Islamabad: Altern Energy Limited, a key player in Pakistan's energy sector, has reported a significant financial downturn for the fiscal year 2023-24, primarily attributed to a complete halt in energy dispatch. According to the latest corporate briefing session, the company recorded zero megawatt-hours (MWH) of energy dispatch for the third consecutive year, impacting its revenue and profitability.

For the fiscal year 2023-24, the company reported no revenue generation, marking a stark contrast to the previous fiscal years. In 2022-23, Altern Energy generated revenue of 17.46 million rupees, a significant decrease from 1,060.00 million rupees in 2021-22. The fiscal year 2020-21 saw a revenue of 204.10 million rupees, and a further 116.80 million rupees in 2019-20, with the peak revenue of 474.16 million rupees achieved in 2018-19.

The direct costs remained constant at 93.36 million rupees for 2023-24, compared to 83.00 million rupees in 2022-23, continuing a trend that has seen direct costs fluctuate over the years. This has resulted in a reported gross loss of 93.36 million rupees for the current fiscal year.

Other income for the company saw a significant increase, reported at 4,500.16 million rupees, as opposed to 37.02 million rupees in the previous year. This increase, however, did not translate into overall profitability, with the net profit standing at 4,336.31 million rupees, a turnaround from a loss of 72.86 million rupees in 2022-23.

According to information available from the Pakistan Stock Exchange (PSX), Altern Energy Limited's financial challenges are compounded by a consistent lack of energy generation. Key generation data reveals that the company dispatched no energy since the fiscal year 2021-22, with zero dispatch recorded for both 2022-23 and 2023-24. The last recorded energy generation was in 2020-21, at 12,403 MWH, significantly lower than prior years.

The ongoing lack of energy dispatch is reflected in the company's plant availability and reliability, which have been maintained at 100% for the past three fiscal years, despite no actual energy production or dispatch. This contrasts with previous fiscal years where the availability and reliability figures showed slight variations alongside active energy dispatch.

The company's financial performance presents a challenging outlook, with the absence of energy dispatch posing significant concerns for future revenue and profitability. As Altern Energy Limited continues to navigate this challenging period, stakeholders are closely watching for strategic decisions that might alter the course of its financial trajectory.