KARACHI: Kot Addu Power Company’s (Kapco) profit increased 12% to Rs10.62 billion in the fiscal year ended June 30, 2018 on the back of higher sales and robust income from other than core business.
In the previous year, the power producing company had registered a profit of Rs9.45 billion, according to the profit and loss account of the company sent to the Pakistan Stock Exchange (PSX) on Wednesday.
Earnings per share rose to Rs12.06 in FY18 compared to Rs10.73 in the previous year.
The board of directors recommended a final cash dividend of Rs4.80 per share. It was in addition to the already paid interim dividend of Rs4.35 per share.
The new entitlement will be paid to the shareholders whose names appear in the register of members on October 16, 2018. Kapco’s share price increased 3.95% or Rs2.23 and closed at Rs58.68 with 1.75 million shares changing hands at the PSX.
Sales of the company rose 12% to Rs91.92 billion in FY18 compared to Rs81.85 billion last year. “Sales surged primarily due to higher furnace oil prices (17.9% year-on-year), however, dispatches declined 5.3% to 5,183 GWh (load factor 59.9%),” Arif Habib Limited analyst Tahir Abbas said in comments to clients.
Other income soared 89% to Rs9.45 billion from Rs4.99 billion. On the flip side, finance cost rose 40% to Rs6.18 billion compared to Rs4.42 billion in the previous year.
(This news/article originally appeared in The Express Tribune on September 6th, 2018)