Karachi: Power Holding Limited has announced its financial results for the fiscal year ending June 30, 2024, marking a rise in net profit to 187.44 million Pakistani Rupees, up from 129.03 million Pakistani Rupees in the previous year. The company attributed the increase to higher earnings per share and improved financial management.
According to the financial statements, the company’s non-current assets decreased slightly to 659.65 million Pakistani Rupees from 683.26 million Pakistani Rupees in 2023. This change was primarily due to a reduction in finance facilities' principal portion receivable, which dropped from 683.25 million Pakistani Rupees to 659.65 million Pakistani Rupees.
The current assets also saw a decline, amounting to 152.83 million Pakistani Rupees compared to 288.29 million Pakistani Rupees in the previous fiscal year. This decrease was largely due to a significant reduction in the current portion of receivables from 287.88 million Pakistani Rupees to 152.20 million Pakistani Rupees.
Despite these decreases in assets, Power Holding Limited's net profit increased, supported by a rise in other income, which grew to 290.90 million Pakistani Rupees from 200.70 million Pakistani Rupees in 2023. Operating costs only saw a marginal increase, maintaining profitability.
According to information available from the Pakistan Stock Exchange (PSX), the company’s earnings per share rose substantially to 124.96 Pakistani Rupees in 2024, up from 86.02 Pakistani Rupees the previous year. The company's total comprehensive income also mirrored the net profit figures, standing at 187.44 million Pakistani Rupees.
The balance sheet shows the company maintained its authorized and issued share capital at 15 million Pakistani Rupees. Accumulated profits increased from 352.90 million Pakistani Rupees to 540.34 million Pakistani Rupees, reflecting improved profitability and financial health.
In terms of liabilities, non-current liabilities remained stable, with long-term financing at 659.65 million Pakistani Rupees. However, current liabilities saw a decrease, totaling 152.28 million Pakistani Rupees compared to 287.93 million Pakistani Rupees in 2023. This was due to reduced current portions of long-term financing and other payables.
Power Holding Limited's financial performance highlights its ability to increase profitability despite a reduction in total assets. The company’s focus on managing operating costs and enhancing other income sources has contributed to its improved financial position in 2024.