NCPL swings to around Rs900m profit in H1

February 26, 2026 (MLN): Nishat Chunian Power Limited (PSX: NCPL) reported a net profit of Rs899.13 million for the half year ended December 31, 2025, marked a dramatic turnaround from the Rs3.73 billion loss recorded in the same period last year.

Earnings per share swung to Rs2.45 from a loss per share of Rs10.16 in the corresponding period of the previous year, showing the sharp improvement in the company's bottom line.

Revenue from contracts with customers declined 16.85% to Rs2.31bn from Rs2.78bn in H1 FY2025, indicated softer generation or offtake volumes amid a challenging operating environment.

Cost of sales rose significantly by 37.95% to Rs1.58bn from Rs1.15bn, squeezing margins considerably and pointing to elevated fuel or operational costs during the period.

This resulted in gross profit falling 55.30% to Rs731.13m from Rs1.64bn in the prior period.

On the operating expenditure side, administrative expenses climbed 55.44% to Rs206.50m from Rs132.85m, showing higher overhead costs.

Other expenses surged 737.83% to Rs46.11m from Rs5.50m, adding further strain, and bringing total administrative and other expenses to Rs252.60m, up 82.58% from Rs138.35m.

Other income provided meaningful support, rising 33.93% to Rs570.52m from Rs425.98m, helping cushion the blow from higher costs.

Profit from operations came in at Rs1.05bn, declining 45.46% from Rs1.92bn in H1 FY2025, as top-line softness and cost inflation weighed on operating performance.

Finance costs fell 46.71% to Rs6.46m from Rs12.13m, offering modest but positive relief at the pre-tax level.

With no such charge in the current period, the company's financial profile improved dramatically.

A share of loss from an equity-accounted investee of Rs3.08m was recorded in the current period, with no comparable figure in the prior year.

Profit before levy and taxation reached Rs1.04bn, compared to a loss of Rs3.67bn in H1 FY2025, representing a complete reversal of fortune at the pre-tax level.

Levy fell sharply by 99.35% to Rs0.25m from Rs38.20m, bringing profit before taxation to Rs1.04bn versus a loss of Rs3.71bn in the prior period.

Taxation charges rose 580.10% to Rs140.12m from Rs20.60m, showing the company's return to profitability and the resulting tax liability, which moderated the final bottom-line figure.

Total comprehensive profit for the period stood at Rs899.13m against a comprehensive loss of Rs3.73bn in H1 FY2025.

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