0.1 0.2 0.6 0.2 0.1
Provision for Doubtful Accounts & Write-off 0.0 — — 0.1 0.0
Non-Interest Financial Income/(Expense) - Total (0.0) (0.0) (0.0) 1.9 0.3
Non-Interest Financial Income/(Expense) - Other - Net (0.2) (0.2) (0.2) (0.1) (0.0)
Sale of Tangible & Intangible Fixed Assets - Gain/Loss 0.0 0.0 (0.0) 0.1 0.0
Equity Earnings/(Loss) - before Taxes including Non-Recurring (0.1) (0.1) 0.0 (0.3) (0.1)
Other Non-Operating Income/(Expense) - Total (0.3) (0.5) (0.6) — —
Foreign Exchange Gain/(Loss) - Non-Business — — — 1.4 0.3
Normalized Pre-tax Profit 12.6 8.3 9.8 6.9 3.5
Non-Recurring Income/Expense - Total (1.0) (0.5) (1.0) 0.0 0.9
Interest Income - Non-Bank 0.1 0.2 0.2 0.1 0.1
Impairment - Financial Investments 1.0 0.5 0.9 (0.0) —
Dividend & Investment Income 0.0 0.1 0.2 0.5 0.0
Sale of Investments Held for Sale, Maturity & Trading - Gain/(Loss) 0.2 0.2 (0.0) — —
Early Extinguishment of Lease Related Debts - Gain/(Loss) — 0.0 0.1 — —
Fair Value Adjustments - Financial Investments — 0.0 (0.2) 0.0 0.9
Provision for Income Tax Expense- Unclassified — — — — —
Income before Taxes 11.6 7.8 8.8 7.0 4.4
Income Taxes 0.6 0.4 0.1 0.4 0.1
Income Taxes for the Year - Current 0.7 0.4 0.1 0.3 0.1
Income Taxes - Domestic - Current — — — 0.3 0.1
Income Taxes - Other (KFAS/NLST) - Current — — — (0.0) 0.0
Income Taxes - Deferred (0.1) (0.0) (0.0) 0.0 (0.0)
Income Taxes - Domestic - Deferred (0.1) (0.0) (0.0) 0.0 (0.0)
Income Taxes - Other (by Type) 0.0 — — — —
Unrealized Adjustments on Derivatives for Hedging 0.0 0.0 0.0 — —
Net Income after Tax 11.0 7.5 8.7 6.6 4.4
Income before Discontinued Operations & Extraordinary Items 11.0 7.5 8.7 6.6 4.4
Net Income before Minority Interest 11.0 7.5 8.7 6.6 4.4
Minority Interest (0.0) (0.0) 0.0 0.0 (0.1)
Net Income after Minority Interest 11.0 7.5 8.7 6.6 4.5
Income Available to Common Shares 11.0 7.5 8.7 6.6 4.5
Other Comprehensive Income - Starting Line 11.0 7.5 8.7 6.6 4.4
Other Comprehensive Income - Foreign Currency (0.3) (0.2) 1.7 0.8 0.1
Other Comprehensive Income - Unrealized Investment Gain/(Loss) 0.0 — — — —
Other Comprehensive Income - Associated Companies 0.0 0.0 (0.0) 0.0 —
Other Comprehensive Income - Pension Related (0.1) 0.1 0.0 0.0 —
Other Comprehensive Income - Income Tax (0.0) — — — —
Other Comprehensive Income - Net of Tax - Total (0.4) (0.1) 1.7 0.8 0.1
Comprehensive Income before Minority Interest - Total 10.6 7.3 10.4 7.5 4.4
Comprehensive Income - Attributable to Minority Interest - Total (0.0) (0.0) 0.0 0.0 (0.1)
Comprehensive Income - Attributable to Parent Company Equity Holders - Total 10.6 7.3 10.4 7.5 4.5
DPS - Common - Gross - Issue - By Period End Date Rs 2.00 1.20 1.20 1.00 0.50
Net Income - Basic - including Extraordinary Items Applicable to Common - Total 11.0 7.5 8.7 6.6 4.5
Income available to Common excluding Extraordinary Items 11.0 7.5 8.7 6.6 4.5
Shares used to calculate Basic EPS - Total mn 1,468.9 1,460.0 1,455.1 1,403.8 1,376.7
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs 7.52 5.11 5.97 4.72 3.24
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs 7.52 5.11 5.97 4.72 3.24
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs 8.17 5.43 6.64 4.69 2.56
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific 11.0 7.5 8.7 6.6 4.5
Earnings Allocation Factor - Basic - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Basic EPS - Issue Specific mn 1,468.9 1,460.0 1,455.1 1,403.8 1,376.7
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs 7.52 5.11 5.97 4.72 3.24
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs 7.52 5.11 5.97 4.72 3.24
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs 8.17 5.43 6.64 4.69 2.56
EPS - Basic from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
Comprehensive Earnings Per Share - Basic - Issue Specific Rs 7.25 5.03 7.17 5.31 3.29
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total 11.0 7.5 8.7 6.6 4.5
Diluted Income available to Common excluding Extraordinary Items 11.0 7.5 8.7 6.6 4.5
Shares used to calculate Diluted EPS - Total mn 1,483.0 1,470.1 1,464.6 1,413.4 1,390.1
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs 7.45 5.07 5.93 4.69 3.21
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs 7.45 5.07 5.93 4.69 3.21
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs 8.09 5.39 6.59 4.66 2.54
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific 11.0 7.5 8.7 6.6 4.5
Earnings Allocation Factor - Diluted - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Diluted EPS - Issue Specific mn 1,483.0 1,470.1 1,464.6 1,413.4 1,390.1
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs 7.45 5.07 5.93 4.69 3.21
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs 7.45 5.07 5.93 4.69 3.21
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs 8.09 5.39 6.59 4.66 2.54
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
Comprehensive Earnings Per Share - Diluted - Issue Specific Rs 7.18 5.00 7.12 5.27 3.26
DPS - Common - Gross - Issue - By Announcement Date Rs 1.20 1.20 1.00 0.50 0.32
DPS - Common - Net - Issue - By Announcement Date Rs 1.08 1.08 0.90 0.45 0.29
Earnings before Interest & Taxes (EBIT) 13.0 8.9 10.9 5.5 3.2
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 14.7 10.7 12.7 6.3 3.6
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) and Operating Lease Payments 14.9 10.9 12.9 6.4 3.6
Depreciation & Amortization - Supplemental 1.7 1.8 1.9 0.8 0.4
Depreciation Expense - Total - Supplemental 1.0 1.1 0.9 0.6 0.3
Depreciation - Financial Lease Right-of-Use Assets - Supplemental 0.2 0.2 0.2 0.1 0.0
Amortization - Total - Supplemental 0.7 0.7 1.0 0.2 0.0
Intangible Amortization - Other - Supplemental 0.7 0.7 1.0 0.2 0.0
Amortization of Computer Software - Supplemental 0.7 0.7 1.0 0.2 0.0
Amortization of Capitalized Research & Development Expenses - Supplemental 0.0 0.0 0.0 — —
Depreciation, Depletion & Amortization - Total 1.7 1.8 1.9 0.8 0.4
Depreciation - Total 1.0 1.1 0.9 0.6 0.3
Amortization of Intangible Assets excluding Goodwill - Total 0.7 0.7 1.0 0.2 0.0
Labor & Related Expenses - Total 52.6 42.9 31.8 17.3 9.5
Labor & Related Expenses - Supplemental 52.2 42.4 31.5 17.2 9.3
Research & Development Expense - Expensed & Capitalized - Total - Supplemental 0.1 0.1 0.1 — —
Stock-Based Compensation Expense - Net of Tax - Supplemental 0.3 0.3 0.2 0.1 0.1
Research & Development Expense - Supplemental 0.1 0.1 0.1 — —
Stock-Based Compensation Expense - Pre-tax - Supplemental 0.4 0.4 0.3 0.2 0.2
Stock-Based Compensation - Tax Benefit - Supplemental 0.1 0.1 0.1 0.0 0.1
Auditor Fees 0.1 0.1 0.1 0.1 0.0
Audit-Related Fees 0.1 0.0 0.0 0.1 0.0
Tax Fees 0.0 0.0 0.0 0.0 0.0
Fees - Other 0.0 0.0 0.0 0.0 0.0
Normalized after Tax Profit 12.0 7.9 9.7 6.6 3.4
Normalized Net Income from Continuing Operations 12.0 7.9 9.7 6.6 3.4
Normalized Net Income - Bottom Line 12.0 7.9 9.7 6.6 3.5
Earnings before Interest & Taxes (EBIT) - Normalized 12.6 8.3 10.2 7.1 3.5
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized 14.3 10.1 12.1 7.9 3.9
Depreciation of Financial Lease Right-of-Use Assets 0.2 0.2 — — —
Interest Expense on Financial Lease Liabilities - Supplemental 0.1 0.1 0.1 0.1 0.0
Derivatives - Hedging - Gain/(Loss) - Total - Supplemental 0.0 0.0 0.0 — —
Rental/Operating Lease Expense 0.2 0.2 0.2 0.1 0.0
Unrealized Adjustments on Derivatives for Hedging - Supplemental 0.0 0.0 0.0 — —
Interest Expense 0.1 0.2 0.6 0.2 0.1
Operating Expenses 67.4 58.5 42.6 26.3 12.1
Selling, General & Administrative Expenses excluding Research & Development Expenses 9.4 7.3 5.6 3.3 1.8
Income before Taxes & Provision for Loan Losses 11.6 7.8 8.8 7.0 4.4
Cost of Revenue including Operation & Maintenance (Utility) - Total 58.0 51.4 39.6 23.1 10.3
Cost of Revenues excluding Depreciation 56.5 49.9 37.9 22.4 10.0
DPS - Common - Gross - Issue - By Payable Date Rs 1.20 1.20 1.00 0.50 0.32
DPS - Common - Gross - Issue - By Ex Date Rs 1.20 1.20 1.00 0.50 0.32
Tax Adjusted Operating Income 11.2 7.7 9.3 6.8 4.6
Operating Expenses excluding Non-Cash Charges - Total 65.7 56.8 40.7 25.5 11.7
Income Available to Common Shares before Depreciation & Amortization 12.8 9.2 10.6 7.5 4.8
Fixed Charges 0.1 0.2 0.6 0.2 0.1
Estimated Tax Rate 0.29× 0.29× 0.29× 0.29× 0.29×
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs 1.20 1.20 1.00 0.50 0.32

Every line the company reported, in the original order and wording, without regrouping or signs changed.