LPL, PKGP declare 20% cash dividend for CY21

December 17, 2021 (MLN): Lalpir Power Limited and Pakgen Power Limited both have announced a 2^nd interim cash dividend of Re.1 per share i.e., 10%, taking cumulative cash dividend to Rs2 per share for the year ended December 31, 2021, companies filing on bourse showed today.

The above entitlement will be paid to those shareholders whose names shall appear in register member on December 23, 2021, the notice said.

During 7MCY21, LPL posted an after-tax loss of Rs542.557 million against an after-tax profit of Rs2.648 billion earned in the comparative period. Meanwhile, PKGP posted net profits of Rs375.978 million against Rs3.321 billion earned in the comparative period a year ago.

The major reason of loss was the non-issuance of Capacity Purchase Price invoices. For LPL, it stood at Rs3.028 billion started from March 26, 2021, to September 30, 2021, while for PKGP, Capacity Purchase Price invoices amounted to Rs2.324 billion starting from 05-05-21 to 30-09-21, pursuant to the PPA amendment signed with CPPA-G.

To note, during the ongoing year, LPL and PKGP entered into “Master Agreement” and “PPA Amendment Agreement” with CPPA-G in order to get payment of their overdue receivables as on November 30, 2020, amounting to Rs16.337 billion and Rs15.483 billion for PKGP and LPL, respectively.

Accordingly,  PKGP and LPL recently received Rs9.802 billion and Rs9.290 billion respectively from the power purchaser in the form of one-third cash, one third government Ijara Sukuk and one third Pakistan Investment Bonds that constitute the second instalment of 60% of receivables at the cut-off date of November 30, 2020.

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