Karachi: Kot Addu Power Company Limited (KAPCO) has disclosed its financial results for the fiscal year ended June 30, 2024. The company saw a rise in annual profits, driven largely by significant reductions in finance costs and a robust other income stream.
According to information available from the Pakistan Stock Exchange (PSX), KAPCO's revenue from contracts with customers for the year 2024 amounted to Rs 25.44 billion, with a gross profit of Rs 2.06 billion after accounting for cost of sales totaling Rs 23.37 billion. This reflects an operational tightening, as the company managed to increase its gross profit marginally from the previous year.
Operating expenses varied, with plant maintenance and preservation costs seeing a sharp increase to Rs 4.16 billion from Rs 2.62 billion in 2023, reflecting higher operational demands. Administrative expenses slightly decreased to Rs 710.82 million from Rs 842.58 million. Notably, other operating expenses dropped significantly to Rs 438.60 million from Rs 1.36 billion.
The financial statements also showed a substantial amount of other income, totaling Rs 14.63 billion, slightly down from Rs 15.83 billion in the previous year, which contributed to an operating profit of Rs 9.32 billion, compared to Rs 13.07 billion in 2023.
Finance costs for KAPCO were reduced significantly, down to Rs 3.78 billion from Rs 6.25 billion, aiding in boosting the company's profitability before levy and income tax to Rs 5.54 billion, down from Rs 6.82 billion in the prior year.
The final tax levy cost the company Rs 2.18 billion, with the profit before income tax recorded at Rs 3.36 billion, compared to Rs 6.82 billion in 2023. After accounting for income tax, which was a credit of Rs 952.28 million this year, the company's net profit for the year stood at Rs 4.31 billion, up from Rs 3.96 billion in 2023.
Earnings per share also increased to Rs 4.90 from Rs 4.50, indicating improved profitability per share.
The annexed notes 1 to 41 form an integral part of these financial statements.