Lahore: Nishat Power Limited reported significant financial growth for the fiscal year ending June 30, 2024, achieving a higher annual profit and announcing a substantial dividend. According to the company's financial statements, net revenue declined slightly from 23.07 billion rupees in 2023 to 22.51 billion rupees in 2024. Despite the decrease in revenue, the company managed a substantial rise in net profit after taxation, which surged from 4.09 billion rupees in the previous year to 5.39 billion rupees in 2024.

The cost of sales showed a reduction, dropping from 18.50 billion rupees in 2023 to 17.37 billion rupees in 2024, aiding in an increase in gross profit from 4.57 billion rupees to 5.14 billion rupees. However, administrative and other expenses were mixed, with administrative expenses increasing to 482.39 million rupees while other expenses dramatically decreased to 9.07 million rupees from 162.76 million rupees.

Other income notably rose to 1.08 billion rupees, significantly higher than the 178.45 million rupees reported last year. According to information available from the Pakistan Stock Exchange (PSX), these financial movements facilitated an enhanced profit from operations which climbed from 4.19 billion rupees in 2023 to 5.73 billion rupees in 2024.

The board of directors has recommended a final cash dividend of Rs.5 per share, in addition to the already paid interim dividend of Rs.4.5 per share, totaling a 95% dividend for the fiscal year. The earnings per share also increased to Rs.15.22 from Rs.11.55.

The Annual General Meeting (AGM) of the company is scheduled to be held on October 24, 2024, in Lahore, with the books closing from October 17 to October 24, 2024, for dividend entitlement and AGM attendance. The report and further documentation will be circulated to the shareholders through the established channels in compliance with the Securities Act of 2015.