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Lahore: Pakgen Power Limited disclosed its financial results for the half-year ending on June 30, 2024, marking a period of notable profit growth and shareholder returns. The announcement came after a Board of Directors meeting on August 28, 2024, in Lahore.
According to information available from the Pakistan Stock Exchange (PSX), the company reported a significant revenue increase to Rs. 7,974 million for the first half of 2024, up from Rs. 6,123 million in the same period last year. This growth was reflected in the company’s profit after taxation, which rose to Rs. 4,000 million, compared to Rs. 2,147 million in the first half of 2023.
Pakgen Power’s cost of sales saw a rise, totaling Rs. 4,224 million in the first half of 2024, compared to Rs. 6,431 million in the second quarter, demonstrating a managed cost relative to revenue. Gross profit for the period stood at Rs. 3,750 million. Administrative and other expenses were contained, contributing to an operational profit of Rs. 4,201 million.
The Board declared a second interim cash dividend of Rs. 3 per share, equivalent to 30%, for the half-year, which follows an earlier dividend of Rs. 2 per share, or 20%, already distributed to shareholders. The dividends reflect the company’s continued commitment to returning value to its shareholders amid favorable financial performance.
The share transfer books of the company will remain closed from September 16, 2024, to September 17, 2024, for the entitlement of the dividend. All transfers up to September 17, 2024, will be considered in time for this entitlement.
The financial statements, prepared under the un-audited category and transmitted through PUCARS, adhere to the standards set by the Securities Act of 2015, ensuring compliance and transparency in disclosures.
Pakgen Power’s earnings per share also saw an increase, rising from Rs. 5.77 in the first half of 2023 to Rs. 10.75 in the current period, highlighting the company’s robust earnings capability.
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