Corporate Briefing Session - FY 2024
KEY FIGURES
Total Assets | Loss per share | Capital |
Expenditure | ||
(2023: 3,390) | (2023: 0.57) | |
(2023: 300) | ||
2024: 5,142 | 2024: 0.11 | |
2024: 1,316 | ||
Rs. in Million | Rupees | |
Rs. in Million | ||
Equity | Total Liabilities |
(2023: 3,081) | (2023: 309) |
2024: 3,456 | 2024: 1,686 |
Rs. in Million | Rs. in Million |
COMPANY
PROFILE
Mughal Energy Limited was incorporated in Pakistan as a public limited company on August 19, 2012 under the repealed Companies Ordinance,1984 (now the Companies Act, 2017). Its registered office is situated at 31-A, Shadman I, Lahore. The Company is listed on the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange Limited and is a subsidiary of Mughal Iron & Steel Industries Limited.
The principal activity of the Company is to carry on the business of generating, purchasing, importing, transforming, converting, distributing, supplying, exporting and dealing in electricity and all other forms of energy and products or services associated therewith.
The Company is in process of installing a 36.50 MW captive hybrid power plant project.
36.50 MW
Hybrid Captive Power Plant
ENTITY
RATING
As per latest report of Pakistan Credit Rating Agency (PACRA) till June 30, 2024 have issued following rating:
Long-term: A
Short-term: A2
Outlook: stable
KEY FINANCIAL DATA
Rupees | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
Statement of Financial Position | ||||||
Assets | ||||||
Non-Current Assets | ||||||
Property, plant and equipment | 4,464,549,751 | 3,051,497,833 | 1,672,238,889 | 799,261,558 | 467,915,375 | 375,882,875 |
Long-term security deposit | 87,500 | 87,500 | - | - | - | - |
Total Non-Current Assets | 4,464,637,251 | 3,051,585,333 | 1,672,238,889 | 799,261,558 | 467,915,375 | 375,882,875 |
Current Assets | ||||||
Advances | 13,047,000 | 9,158,603 | - | 11,872,440 | - | 1,611 |
Deposits, prepayments and other receivables | - | 24,100,368 | - | - | - | - |
Due from the government | 459,095,089 | 244,621,855 | 133,524,683 | 1,510,594 | 895,111 | - |
Cash & Bank balances | 205,656,677 | 60,941,033 | 20,617,557 | 149,003,962 | 34,707,376 | 41,664,429 |
Total Current Assets | 677,798,766 | 338,821,859 | 154,142,240 | 162,386,996 | 35,602,487 | 41,666,040 |
Totalassets | 5,142,436,017 | 3,390,407,192 | 1,826,381,129 961,648,554 | 503,517,862 417,548,915 | ||
Authorized Share capital | 2,500,000,000 | 2,500,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Issued, subscribed and paid up capital | 2,166,732,420 | 1,972,622,420 | 451,401,000 | 451,401,000 | 451,401,000 | 451,401,000 |
Share premium | 116,365,179 | |||||
Revaluation surplus on property, plant and equipment | 1,064,174,125 | 1,064,174,125 | - | - | - | - |
Accumulated Loss | (105,452,774) | (86,282,493) | (48,216,340) | (38,859,476) | (36,608,962) | (35,186,889) |
Equity contribution from Directors /loan | 214,666,792 | 130,860,574 | 1,412,787,203 | 535,281,007 | 88,614,019 | - |
TotalEquity | 3,456,485,742 | 3,081,374,626 | 1,815,971,863 | 947,822,531 | 503,406,057 | 416,214,111 |
Non-Current Liabilities | ||||||
Long-term financing | 388,182,140 | 300,000,000 | - | - | - | - |
Current liabilities | ||||||
Trade and other payables | 83,140,623 | 2,494,033 | 10,409,266 | 13,826,023 | 111,805 | 98,304 |
Accrued markup | 33,054,027 | 6,538,533 | - | - | - | - |
Short-term borrowings | 770,772,162 | - | - | - | - | - |
Short-term loanfromDirectors | 376,983,463 | - | - | - | - | 1,236,500 |
Current portion of long-term financing | 33,817,816 | - | - | - | - | - |
Total Current liabilities | 1,297,768,135 | 9,032,566 | 10,409,266 | 13,826,023 | 111,805 | 1,334,804 |
Total liabilities | 1,685,950,275 | 309,032,566 | 10,409,266 | 13,826,023 | 111,805 | 1,334,804 |
Totalequityand liabilities | 5,142,436,017 | 3,390,407,192 | 1,826,381,129 961,648,554 | 503,517,862 417,548,915 | ||
Rupees | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
Statement of Profit or Loss | ||||||
Operating expenses | ||||||
Administrative expense | (21,607,807) | (33,077,305) | (14,966,006) | (2,161,453) | (1,346,915) | (2,356,046) |
Other charges | (1,071,460) | (105,000) | (75,000) | (75,000) | (75,000) | - |
Other income | 3,515,373 | 5,623,232 | 5,717,853 | - | - | - |
Financecost | (6,387) | (6,045) | (33,711) | (14,061) | (158) | (301) |
Loss before taxation | (19,170,281) | (27,565,118) | (9,356,864) | (2,250,514) | (1,422,073) | (2,356,347) |
Taxation | - | - | - | - | - | - |
Lossfortheyear | (19,170,281) | (27,565,118) | (9,356,864) | (2,250,514) | (1,422,073) | (2,356,347) |
PROJECT UPDATE
On the operational front, in December 2023, the Company commenced installation of its 36.50 MW captive hybrid power plant, which will generate and sale electricity to Mughal Iron & Steel Industries Limited. Land for the project had already been acquired. This is a multi-fuel fired used European origin hybrid power plant which has been designed to run on a mix of coal and bio-fuel. Generation license has been granted by National Electric Power Regulatory Authority (NEPRA), whereas, distribution license application is in process. Power purchase agreement is already in place with Mughal Iron & Steel Industries Limited.
The total cost of the project is estimated at Rs. 6.500 billion with estimated 65% to 35% debt: to equity ratio. The Board approved issuance of Rs. 2,500.000 million secured, rated, OTC listed Sukuk instruments for purpose of financing the captive hybrid power plant project. Rs. 300 million loan has been provided by PAIR Investment Company Limited and one year running finance facility up to Rs. 800.000 million was provided by Mughal Iron & Steel Industries Limited. The Company has also established letter of credit for importing of ancillary equipment required. The project is expected to achieve CoD in the 1st quarter of calendar year 2025.
GOING FORWARD
The business prospects are highly dependent on macroeconomic factors and political stability. Going forward, the Company remains committed to successful and timely achievement of commencement of operations of its 36.50 MW captive hybrid power plant.