Saif Power’s annual profit drops 60% in 2024
MG News | April 07, 2025 at 10:17 AM GMT+05:00
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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