Karachi: Wafi Energy Pakistan Limited announced its financial results for the year ending December 31, 2024, during a Board of Directors meeting held on February 20, 2025. The company reported a profit after income tax of Rs. 3.30 billion, a decrease from the previous year's Rs. 5.85 billion.

The company's net revenue for 2024 was recorded at Rs. 427.95 billion, slightly down from Rs. 431.65 billion in 2023. The cost of products sold increased to Rs. 404.40 billion from Rs. 400.88 billion, resulting in a gross profit of Rs. 23.64 billion, compared to Rs. 30.77 billion in the previous year.

Distribution and marketing expenses rose to Rs. 13.13 billion from Rs. 11.37 billion, while administrative expenses decreased to Rs. 6.70 billion from Rs. 9.92 billion. Other expenses significantly reduced to Rs. 1.43 billion from Rs. 13.79 billion, and other income dropped to Rs. 5.00 billion from Rs. 13.34 billion.

The operating profit stood at Rs. 7.28 billion, down from Rs. 9.03 billion in 2023. After accounting for finance costs of Rs. 2.21 billion, the company’s profit before tax was Rs. 7.15 billion, with income tax totaling Rs. 13.85 billion.

According to information available from the Pakistan Stock Exchange (PSX), the Board has recommended a cash dividend of Rs. 5 per share, equating to a 50% payout. No bonus or right shares were issued, nor were there any additional corporate actions or price-sensitive information to report.

The total comprehensive income for the year was Rs. 3.32 billion, up slightly from Rs. 60.02 million in 2023. Items affecting other comprehensive income included an actuarial loss on post-employment benefits and a share of other comprehensive income of associates.

Wafi Energy will hold its Annual General Meeting on April 29, 2025, at the Pearl-Continental Hotel in Karachi, allowing both in-person and virtual attendance. The register of members will be closed from April 21 to April 29, 2025, and transfers must be received by April 19, 2025, to qualify for participation in the meeting. The annual report will be available at least 21 days prior to the AGM.

The company's financial performance has been categorized under the designated market category of the energy sector.