Pakgen Power’s full-year profit climbs 154pc

KARACHI: Pakgen Power Limited, a subsidiary of business conglomerate Nishat Group, recorded a massive 154 percent thrust in its profit to Rs1.313 billion for the year ended December 31, 2017, translating into earnings per share (EPS) of Rs3.53, a bourse filing said on Thursday.

Pakgen Power’s profit amounted to Rs516.89 million with EPS of Rs1.39 in the preceding year, a notice to Pakistan Stock Exchange said.

The power producer declared a final cash dividend of Re1/share, which is in addition to interim dividend of Re1/share already paid to the shareholders.

The company’s sales surged 23.12 percent to Rs19.75 billion in 2017. It recorded other income of Rs205.446 million in the year under review as against income of Rs4.2 million previously.

Pakgen Power announced one billion rupees of investment in the form of working capital loan/advance in Lalpir Power Limited, which is an associated company, “subject to approval of the shareholders of the company under section 199 of the Companies Act 2017”.

Lalpir Power’s profit falls in 2017

Lalpir Power Limited’s profit fell 2.2 percent to Rs972.34 million for the year ended December 31, 2017, translating into EPS of Rs2.56.

Lalpir Power recorded profit of Rs994.69 million with EPS of Rs2.62 in the preceding year.

The company declared a final cash dividend of Re1/share, which is in addition to interim dividend of Re1/share already paid to the shareholders.

Revenue surged 19.2 percent to Rs18.313 billion in 2017 over the preceding year. The company recorded other income of Rs111.32 million in the year under review as against income of Rs29.8 million previously.