Karachi: SG Power Limited, a prominent entity listed on the Karachi Stock Exchange, has disclosed its financial results for the fiscal year ended June 30, 2024, highlighting a remarkable recovery from the previous year’s losses.

On October 7, 2024, SG Power Limited announced that its Board of Directors had approved the financial statements for the year during a meeting at their Karachi headquarters. The power company reported a significant increase in sales, which surged to 17.30 billion rupees, compared to just 3.35 billion rupees in 2023. This increase marks a fivefold growth in revenue year-over-year.

The cost of generation, although higher than the previous year at 14.97 billion rupees, has been offset by the substantial rise in sales. Consequently, SG Power achieved a gross profit of 2.33 billion rupees in 2024, a notable improvement over the 2.73 billion rupees gross loss recorded in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the company managed to keep its administrative and selling expenses relatively stable at 539.42 million rupees, along with other operating expenses totaling 123.59 million rupees. This disciplined approach to cost management contributed to an operating profit of 1.67 billion rupees, reversing the operating loss of 2.90 billion rupees from the previous year.

Pre-tax profits stood at 1.67 billion rupees, a significant turnaround from the pre-tax loss of 2.90 billion rupees in 2023. The company did not incur any taxation charges, leading to an identical profit after taxation. SG Power reported a total comprehensive income of 1.67 billion rupees for the year, recovering from a comprehensive loss of 2.90 billion rupees in the prior year.

Earnings per share also saw a positive shift, moving from a loss of 0.16 rupees per share in 2023 to a profit of 0.09 rupees per share in 2024.

SG Power Limited’s financial resurgence underscores a robust recovery and a positive outlook for the company's future operations, reflecting stronger operational performance and effective cost management strategies.