Islamabad: Altern Energy Limited reported net profit for the three-month period ending September 30, 2024, despite zero electricity dispatch to the Central Power Purchasing Agency (CPPA) due to low demand and unavailability of re-gasified liquefied natural gas (RLNG).

For the reporting period, the company posted a net profit of Rs. 2.12 billion, resulting in earnings per share (EPS) of Rs. 5.83, compared to Rs. 1.70 billion and EPS of Rs. 4.67 for the corresponding period in 2023. Altern Energy’s financial performance was bolstered by a dividend income of Rs. 2.15 billion from its subsidiary, Power Management Company (Private) Limited (PMCL), up from Rs. 1.71 billion during the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), Altern Energy’s consolidated earnings attributable to its shareholders amounted to Rs. 1.28 billion with an EPS of Rs. 3.51, compared to consolidated earnings of Rs. 326 million and an EPS of Rs. 0.90 last year. However, the company incurred a gross loss of Rs. 24.00 million, improving from the Rs. 29.00 million gross loss in the corresponding period of 2023.

The company operates a 32 MW gas-fired thermal power plant in Fateh Jang, Attock, and supplies electricity through the national grid managed by the National Transmission and Dispatch Company (NTDC). Reduced dispatch from the National Power Control Centre (NPCC) kept the plant idle during the period under review, similar to the previous year’s performance. Altern Energy cited NPCC’s preference for newer, more efficient power plants in the merit order, which lowered demand for dispatch from its facility.

Scheduled maintenance activities were conducted as per the recommendations of the Original Equipment Manufacturer (OEM), ensuring that all engines and auxiliary systems remain in optimal condition.

Altern Energy’s subsidiary, Rousch (Pakistan) Power Limited (RPPL), reported a turnover of Rs. 5.13 billion for the period, a significant increase from Rs. 1.73 billion in the same period of 2023. RPPL’s cost of sales rose to Rs. 2.89 billion from Rs. 803.00 million last year, resulting in a net profit of Rs. 2.32 billion, with an EPS of Rs. 2.69, compared to a profit of Rs. 978.00 million and an EPS of Rs. 1.13 in 2023.

RPPL delivered 62 gigawatt-hours (GWh) of electricity to the off-taker during the reporting period, achieving a dispatch factor of 7.30% compared to zero in the same period last year. Out of total receivables of Rs. 14.38 billion as of September 30, 2024, Rs. 12.70 billion remain overdue.

According to information available from the Pakistan Stock Exchange (PSX), RPPL is currently negotiating with the Government of Pakistan for the early termination of its Power Purchase Agreement (PPA), Implementation Agreement (IA), and related guarantees. The task force for power sector reforms has proposed that RPPL hand over the plant to the government upon payment of outstanding receivables, subject to shareholder approval.

Altern Energy confirmed that the health, safety, and environmental performance of its operations remained stable, with tree plantation initiatives underway in the local community. The company also continues to prioritize employing local residents at its plant site in line with its corporate social responsibility goals.

ZCZC.

Bata Pakistan Reports Lower Turnover and Profit Amidst Economic Challenges

Lahore: Bata Pakistan Limited has reported a decline in turnover and profits for the nine-month period ending September 30, 2024, reflecting economic challenges faced by the company.

For the reporting period, Bata’s net turnover stood at Rs. 13.85 billion, down from Rs. 14.42 billion in the corresponding period of 2023. The company’s profit before tax amounted to Rs. 840.22 million, compared to Rs. 904.48 million last year. Similarly, profit after tax dropped to Rs. 577.36 million, compared to Rs. 631.35 million for the same period last year.

Earnings per share decreased to Rs. 76.37 from Rs. 83.51 a year earlier. According to information available from the Pakistan Stock Exchange (PSX), both retail and non-retail operations were impacted by persistent inflation, leading to reduced consumer spending and lower customer footfall at Bata outlets.

The pressure on revenue also affected the company’s production capacity at its Batapur and Maraka plants. However, Bata highlighted efforts to improve operational efficiency through investments in new moulds, many of which have performed successfully in the market.

The company remains focused on achieving its sales targets and maintaining strong customer engagement through social media, online campaigns, and in-store promotions.

Bata also continued its Corporate Social Responsibility (CSR) initiatives, including constructing a badminton court at a local government school, organizing a blood donation camp in partnership with Sundas Foundation, and renovating a science lab at a boys' high school in Lahore. The company further supported underprivileged students by donating shoes to children at Behbud School in Karachi.

Bata anticipates ongoing challenges but remains optimistic about meeting its goals through the dedication of its workforce and support from stakeholders.

ZCZC.

Altern Energy Limited Distributes Rs. 5.90 per Share as Interim Dividend

Karachi: Altern Energy Limited has announced the distribution of an interim cash dividend to its shareholders for the fiscal year ending June 30, 2025. Each shareholder will receive Rs. 5.90 per share, credited electronically based on the records as of the year-end date.

According to information available from the Pakistan Stock Exchange (PSX), the dividend was processed for shareholders who had previously provided their CNIC and International Bank Account Numbers (IBAN). The payment was made via electronic transfer, ensuring a quick and secure distribution method. This initiative reflects Altern Energy’s commitment to maintaining robust shareholder relations and adhering to efficient, transparent financial practices.

The company, known for its operations in the energy sector, continues to achieve financial stability and rewards its investors consistently. By distributing dividends electronically, Altern Energy not only streamlines the payment process but also emphasizes its dedication to leveraging technology for enhanced corporate governance.