Karachi: Mughal Energy Limited has reported its financial results for the six-month period ending December 31, 2024, with a notable reduction in losses compared to the previous year. The company's un-audited condensed interim financial statements reveal a loss of 7.18 million rupees for the period, down from 18.76 million rupees in the same period of 2023. The basic and diluted loss per share has also improved, decreasing from 0.11 rupees in 2023 to 0.04 rupees in 2024.
According to information available from the Pakistan Stock Exchange (PSX), Mughal Energy Limited is still in the pre-operations phase and has not commenced commercial operations. Consequently, the losses incurred are primarily attributed to salaries and other routine expenses. Despite this, the company is optimistic about achieving profitable results once commercial operations begin.
Currently, Mughal Energy Limited is in the process of installing a 36.50 MW captive hybrid power plant. The civil works for the project are already completed, and commissioning is expected to commence after the month of Ramzan. The company anticipates that the Commercial Operations Date (CoD) will be achieved in the last quarter of the fiscal year 2025.
The company's balance sheet shows total assets of 5.46 billion rupees as of December 31, 2024, up from 5.14 billion rupees on June 30, 2024. Non-current assets, primarily property, plant, and equipment, account for a significant portion of this, valued at approximately 4.92 billion rupees. Current assets, including advances and cash balances, total 537.71 million rupees.
On the equity and liabilities side, Mughal Energy Limited has issued, subscribed, and paid-up capital amounting to 2.17 billion rupees. Revaluation surplus on property, plant, and equipment stands at 1.06 billion rupees. The accumulated loss has slightly increased to 112.63 million rupees from 105.45 million rupees, reflecting the company's ongoing efforts to manage its financial position.
Looking ahead, Mughal Energy Limited remains committed to the successful and timely commencement of its 36.50 MW captive hybrid power plant, which is expected to enhance the company's financial performance significantly. The Board of Directors has expressed its dedication to providing sustained returns to shareholders while maintaining a reputation for good corporate governance. The company is grateful for the support of its stakeholders and looks forward to continued collaboration.
These financial statements were authorized for issue on February 11, 2025, by the Board of Directors of Mughal Energy Limited.