Lahore: Lalpir Power Limited has released its financial results for the fiscal year ending December 31, 2024, reporting a substantial decrease in profit compared to the previous year. The company’s Board of Directors convened on March 28, 2025, to review and approve the audited financial statements, which revealed a notable drop in both revenue and profit.
The financial statements indicate that the company’s revenue from contracts with customers amounted to 14,239.42 million rupees, down from 19,471.57 million rupees in 2023. This decrease in revenue significantly impacted the company’s gross profit, which fell to 3,548.01 million rupees from the previous year’s 5,600.86 million rupees.
According to the financial report, Lalpir Power Limited also experienced a rise in other expenses, which increased from 28.70 million rupees in 2023 to 1,361.65 million rupees in 2024. Despite a minor increase in other income, the company’s profit from operations plummeted to 1,700.98 million rupees in 2024 from 5,379.24 million rupees in the previous year.
The company’s finance costs rose to 1,193.65 million rupees, up from 801.47 million rupees in the prior year, further affecting the bottom line. Consequently, Lalpir Power Limited’s profit before taxation and levy was reported at 507.33 million rupees, a sharp decline from 4,577.77 million rupees in 2023. After accounting for taxation, the profit after taxation stood at 464.79 million rupees, down from 4,577.77 million rupees the previous year.
The Board of Directors announced that there would be no cash dividend, bonus shares, right shares, or any other entitlements for the fiscal year, underscoring the company’s challenging financial situation. The auditors issued an unmodified opinion but highlighted a “material uncertainty related to going concern” due to the early termination of the Power Purchase Agreement and related agreements with the government, which may cast doubt on the company’s future operations.
Earnings per share dropped to 1.22 rupees from 12.05 rupees in 2023. The company reported a total comprehensive income of 511.47 million rupees, compared to 4,576.40 million rupees in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), Lalpir Power Limited is categorized under the designated market of power generation and distribution.
The company’s financial position, detailed in the Statement of Financial Position, Statement of Changes in Equity, and Statement of Cash Flows, reflects the ongoing challenges faced by Lalpir Power Limited in a changing regulatory and market environment.