Saif Power’s annual profit drops 60% in 2024

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MG News | April 07, 2025 at 10:17 AM GMT+05:00

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April 07, 2025 (MLN): Saif Power Limited (PSX: SPWL) posted a net profit of Rs133.3 million for the year ended December 31, 2024, down 60.3% from Rs336.1m in the previous year, according to its annual statement of profit and loss.

SPWL’s earnings per share dropped to Rs0.35 from Rs0.87 a year ago.

The drop in profitability was largely driven by a steep decline in net turnover and additional provisioning expenses.

Net turnover fell by 49.2% to Rs9.67 billion in 2024 from Rs19.04bn a year earlier, reflecting reduced power dispatch or lower fuel pass-through, while cost of sales decreased by 58.5% to Rs6.75bn.

Despite this, gross profit slightly improved by 4.4% to Rs2.92bn, supported by a significant jump in other income, which surged over 22 times to Rs528.6m.

Operating profit jumped 442.2% to Rs1.82bn, compared to Rs336.1m in 2023, due to lower finance costs and higher other income.

However, the company faced heavy provisions including Rs1.36bn against delayed payments from CPPA-G and Rs252.5m in expected credit loss allowances.

These one-off charges significantly impacted the bottom line.

Statement of Profit and Loss for the year ended 31 December 2024 (in Rupees) 2024 2023 %Change
Turnover - net                           9,670,864,055                         19,043,730,581 -49.22%
Cost of sales                        (6,749,875,406)                      (16,245,697,172) -58.45%
Gross profit                           2,920,988,649                            2,798,033,409 4.39%
Other income                               528,589,981                                   22,478,094 2251.58%
Administrative expenses                             (330,758,828)                              (219,213,293) 50.88%
Finance cost - net                        (1,296,342,485)                         (2,265,194,595) -42.77%
Profit from operations                           1,822,477,317                                336,103,615 442.24%
Provision against delay payment receivable from CPPA-G                        (1,360,167,631)  -   
Allowance for expected credit loss on financial assets                             (252,451,511)  -   
Profit before levy and income tax                               209,858,175                                336,103,615 -37.56%
Levy                                (76,254,969)  -   
Profit before income tax                               133,603,206                                336,103,615 -60.25%
Income tax                                        (265,926)  -   
Profit for the year                               133,337,280                                336,103,615 -60.33%
Earnings per share - basic and diluted 0.35 0.87  

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