Nishat Power’s profit jumps 11% to Rs3.21 billion

Earnings per share stand <br /> at Rs9.07 while board announces dividend of Rs1.5 per share

KARACHI: Nishat Power Limited’s profit increased 11% to Rs3.21 billion in the year ended June 30, 2018, mainly due to higher sales, according to a notification sent to the Pakistan Stock Exchange (PSX) on Monday.

In the previous year, the company had booked a profit of Rs2.88 billion, according to its profit or loss accounts.

Accordingly, earnings per share (EPS) improved to Rs9.07 in the year compared to Rs8.152 in the fiscal year ended 2017. The board of directors also recommended a final cash dividend of Rs1.5 per share. Besides, the board recommended equity investment of up to Rs278.46 million from time to time in Lalpir Solar Power (Pvt) Limited, subject to regulators and shareholders’ approval.



Nishat Power’s share price dropped 3.53%, or Rs0.93, to close at Rs25.45 with 55,000 shares changing hands at the PSX. Sales surged 13% to Rs16.92 billion in the year compared to Rs15.04 billion in the previous year.

The surge in sales is seen mainly due to higher furnace oil price (21% in the year). In volumetric terms, otherwise, the company sold 7.2% lower electricity at 1,170 gigawatt hour (GWh) with load factor of 68% during the year.



The cost of sales increased 14% to Rs12.7 billion compared to Rs11.2 billion, while the finance cost slightly dropped to Rs737 million from Rs749 million last year. The company paid no taxes on income this year against Rs2.71 million paid last year and the other income of the company enhanced to Rs51 million from R23 million last year.

 

Published in The Express Tribune, September 18^th, 2018.

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