KAPCO yearly profit up 23 percent

KARACHI: Profit of Kot Addu Power Company Limited (KAPCO) went up 23 percent to Rs13.111 billion for the year ended June 30, 2019, translating into earnings per share (EPS) of Rs14.90, a bourse filing said on Tuesday.

The company earned Rs10.617 billion with EPS of Rs12.06 in the corresponding period earlier, notice to the Pakistan Stock Exchange said. The company announced final cash dividend for the year ended June 30, 2019 at Rs3.00/share, taking full year dividend to Rs4.50/share.

During FY19, sales witnessed a decline of 8.0 percent YoY on the back of 33 percent decline in dispatches.

Gross margins went up by 219pps to 16.7 percent in FY19. The rise in gross margins was witnessed due to 19 percent YoY PKR depreciation and lower load factor. However, during Q4FY19 gross margins settled at 11.2 percent due to higher operation and maintenance expense.

Other income went up by 46 percent YoY to Rs13.781 billion due to rise in overdue receivables. But, due to implementation of IFRS 15, the company’s other income has declined to Rs13.78 billion in FY19 compared to Rs14.06 billion during 9MFY19. During 9MFY19, other income of Rs14.06 billion includes Rs5.88 billion of true-up income.