Karachi: The Directors of Pakgen Power Limited presented their third quarterly financial report for the period ending September 30, 2024, 0n 30 Oct 2024. According to information available from the Pakistan Stock Exchange (PSX), the company experienced a notable increase in after-tax profits and a higher electricity dispatch compared to the same period last year.

The financial performance of Pakgen Power Limited for the period ended September 30, 2024, reveals significant financial growth. The company generated a revenue of Rs. 10,806.20 million, a decrease from the previous year's Rs. 16,265.28 million. However, the gross profit rose to Rs. 5,663.52 million from Rs. 4,900.36 million in 2023. Notably, the after-tax profit increased to Rs. 6,197.85 million, up from Rs. 5,084.39 million, marking an improvement in profitability. The earnings per share also rose from Rs. 13.66 to Rs. 16.66.

During this period, Pakgen Power dispatched 59,991 MWh of electricity, a significant decrease from the 248,726 MWh dispatched during the corresponding period of the previous financial year. This dispatch reflects the operational capabilities amidst varying market demands.

The sole customer of Pakgen Power, Central Power Purchasing Agency (Guarantee) Limited (CPPA-G), continues to face challenges in meeting its financial obligations under the Power Purchase Agreement, backed by a sovereign guarantee from the Government of Pakistan. As of the report's date, CPPA-G owes Pakgen Power a substantial Rs. 12.921 billion.

In corporate governance, the board consists of eight directors, including seven males and one female, with two independent directors. The audit committee and the Human Resource and Remuneration Committee are actively overseeing the company's governance and operational frameworks.

Additionally, the board declared a third interim cash dividend of PKR 2 per share, indicating a return of 20% on the shares for this period. The directors acknowledged the management and staff's efforts in fostering a productive work environment and achieving these financial results.