K-Electric postpones AGM, delays FY24 audited financials

October 20, 2025 (MLN): K-Electric Limited (KE) has postponed its Annual General Meeting (AGM) and the deferral of the issuance of its audited financial statements for the year ended June 30, 2024 (FY 2024).

The utility company cited extraordinary circumstances related to pending regulatory decisions from the National Electric Power Regulatory Authority (NEPRA) that prevent the reliable estimation of their impact on the financials.

The company formally disclosed the material information to the Pakistan Stock Exchange (PSX) and the Securities & Exchange Commission of Pakistan (SECP) on Monday, stating that the AGM, which was originally scheduled for November 11, 2025, is postponed until further notice.

According to the disclosure, KE’s auditors have requested a management representation on the outcome of the NEPRA proceedings and their consequential financial impact, a requirement under International Standards on Auditing.

KE noted that it is currently "not possible for the Company to reliably estimate or determine" this impact, thus making it unable to issue the audited financial statements at this time.

The delay stems from several key regulatory matters on which NEPRA decisions are currently awaited.

These include hearings on reconsideration requests and leave for review motions filed by the Ministry of Energy (MoE), KE itself, and other parties like the Central Power Purchasing Agency (CPPA). These proceedings relate to several important tariff and regulatory determinations, specifically:

• The Generation tariff determination dated October 22, 2024.

• The Transmission and Distribution (Network) determinations dated May 23, 2025.

• The Supply tariff determination dated May 27, 2025.

• A write-off claims decision dated June 5, 2025.

KE stated that the situation is currently beyond its control and that the outcome of these NEPRA proceedings "may have impact on the financial results" previously announced to the PSX on September 23, 2025.

The company assured shareholders and market participants that it "continues to explore the way forward and will keep the Exchange and the market participants updated" on any developments, including re-authorization for the issuance of its FY 2024 Financial Statements and the scheduling of a new AGM date.

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