Pakgen Power's profit declines by around 24% in 2024

MG News | April 03, 2025 at 11:13 AM GMT+05:00

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April 03, 2025 (MLN): Pakgen Power Limited (PSX: PKGP) has reported a profit after taxation of Rs4.47 billion for the year ended December 31, 2024, reflecting a 23.76% decline from Rs5.86bn in 2023.

The company’s earnings per share (EPS) stood at Rs12.01, compared to Rs15.76 in 2023.

The company's total comprehensive income also fell by 23.05% to Rs4.51bn.

Revenue from contracts with customers stood at Rs11.32bn, marking a sharp 45.69% decrease from Rs20.84bn in the previous year.

However, the company managed to reduce its cost of sales significantly by 60.63% to Rs5.96bn, resulting in a gross profit of Rs5.35bn, down 5.9% year-over-year.

Administrative expenses surged by 31.09% to Rs432.35 million, while other expenses skyrocketed to Rs1.43bn from Rs15.3m in 2023.

Meanwhile, other income nearly doubled, increasing by 89.01% to Rs1.39bn, providing some support to the bottom line.

Despite these shifts, profit from operations dropped 19.8% to Rs4.87bn.

Finance costs rose 28.81% to Rs40.38m, and taxation more than doubled to Rs278.37m, up 100.27% from Rs138.99m last year.

The company’s other comprehensive income saw a notable surge to Rs41.59m from Rs338, reflecting a staggering 12,203.85% increase.

Consolidated Statement of Profit or Loss for the year ended December 31, 2024 (Rupees in '000)	2024	2023	%Change
REVENUE FROM CONTRACT WITH CUSTOMER	11,316,380	20,836,512	-45.69%
COST OF SALES	(5,964,562)	(15,149,438)	-60.63%
GROSS PROFIT	5,351,818	5,687,074	-5.90%
ADMINISTRATIVE EXPENSES	(432,353)	(329,817)	31.09%
OTHER EXPENSES	(1,434,316)	(15,298)	9275.84%
OTHER INCOME	1,388,501	734,618	89.01%
PROFIT FROM OPERATIONS	4,873,650	6,076,577	-19.80%
FINANCE COST	(40,382)	(31,350)	28.81%
PROFIT BEFORE TAXATION AND LEVY	4,833,268	6,045,227	-20.05%
LEVY	(84,444)	(42,935)	96.68%
PROFIT BEFORE TAXATION	4,748,824	6,002,292	-20.88%
TAXATION	(278,366)	(138,993)	100.27%
PROFIT AFTER TAXATION	4,470,458	5,863,299	-23.76%
Other Comprehensive Income	41,587	338	12203.85%
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	4,512,045	5,863,637	-23.05%
Earnings per Share – Basic and Diluted (Rupees)	12.01	15.76

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