KAPCO remains profitable despite no sales in 1HFY24

February 27, 2024 (MLN): Kot Addu Power Company Limited (PSX: KAPCO) reported its profit and loss statement for the first half of fiscal year 2024, wherein the profit after tax clocked in at Rs2.44 billion [EPS: Rs2.77] compared to a profit of Rs3.19bn [EPS: Rs3.62] in the same period last year (SPLY).

To note, no dispatches were made by the company during the period as the Power Purchase Agreement (PPA) expired on October 24, 2023.

Since then, the plant has been out of operation.

Going by the results, the cost of sales fell to Rs1.92bn in 1HFY24 as compared to Rs24.02bn in SPLY, primarily attributed to no sales during the period.

During the review period, other income rose by 10.07% YoY to stand at Rs8.48bn in 1HFY24 as compared to Rs7.7bn in SPLY.

On the expense side, the company observed a fall in administrative Expenses by 38.98% YoY while other expenses rose 5.88% YoY to clock in at Rs342.43m and Rs285.13m respectively during the review period.

The company’s finance cost slid 27.76% YoY and stood at Rs2.27bn as compared to Rs3.14bn in SPLY.

On the tax front, the company paid a lower tax worth Rs1.21bn against the Rs1.69bn paid in the corresponding period of last year, depicting a decrease of 28.19% YoY.

Amount in thousand except for EPS

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