Pakistan Company News – Financial results of Engro Powergen Qadirpur Limited for Quarter ended June 30, 2018

Financial results of Engro Powergen Qadirpur Limited for Quarter ended June 30, 2018

Karachi, Engro Powergen Qadirpur Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on August 08, 2018.

The agenda of the meeting was discussion of profit and loss account for quarter ended June 30, 2018 which portrayed a profit of Rs. 920,545 with earnings per share 2.84 basic and diluted respectively.

Further, 15% payment of cash dividend, bonus shares and right shares was agreed.

Furthermore, the share transfer books of the company will remain closed from September17, 2018 to September 24, 2018 (both days inclusive).

Engro Powergen is incorporated in 2008 as a subsidiary to develop power projects in Pakistan. It is Engro Corp’s first initiative into the country’s power sector. Our aim is to ease the burden on the nation’s energy sector by developing projects exploring cleaner, more efficient and economically viable sources of power generation including wind, hydro and solar energy. Engro Powergen Limited owns and operates Engro Powergen Qadirpur Limited, a 217 megawatt power plant and the group’s first initiative in the power sector of Pakistan. Engro Powergen Qadirpur Limited was listed on the Karachi Stock Exchange in October 2014 where 25% of the shares were offered. As of now Engro Powergen Qadirpur Limited is 69% owned by Engro Corp via Engro Powergen whereas the remainder is owned by the International Finance Corporation (IFC) and employees.

This project is very unique in a way that it utilizes high sulfur gas which was being flared through Qadirpur Gas Field for almost a decade. This energy conservation idea showed the waste gas a right path to burn. This is a one + 1 + one configuration dual fuel fired combined cycle power plant with a 123 MW Gas T Turbine, 400 tons/hour Heat Recovery Steam Generator and 110 MW Steam Turbine.

The symbol “EPQL” is being used by the stock exchanges for the shares Engro Powergen Qadirpur Limited.