KAPCO reports 20% decline in 1HFY25 net profit to Rs2bn
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By MG News | February 25, 2025 at 04:09 PM GMT+05:00
February 25, 2025 (MLN): Kot Addu Power Company Limited (KAPCO) has reported a 20% decline in net profit for the half-year ended December 31, 2024, with earnings amounting to Rs2 billion compared to Rs2.4bn in the corresponding period last year.
The earnings per share (EPS) dropped from Rs2.77 to Rs2.21, reflecting the overall decrease in profitability.
The decline in profit was primarily driven by a significant 46% decrease in other income, which fell from Rs8.5bn in the previous year to Rs4.5bn.
Meanwhile, the company successfully reduced its finance cost by 90% to Rs233.5 million, down from Rs2.3bn in the previous period.
Additionally, plant maintenance and preservation costs dropped by 23.5% to Rs1.4bn, contributing to cost-saving measures.
Administrative expenses, however, increased by 13% to Rs386.7mn, while other operating expenses saw a marginal decline of 4.5% to Rs272mn.
The company's operating profit fell sharply by 58.5% to Rs2.4bn from Rs6bn a year earlier, highlighting the impact of reduced income and rising administrative costs.
| Condensed interim profit and loss statement (un-audited) for the half year ended December, 31 2024 (in Rupees '000) | 2024 | 2023 | %Change |
| Revenue from contract with customer | - | - | |
| Cost of sales | - | - | |
| Gross profit | - | - | |
| Plant maintenance and preservation costs | (1,463,610) | (1,913,923) | -23.53% |
| Administrative expenses | (386,734) | (342,433) | 12.94% |
| Other operating expenses | (272,216) | (285,126) | -4.53% |
| Other income | 4,563,197 | 8,468,040 | -46.11% |
| Operating profit | 2,460,637 | 5,926,558 | -58.48% |
| Finance cost | (233,520) | (2,271,433) | -89.72% |
| Profit before income tax | 2,227,113 | 2,643,736 | -15.76% |
| Income Tax | (282,378) | (203,143) | 39.00% |
| Profit for the period | 1,944,735 | 2,440,593 | -20.32% |
| Earnings per share - basic and diluted | 2.21 | 2.77 |
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