K-Electric Limited said on Wednesday that the absence of an approved Multi-Year Tariff (MYT) hindered the company to finalise its financial statements for the half-year ending on December 31, 2023, within the designated time frame.
“K-Electric, being a listed company is required to comply with the requirements of Section 237 of the Companies Act, 2017 for approval, circulation, and filing of financial statements. The financial statements of the company are based on the Multi-Year Tariff (MYT) as approved by the National Electric Power Regulatory Authority (NEPRA),” the power utility said in a notice to the Pakistan Stock Exchange (PSX).
K-Electric has informed both NEPRA and the Securities and Exchange Commission of Pakistan (SECP) about these challenges.
Currently, K-Electric is actively seeking NEPRA’s timely approval for the MYT for the period following June 2023.
K-Electric said it was making every effort within its power to fulfill these obligations as efficiently as possible. Moreover, the company continues to work closely with NEPRA to expedite the MYT’s approval process.
It also underscores the importance of a collaborative approach between regulatory bodies and utility companies to ensure timely and transparent financial and operational reporting, crucial for maintaining investor trust and the economic well-being of the sector.
