Lahore: Kohinoor Energy Limited (KEL) conducted its 31st Annual General Meeting on October 24, 2024, marking another year of robust operational success and significant shareholder returns. According to information available from the Pakistan Stock Exchange (PSX), the Lahore-based power producer reported a net profit of Rs. 1,600.00 million for the fiscal year ended June 30, 2024, translating to an earnings per share (EPS) of Rs. 9.44.
The company's financial health was buoyed by the consistent performance of its 124 MW furnace oil-fired power station, despite a drop in the dispatch of electricity. KEL managed a dispatch rate of 19.06%, delivering 207,615 MWh during the reporting period, a decrease from the previous year's 30.30% capacity factor. This was mainly due to a comparative reduction in demand and an increase in maintenance activities.
The board had recommended and paid three interim dividends totaling a 145% payout—Rs. 14.50 per share—during the fiscal year. These dividends were distributed in September 2023, November 2023, and May 2024.
KEL's commitment to corporate governance and shareholder interests was evident as it navigated regulatory challenges and operational hurdles without compromising on profitability or efficiency. The Annual General Meeting also saw the election of seven directors for a three-year term, ensuring continuity in its strategic oversight.
The meeting highlighted the company’s adherence to stringent environmental policies and its ongoing commitment to community welfare through extensive corporate social responsibility programs, focusing on health and education in surrounding communities. KEL's strong governance framework and risk management policies have been key drivers of its sustained operational success.
KEL remains focused on maintaining its operational integrity and financial prudence, aiming to deliver enhanced value to its shareholders and stakeholders in the coming years. The board expressed its gratitude towards the shareholders for their continued trust and support, reaffirming its commitment to uphold the highest standards of corporate conduct and operational efficiency.