During the six months period ended 31 December 2021, the units sent out increased by 2.4% over the same period last year affirming growth in the city’s appetite for electricity.
Further, continued investment in the utility’s infrastructure enabled the company to reduce transmission and distribution losses by 1.9% points. As a result, Company’s gross profit witnessed 11% increase over the same period last year.
However, corresponding increase in net profit of the Company could not be witnessed due to devaluation of the Pakistani Rupee in the international market and an increase in impairment loss against trade debts.
The increase in impairment loss against trade debts was a result of higher electricity prices coupled with general inflation adversely affecting the customers’ propensity to pay. Despite challenging circumstances, the Company continued its effort to improve collection rate and the Company’s collection rate improved by 3.3% to 94.9%.
During the six months period, the utility made significant progress on commissioning the first unit of its flagship 900 MW RLNG-based Bin Qasim Power Station 3 (BQPS-III). The first Unit of 450 MW is currently in the final commissioning phases ahead of its next milestone.
The company is simultaneously pursuing construction of 500 kV as well as 220 kV grids and interconnection which will allow KE to import up to 2,050 MW of electricity from the National Grid, further improving system reliability to serve Karachi as well as reducing the burden of idle capacity costs in the National Grid.
