The Investment Plan of KE worth Rs 484 billion, for the next control period (FY30) pending for approval from NEPRA is a testament to the company’s unwavering dedication to upgrading the infrastructure and ensuring a more reliable power supply for the region.
The Power Acquisition Program complements KE’s Investment Plan and envisions the addition of 2,272 MW of generation from renewable and indigenous sources. By 2030, KE aims to have a share of renewables at 30% of its total supply for Karachi. This was informed in KE’s AGM.K-Electric (KE) held its 113th Annual General Meeting (AGM) for FY 2023.
The meeting was chaired by MoonisAlvi – Chief Executive Officer, KE who was officially designated to do so by the Chairman of the Board, Mark Skelton. The Chairman and most of KE Board members attended the meeting virtually, while KE leadership was present in person along with two Board members, namely, Adeeb Ahmad and SaadAmanullahKhan.During the year, prevailing sociopolitical and macroeconomic challenges engulfed the country, which eventually set grounds for a severe economic crisis.
The company’s financial performance was significantly affected by this ongoing economic crisis, driven by factors like high inflation, increased policy rates, and economic contraction.
As a result, the company experienced a 7.3% reduction in units sent-out and a substantial decline in gross profitability by PKR 15.72 billion. Exchange losses also increased by PKR 4.38 billion due to the devaluation of the Pakistani Rupee. Furthermore, there was a PKR 6.28 billion increase in impairment losses related to doubtful debts, influenced by high inflation and worsening economic conditions that decreased customers’ propensity to pay.
Increased finance costs by PKR 19.45 billion, largely due to higher effective borrowing rates, led to a loss after tax of PKR 30.90 billion.
