Hifsa Raja

The revenue of Engro Powergen Qadirpur Limited (EPQL) fell to Rs4.26 billion in the first six months of the calendar year 2022 (CY22) compared to Rs4.85 billion over the same period in C21.

Similarly, EPQL’s gross profit declined to Rs426 million from Rs740 million in the two comparable periods.

The operating profit also dropped to Rs270 million in the 9MCY22 from Rs659 million in the same period of CY21.

Likewise, profit-before-tax in 9MCY22 nosedived to Rs410 million from Rs905 million over the corresponding period of CY21.

The profit-after-tax plunged to Rs405 million in 9MCY22 from Rs905 million over the corresponding period of CY21. Earnings per share thus came down to Rs1.25 in 9MCY22 compared to Rs2.79 in 9MCY21, reports WealthPK.

Shareholding

As of December 31, 2021, associated companies owned 68.89% of the company’s shares; banks, development financial institutions, non-banking financial institutions owned 1.71%; modarabas and mutual funds 0.07%; general public (local) 24.68%; and ‘others’ owned 4.65% of the shares.

Financial Performance in 2021

During the calendar year 2021, the company generated revenue of Rs10.20 billion as against Rs8.09 billion in 2020, registering an increase of 26%. 

The gross profit for CY21 nominally decreased to Rs1.38 billion from Rs1.73 billion in CY20.

The company’s operating profit in CY21 also pushed down to Rs1.16 billion from Rs1.64 billion in CY20. 

Its net income for CY21 fell to Rs1.59 billion from Rs2.07 billion in CY20.

The earnings per share (EPS) increased to Rs10.51 in 2019 from Rs8.11 in 2018 before falling to Rs6.42 in 2020 and further going down to Rs4.92 in 2021.

Profitability – gross and operating profits – stayed higher in 2019 than 2018. However, the profitability continued to fall in 2020 and 2021.

Engro Powergen Qadirpur Limited is a public-listed company, incorporated in Pakistan under the now repealed Companies Ordinance, 1984, replaced by the Companies Act, 2017.

The company is a subsidiary of Engro Energy Limited, a wholly-owned subsidiary of Engro Corporation Limited.

Engro Corporation Limited is a subsidiary of Dawood Hercules Corporation Limited (the ultimate parent company).

The company was established with the primary objective to undertake the business of power generation and sale.

Credit : Independent News Pakistan-WealthPk