KAPCO remains profitable despite no sales in 1Q2024

April 19, 2024 (MLN): Kot Addu Power Company Limited (PSX: KAPCO) unveiled its profit and loss statement for the first quarter of 2024, wherein the profit after tax clocked in at Rs1.14 billion [EPS: Rs1.30] compared to a profit of Rs689 million [EPS: Rs0.78] 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 by 3.0% YoY to Rs881.68m during the quarter.

The profit came on the back of Rs3.3bn other income in 3QFY24, however, this figure was down 15.1% YoY as compared to Rs3.89bn in SPLY.

Moreover, the company reduced its expenses, observing a decrease of 14.6% YoY in administrative expenses and by 77.6% YoY in other expenses to clock in at Rs104.8m and Rs106.88m respectively during the review period.

The company’s finance cost also dipped by 45.8% YoY and stood at Rs789.39m as compared to Rs1.46bn in SPLY.

On the tax front, the company paid a lower tax worth Rs276.95m against the Rs360.71m paid in the corresponding period of last year, depicting a fall of 23.2% YoY.

Amount in thousand except for EPS

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