K-Electric (KE) Limited’s Board of Directors approved the Company’s financial results for the 9-month period ended March 31,2021 at a meeting held on April 28, 2021 at KE Head Office.
The Board of Directors were pleased to report a net profit of PKR 9.443 billion for the period under review, and an Earnings Per Share (EPS) of PKR 0.34.
This includes PKR 8.8 Billion actual write-off claim as per the mechanism provided under KE’s MYT.
During the period under review, the Company’s financial and operational performance improved as the macroeconomic environment gained momentum along with continued investments of over PKR 57 billion across the power value chain.
Increased industrial and commercial activity resulted in increased power demand and drove the units sent-out by 7.2% for the 9-month period ended March 31, 2021 as compared to same period last year.
As a result of operational improvements, KE’s gross profit increased by around 25% in the 9-month period ended March 31, 2021, compared to the same period in the last fiscal year.
A significant milestone achieved by KE was the timely completion of rehabilitation and upgradation works on the 220 kV KDA-Jamshoro double-circuit transmission line in coordination with the Government of Pakistan and the National Transmission &Despatch Company (NTDC), enabling the total off-take from the existing interconnections to upto 1,100 MW from summer 2021.
This project was completed in record time through the joint efforts of all stakeholders and has remained critical in managing the demand-supply situation during the Ramadan 2021.
The company is now working on additional projects to set-up new grids and interconnection points which will enable off-take of additional power from the National Grid.
Additionally, the company is undertaking a phase-wise rehabilitation of existing transmission lines and enhancement of grids in Vinder, Uthal and Bela to improve the power infrastructure within its operational territory.
CEO K-Electric MoonisAlvi, said “As we complete the first half of Ramadan 2021, I commend the commitment of the Government of Pakistan, Ministry of Energy (Power Division), and NTDC towards the citizens of Karachi.
Our joint efforts to complete the 220 kV transmission line enabled us to meet the growing power demands of the city.
With their support and commitment, Karachi is exempt from load shed during Sehr and Iftar times.
We hope to continue relying on this support as we enter the summer season, and look forward to signing the Power Purchase Agreement (PPA) with NTDC after getting necessary approvals from the Government of Pakistan.”