Karachi, In a recent development, the Board of Directors of Pakgen Power Limited convened for a meeting on August 18, 2023, in Lahore, where a series of crucial recommendations were made. The company, which is a significant player in the power generation sector, took significant decisions in line with its commitment to enhancing shareholder value.

The recommendations approved by the Board are as follows:

i. Cash Dividend:

An interim cash dividend of 150% or Rs. 15/- (Rupees Fifteen Only) per share has been recommended for the half-year that ended on June 30, 2023. This dividend signifies the company's strong performance during this period and its dedication to rewarding its shareholders.

ii. Bonus Shares:

NIL

iii. Right Shares:

NIL

iv. Any Other Entitlement:

NIL

v. Any Other Price-Sensitive Information:

NIL

The financial results for the half-year ended on June 30, 2023, are detailed as follows:

Revenue from Contracts with Customers: Rs. 9,884,044 (Q2 2023: Rs. 6,122,977)

Cost of Sales: Rs. (6,430,506) (Q2 2023: Rs. (4,420,092))

Gross Profit: Rs. 3,453,538 (Q2 2023: Rs. 1,702,885)

Administrative Expenses: Rs. (147,379)

Other Expenses: Rs. (8,045)

Other Income: Rs. 232,556

Profit from Operations: Rs. 3,530,670

Finance Cost: Rs. (9,913)

Profit Before Taxation: Rs. 3,520,757

Taxation: Rs. (36,058)

Profit After Taxation: Rs. 3,484,699

Earnings per Share (Rupees) - Basic and Diluted:

Half Year 2023: 9.37 (Q2 2023: 4.80)

These results reflect the company's resilient financial performance and strategic decisions during the specified periods. The recommendation of a 150% interim cash dividend underscores Pakgen Power's commitment to distributing value to its shareholders.

The Half-Yearly Report for the half-year ended June 30, 2023, will be made available to stakeholders through PUCARS within due course.

Additionally, it's important to note that the Share Transfer Books of the company will be closed from August 28, 2023, to August 29, 2023 (both days inclusive) for entitlement to the 150% Interim Cash Dividend (i.e., Rs. 15/- per share). This move reflects the company's approach to managing financial operations and shareholder entitlements.