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September 19, 2020

KAPCO profit jumps 80pc in FY20

Business

September 19, 2020

KARACHI: Kot Addu Power Company (KAPCO) profit increased 80 percent to Rs23.613 billion for the year ended June 30, 2020 translating into earnings per share (EPS) of Rs26.83, a bourse filing said on Friday.

The company earned Rs13.111 billion with EPS of Rs14.90 in the year ended June 30, 2019 period earlier. KAPCO did not announce any final cash dividend for the year ended June 30, 2020.

The company’s sales declined 16 percent to Rs71.543 billion in FY2020, from Rs84.830 billion last fiscal, mainly due to 29 percent year-on-year decline in dispatches.

Brokerage Arif Habib Limited in their research report said, “During Q4FY20, sales decreased by 49 percent YoY to Rs15.1 billion. The decline in sales is witnessed due to 56 percent YoY decline in dispatches during Q4FY20.”

It pointed out that the decline in load factor was witnessed due to addition of coal and hydropower plants in the system.

Administrative expenses of the company increased 23 percent to Rs872 million, from Rs708 million in the last fiscal year. Other income increased 51 percent to Rs20.806 billion in the year ended June 30, 2020 from Rs13.781 billion in the last fiscal, mainly due to 27 percent rise in overdue receivables (Rs112 billion as of March 2020), the brokerage houses added.

Cumulatively, profit from operations went up 52 percent, clocking in at Rs41.411 billion from Rs27.268 billion in the year ended June 30, 2019.