Islamabad: Power Holding Limited reported a substantial increase in its net profit for the quarter ending September 30, 2024, with figures reaching 173.11 million Pakistani Rupees, compared to 53.92 million Pakistani Rupees during the same period in the previous year. This reflects a significant enhancement in the company's financial performance.
The company's financial position as of September 30, 2024, showed total non-current assets valued at 636.04 billion Pakistani Rupees, a slight decrease from the 659.65 billion Pakistani Rupees recorded on June 30, 2024. Current assets rose to 174.27 billion Pakistani Rupees from 152.83 billion Pakistani Rupees, driven by an increase in the current portion of receivables and cash and bank balances.
The issued, subscribed, and paid-up capital of the company remained stable at 15 million Pakistani Rupees. Accumulated profit saw a notable growth to 713.45 million Pakistani Rupees, up from 540.34 million Pakistani Rupees, contributing to the total equity of 728.45 million Pakistani Rupees as of September 30, 2024.
Non-current liabilities, primarily long-term financing, were recorded at 636.04 billion Pakistani Rupees, consistent with the previous quarter. Current liabilities increased to 173.54 billion Pakistani Rupees, with a significant portion attributed to the current portion of long-term financing and accrued markup.
According to information available from the Pakistan Stock Exchange (PSX), the company's revenue for the quarter was supported by a grant from the power sector amounting to 36.21 billion Pakistani Rupees, which was utilized to cover finance costs and other expenses. Other income also increased to 250.29 million Pakistani Rupees from 88.28 million Pakistani Rupees.
The company's operating cost for the quarter was 6.48 million Pakistani Rupees, resulting in a profit before taxation of 243.82 million Pakistani Rupees. After accounting for a provision for taxation of 70.71 million Pakistani Rupees, the net profit for the period stood at 173.11 million Pakistani Rupees.
The statement of cash flows indicated a net cash inflow from operating activities of 176.14 million Pakistani Rupees, a significant rise from 82.39 million Pakistani Rupees in the previous year. This was attributed to effective management of working capital and receipt of payments against markup and fees.
Overall, Power Holding Limited's financial results for the quarter ending September 30, 2024, demonstrate improved profitability and robust cash flow management, setting a positive outlook for the coming periods.