K-Electric Reports Rs4.24B Profit for FY24

K-Electric Limited (PSX: KEL) reported a robust profit of Rs 4.24 billion for the fiscal year ending June 30, 2024, a dramatic turnaround from a loss of Rs 39.48 billion in FY23.

The company’s earnings per share (EPS) rebounded to Rs 0.15, contrasting a loss of Rs 1.43 per share last year. Revenue climbed to Rs 615.87 billion, a 18.5% year-on-year surge from Rs 519.73 billion in FY23.

Despite a marginal 4.05% decline in fuel and oil consumption costs to Rs 201.27 billion, overall sales costs increased 5.11% to Rs 484.47 billion. This propelled a 123.38% jump in gross profit to Rs 131.41 billion, up from Rs 58.82 billion previously.

Other income escalated 59.04% to Rs 20.05 billion, while finance costs surged 64.25% to Rs 56.78 billion. Profit before tax reached Rs 25.84 billion, reversing a loss of Rs 36.33 billion in FY23. However, a 577.83% spike in taxation charges to Rs 21.57 billion tempered the net profit.