Kohat Cement to set up 10MW on-grid solar power plant

MG News | July 13, 2022 at 09:31 AM GMT+05:00

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July 13, 2022 (MLN): The board of directors of Kohat Cement Limited (PSX: KOHC) in its meeting held on Thursday, July 07, 2022 has approved the setting up of a 10 MW (approx.) on-grid solar power plant at company's plant site, Kohat, the company’s filing on PSX showed today.

On April 14, 2022, the shareholders of the company resolved to invest up to Rs600 million by way of short-term running finance of in Ultra Kraft (Private) Limited (UKPL), an associated company, to meet its working capital requirements.

“This Rs600mn investment will be made for a term of one year from April 15, 2022, at a mark-up rate of 1.50% above three months KIBOR or at the average borrowing cost of the company which shall be paid by UKPL within fifteen days of the end of each quarter.”

To note, the company had shown outstanding performance during 9MFY22 as its net profits after tax clocked in at Rs Rs4.6 billion (EPS: Rs23.05), which is 83% times higher than profits of Rs2.5 billion (EPS: 12.06) reported in the same period last year, due to improved dynamics in the construction sector, higher retention prices in the local market and higher other income.

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