Saif Power Limited Declares Interim Dividend Amidst Varied Financial Performance

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Karachi: Saif Power Limited has announced a first interim cash dividend of Rs. 1.25 per share for the second quarter of the financial year, marking a significant update for shareholders amidst the company’s mixed financial results. This declaration was made during the board meeting held on August 27, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial statement for the half-year ending June 30, 2024, indicates fluctuations in financial performance. The turnover for the quarter stood at Rs. 2,589.62 million, a stark contrast to the previous year’s figure of Rs. 8,154.71 million. The six-month period mirrored this trend, with revenues totaling Rs. 3,654.06 million compared to Rs. 10,209.73 million in the previous year.

The cost of sales similarly decreased from Rs. 9,639.18 million in the first half of 2023 to Rs. 2,201.75 million in the same period of 2024, resulting in a gross profit of Rs. 1,452.31 million, up from Rs. 570.55 million year-over-year. Other income saw a significant increase from Rs. 9.11 million to Rs. 133.90 million.

Administrative and finance costs remained a concern, with administrative expenses reaching Rs. 116.17 million, and finance costs escalating to Rs. 921.18 million, reflecting ongoing fiscal pressures.

The net profit for the half-year presented a recovery to Rs. 518.80 million from a loss of Rs. 742.45 million in the previous year, with earnings per share also improving to Rs. 1.34 from a loss of Rs. 1.92 per share.

The Share Transfer Books of the company will be closed from September 6, 2024, to September 10, 2024, with transfers processed by THK Associates in Karachi to be recognized for entitlements if received by the close of business on September 5, 2024.

Saif Power Limited’s comprehensive financial results will be made available through PUCARS within the specified timeframe, ensuring transparency and access for all stakeholders.

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