Lahore: Pakgen Power Limited’s Board of Directors convened on Friday, March 28, 2025, to deliberate on the company’s financial outcomes for the year ending December 31, 2024. The board meeting, held at 1-B, Aziz Avenue, Canal Bank, Gulberg V, Lahore, concluded with no recommendations for cash dividends, bonus shares, or right shares.

The company released its audited financial statements, which included a statement of financial position, a statement of profit or loss, changes in equity, and cash flows. The auditors expressed an unmodified opinion but highlighted a material uncertainty related to the company’s ability to continue as a going concern. This uncertainty stems from the premature termination of the Power Purchase Agreement with the Power Purchaser and associated agreements with the Government of Pakistan.

The financial results indicate that the cash generated from operating activities in 2024 was 3,124.80 million, a significant decrease compared to 11,742.99 million in the previous year. Operating cash flow after expenses stood at 2,913.11 million, down from 11,626.41 million in 2023.

In investing activities, the company witnessed a net cash inflow of 1,383.02 million, contrasting with a net outflow of 6,324.02 million in 2023. This was primarily due to short-term investments and proceeds from their disposal.

However, the company faced a net cash outflow of 2,580.90 million from financing activities, consistent with the previous year’s figures.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial statements reflect a net increase in cash and cash equivalents of 1,715.23 million by December 31, 2024, a reversal from a decrease of 923.90 million the previous year.

As of the end of 2024, cash and cash equivalents rose to 100,004 from a negative position of 1,615.22 million at the start of the year, with cash in hand and bank balances totaling 100,004.

The uncertainty surrounding the terminated agreements and its implications on Pakgen Power Limited’s continuity remains a focal point for stakeholders and investors within the designated market category.