Lahore:Nishat Power Limited has successfully conducted its Annual General Meeting on October 24, 2024, at The Nishat Hotel in Lahore, unveiling a significant dividend payout and affirming the company's solid financial health amid challenging economic conditions. The event included critical discussions on financial results, dividends, and the ratification of transactions involving related parties.
The company announced a final cash dividend of 50%, which equates to Rs. 5 per share. This announcement comes on top of a 45% interim dividend paid earlier, marking a notable year of shareholder returns. According to information available from the Pakistan Stock Exchange (PSX), the total dividend for the year reached a substantial 95%, reflecting the company's robust profitability and its management's confidence in the ongoing financial stability.
During the meeting, shareholders approved the annual audited financial statements for the fiscal year ending June 30, 2024. The financial statements, accompanied by the Chairman's, Directors', and Auditor's reports, highlighted a year of considerable achievements despite the broader economic pressures impacting the power sector. The company's revenue stood at Rs. 22.51 billion, with a net profit of Rs. 5.39 billion, resulting in earnings per share of Rs. 15.22, a significant increase from the previous year's Rs. 11.55.
A key item on the agenda was the approval of related party transactions made during the fiscal year. These transactions were conducted at arm's length, ensuring compliance with corporate governance standards and contributing positively to the company's financial positioning. The board had recommended these transactions for shareholder ratification, which was duly granted during the meeting.
Nishat Power Limited's commitment to corporate governance was also evident. The company has fully complied with the Listed Companies (Code of Corporate Governance) Regulations, 2019, demonstrating its dedication to transparency and ethical business practices.
The meeting underscored Nishat Power Limited's strategic focus on maintaining financial resilience and delivering shareholder value. With a clear path laid out for future operations and the backing of its strategic transactions, the company is well-positioned to navigate the complexities of the power industry and continue its trajectory of growth.