Lalpir Power reports significant YoY profit decline

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MG News | April 03, 2025 at 10:32 AM GMT+05:00

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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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