Lalpir Power reports significant YoY profit decline

MG News | April 03, 2025 at 10:32 AM GMT+05:00
April 03, 2025 (MLN): Lalpir Power Limited (PSX: LPL) reported its earnings for the year ended December 31, 2024, wherein the profit after tax dropped to Rs464.79 million [EPS: Rs 1.22] compared to Rs4.58 billion [EPS: Rs 12.05] in the same period last year (SPLY), reflecting an 89.85% YoY decline.
The company’s revenue from contracts with customers stood at Rs14.24bn, reflecting a 26.87% decline compared to Rs19.47bn last year.
Despite a 22.92% decrease in cost of sales to Rs10.69bn, gross profit contracted by 36.65%, settling at Rs3.55bn.
On the expense front, administrative expenses increased by 6.64% YoY to Rs235.85m, while other expenses surged 1,629.90% YoY to Rs1.36bn, significantly impacting profitability.
However, other income rose 558.96% YoY to Rs186.12m.
The company’s profit from operations declined by 68.39% YoY, standing at Rs1.7bn, as finance costs soared 48.93% YoY to Rs1.19bn, further eroding profits.
Additionally, the company recorded a levy of Rs22.08m and taxation of Rs20.46m, bringing total comprehensive income for the year down 88.82% YoY to Rs511.67m from Rs4.58bn in 2023.
Financial Results For The Period Ended December 31, 2024 (Rupees in thousand) | |||
Description | Dec-24 | Dec-23 | %Change |
Revenue from contract with customers | 14,239,415 | 19,471,572 | -26.87% |
Cost of Sales | (10,691,409) | (13,870,716) | -22.92% |
Gross Profit | 3,548,006 | 5,600,856 | -36.65% |
Expenses | |||
Plant Maintenance and Preservation Costs | (435,643) | - | |
Administrative Expenses | (235,854) | (221,160) | 6.64% |
Other Expenses | (1,361,469) | (78,702) | 1629.90% |
Other Income | 186,116 | 28,244 | 558.96% |
Profit from Operations | 1,700,376 | 5,379,238 | -68.39% |
Finance Cost | (1,193,647) | (801,471) | 48.93% |
Profit Before Taxation and Levy | 507,329 | 4,577,767 | -88.92% |
Levy | (22,084) | - | |
Profit Before Taxation | 485,245 | 4,577,767 | -89.40% |
Taxation | (20,455) | - | |
Profit After Taxation | 464,790 | 4,577,767 | -89.85% |
Other Comprehensive Income | |||
Items that will not be reclassified to profit or loss | |||
Remeasurements of Defined Benefit Plan | 46,875 | (1,372) | |
Items that may be reclassified subsequently to profit or loss | - | - | |
Total Comprehensive Income for the Year | 511,665 | 4,576,395 | -88.82% |
Earnings per Share - Basic and Diluted (Rupees) | 1.22 | 12.05 | -89.88% |
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