Saif Power’s annual profit drops 60% in 2024

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

0:00

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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