AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, Pakgen Power Limited held a Corporate Briefing Session to discuss its annual audited accounts for the financial year ended December 31, 2023. The company reported a total revenue of 20,836,512 thousand Rupees for 2023, a significant decrease from 45,833,179 thousand Rupees in 2022. Despite the drop in revenue, the company managed a gross profit of 5,687,074 thousand Rupees compared to 3,473,870 thousand Rupees in the previous year.
The profit after taxation stood at 5,863,299 thousand Rupees, a notable increase from 3,136,234 thousand Rupees in 2022. According to information available from the Pakistan Stock Exchange (PSX), The earnings per share also rose to 15.76 Rupees from 8.43 Rupees in the prior year. On the balance sheet, total assets matched total equity and liabilities at 29,473,168 thousand Rupees, up from 26,506,357 thousand Rupees in 2022.
Operational performance for the year showed a decline in the plant’s capacity factor, operating at only 9.6% compared to 36.7% in 2022, with an availability of 84.7%. Electricity dispatch decreased to 294.045 GWh from 1,123.721 GWh the previous year. These changes are attributed to increased competition from newer, more cost-effective power generation plants utilizing hydel energy, coal, renewable sources, and RLNG.