K-Electric Limited (PSX: KEL) has announced a profit of Rs 4.24 billion for the fiscal year ending June 30, 2024, marking a sharp recovery from a loss of Rs 39.48 billion in FY23.
The company’s earnings per share (EPS) also improved to Rs 0.15, compared to a loss of Rs 1.43 per share last year. K-Electric’s revenue for the year reached Rs 615.87 billion, reflecting an 18.5% year-on-year increase from Rs 519.73 billion in FY23.
Despite a slight drop in fuel and oil consumption costs, which fell by 4.05% to Rs 201.27 billion, overall sales costs rose by 5.11% to Rs 484.47 billion. This led to a 123.38% rise in gross profit, which stood at Rs 131.41 billion, up from Rs 58.82 billion in the previous year.
The company’s other income saw a significant increase of 59.04% to Rs 20.05 billion, while finance costs rose by 64.25% to Rs 56.78 billion. Profit before tax stood at Rs 25.84 billion, recovering from a loss of Rs 36.33 billion in FY23. However, a sharp rise in taxation charges by 577.83% to Rs 21.57 billion reduced the overall profit.
