Lahore: Nishat Chunian Power Limited has released its financial results for the fiscal year ending June 30, 2024, revealing a downturn in revenue and maintaining a status of no dividends for its shareholders.
The company reported a significant reduction in its revenue from contracts with customers, which decreased from 18.22 billion rupees in 2023 to 15.22 billion rupees in 2024. The cost of sales also saw a decrease, dropping from 13.16 billion rupees in the previous year to 10.33 billion rupees this year, which resulted in a slight decrease in gross profit from 5.06 billion rupees to 4.89 billion rupees.
Administrative expenses increased to 189.27 million rupees from 156.22 million rupees, while other expenses were reduced significantly from 189.40 million rupees to 6.22 million rupees. The company's other income, which encompasses various non-operational revenue streams, increased from 113.14 million rupees to 455.37 million rupees.
Profit from operations rose to 5.15 billion rupees from 4.83 billion rupees in the previous year. The finance cost, however, showed a positive movement as it decreased considerably from 868.31 million rupees to 227.66 million rupees.
According to information available from the Pakistan Stock Exchange (PSX), the profit before taxation increased from 3.96 billion rupees in 2023 to 4.92 billion rupees in 2024, leading to a net profit after taxation of 4.91 billion rupees, compared to 3.96 billion rupees the previous year. Earnings per share also rose from 10.77 rupees to 13.37 rupees.
In corporate actions, the board recommended no cash dividend, bonus, or rights issue, keeping in line with the company's previous patterns of no entitlements or corporate actions.
The Annual General Meeting (AGM) is scheduled to be held on October 24, 2024, in Lahore, with the company's share transfer books to be closed from October 17 to October 24, 2024, for attending the AGM. The annual report will be transmitted to shareholders at least 21 days in advance of the AGM.